26 CFR § 1.1031(a)-3
Added by IRS/Treasury final regulations (TD 9935, "Statutory Limitations on Like-Kind Exchanges," published in the Federal Register December 2, 2020) implementing the 2017 Tax Cuts and Jobs Act limitation of IRC Section 1031 like-kind exchange treatment to real property. Section 1.1031(a)-3 defines "real property" for like-kind exchange purposes (land, improvements, unsevered natural products, water/air space, and certain intangible interests). The companion regulation also adds a rule (at § 1.1031(k)-1(g)(7)(iii)) addressing personal property incidental to real property received in an otherwise qualifying exchange. The regulations are effective and apply to exchanges beginning after December 2, 2020.
26 CFR § 1.1031(k)-1
26 CFR §§ 1.1400Z2(a)-1 through 1.1400Z2(f)-1
26 U.S.C. § 1031
26 U.S.C. § 1250
26 U.S.C. § 1400Z-2
26 U.S.C. § 1445; 26 CFR § 1.1445-1
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