Stephen M. Breitstone will be a panelist on American Bar Association’s Sales, Exchanges & Basis section of their Midyear Tax Meeting
with Matthew Rappaport form Falcon Rappaport & Berkman PLLC.
Topic: Breaking Down the Final Section 1031 Regulations
The Tax Cuts and Jobs Act of 2017 changed the statutory language of Section 1031 to restrict the class of eligible
assets to real property. In response, the IRS issued Proposed Regulations on June 12, 2020. The highlights
of the proposal were the definition of “real property” for Section 1031 purposes and a rule accommodating
incidental personal property for purchases of replacement real estate. After a positive reception from the tax
community and a few helpful suggestions, the IRS published final Regulations in December 2020. This panel
will recap the details of the final Regulations, discuss key planning takeaways, at set the ground for a more
comprehensive webinar to follow.