As with every other section of the tax code, Section 1031 like kind exchange rules abound. Complying with Section 1031 is not unlike jumping through a series of bureaucratic hoops. In a very real sense, when you approach someone to assist with a 1031, what sets a good counselor apart is his or her understanding […]
Reverse 1031 exchanges are complex transactions. These transactions stand up under judicial scrutiny, such as in the case of Bartell. The IRS has also stepped in and tried to provide guidance for taxpayers wishing to perform these transactions. Although they are complex, they can offer advantages to taxpayers. And, in some cases, taxpayers need to conduct […]
The 1031 industry is little known outside the world of tax attorneys, CPAs and real estate professionals. To most people, 1031 exchanges are a foreign concept, something far-removed from what is relevant in their daily life. But, obscure as it may be, Sec 1031 qualified intermediaries see many millions of dollars pass through their hands on a […]
Awhile back, we discussed the partnership installment note method in partnership 1031 exchanges. As you may recall, this method was basically an exit strategy so that partnerships could buy out an exiting partner with optimal tax treatment. In this post, we will discuss another note which turns up even more frequently in 1031 exchanges: Sec 1031 carry […]
One of the most fascinating things about Section 1031 tax law is that relatively few cases have been resolved in court. Most of the opinions shaping the mechanics of Section 1031 exchanges, including PLR 9232030, come from non-authoritative sources, such as Revenue Procedures and Private Letter Rulings directly from the IRS. Documents from the IRS […]
Section 1031 is one of the most financially beneficial provisions in the tax code. This section literally allows taxpayers to use borrowed tax money to purchase more investment or business property. With this borrowed tax money, taxpayers can make their own wealth grow faster. Although this may not have been the original intent of Sec. […]
Although the 1031 industry is relatively new, going back just several decades, Section 1031 is nearly 100 years old. The 1031 industry has come about only because the Treasury Regulations have codified delayed exchanges and established the role of facilitators. Before these regulations, the contours of 1031 exchanges were still quite fuzzy. Repeatedly, courts stressed that the […]
Providing counsel on Sec. 1031 exchanges can be challenging for many reasons. One reason why this can be challenging is because there’s a lot of uncertainty regarding the contours of Sec. 1031 requirements. The parking arrangements in a reverse 1031 like kind exchange, for instance, gave rise to a veritable bevy of litigation. The Sec. […]
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