Section 1031 of the Internal Revenue Code provides tax deferred status for like-kind exchanges of investment property. The Deficit Reduction Act of 1984 amends this section to curb the use of the controversial delayed exchange as a tool to suspend tax assessment for an inordinate period of time. California attorneys should beware the fiture structuring of like-kind exchanges;for the amendment revises the lenient procedures for like-kind qualification sanctioned by the permissive Ninth Circuit.
Laurel A. Tollman
California Tax Practitioners Beware: Even the Ninth Circuit's I.R.C. Section 1031 Loophole Has Limits,
12 Pepp. L. Rev.
Available at: http://digitalcommons.pepperdine.edu/plr/vol12/iss4/9