On June 11, 2020, the IRS issued proposed regulations that define the term “real property” for purposes of section 1031 of the Internal Revenue Code. This article, co-authored by Kelley Drye Tax partners Jack J. Miles
and Andrew H. Lee
, explains how the proposed regulations defining real property under section 1031 provides welcome guidance for like-kind exchanges, while also highlighting several flaws.
to read full article.