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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...

Kelci Paiva