Tax Legislation Update
On Thursday November 2, 2017 the House tax
proposal was released. While the Senate version
contained nothing pertinent to Section 1031 the House
version repeals exchanges for personal property both
tangible and intangible. Some examples - equipment,
vehicles, collectibles and artwork as well as
trademarks and copyrights.
While personal property would no longer be eligible for 1031
treatment the proposed legislation allows 100% expensing (for a five-year
period) for most tangible personal property.
We now wait for the House Ways & Means Committee markup...