March 25, 2020
ADISA Joins Coalition in Letter to Secretary of the Treasurer in Request to Delay Like-Kind Exchange Deadlines

In response to the COVID-19 crisis currently sweeping the nation, real estate associations, including ADISA, are asking that the Treasury Department and Internal Revenue Service take...

ADISA Joins Coalition in Letter to Secretary of the Treasurer in Request to Delay Like-Kind Exchange Deadlines

March 23, 2020

In response to the COVID-19 crisis currently sweeping the nation, real estate associations, including ADISA, are asking that the Treasury Department and Internal Revenue Service take administrative action to help ensure liquidity in real estate markets by delaying deadlines applicable to like-kind exchange that are currently underway. The group believes the deadlines to identify replacement property and/or complete like-kind exchanges should be extended for 120 days or to the last day of the general disaster extension period authorized by an IRS News Release or other guidance, similar to the relief description in section 17 of Rev. Proc. 2018-58 and authorized under Internal Revenue Code 7508A.

The COVID-19 crisis is threatening the ability of real estate investors to complete like-kind exchanges, and unfortunately, the current circumstances make compliance with like-kind exchange reinvestment rules impossible. Identifying properties for trade purposes requires travel and a confidence in both the expected cash-flow stream and the value of potentially acquired property. The undersigned associations are extremely concerned that taxpayers who may have commenced an exchange will be unable to identify a replacement like-kind exchange and/or close on a transaction. Taxpayers, many of whom are small and medium-sized businesses and middle-class investors, should not have to be concerned about the possibility of having to pay significant capital gains taxes because like-kind exchange transaction cannot be completed due to the disruption caused by the coronavirus pandemic.

Read Full Letter

Recent

Most Popular

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 10-3-2023 Blue Vault wishes to acknowledge and apologize for the delay in publishing some Q2 2023 NTR Individual Performance Pages (IPPs) as well as the full review. We recently added additional reporting metrics to our IPPs, and that, combined with coverage of all share classes and some additional…
Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 9-25-2023 Blue Vault has published the Q2 2023 Nontraded BDC Industry Review as well as Individual Performance Report and Limited Operations pages for the following offerings (newly published pages in bold font): Nontraded REITS American Healthcare REIT Q2 2023 Apollo Realty Income Solutions Q2 2023 (limited operations) Ares…

Explore

Blue Vault Logo
Don’t miss alts news
and educational events

Subscribe Now