Sec. 13303. Like-kind exchanges of real property
292 words·~1 min read·
/bill/115/hr/1/unknown/section-13303A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1031(a)(1) is amended by striking property each place it appears and inserting real property . Paragraph
(2)of section 1031(a) is amended to read as follows: This subsection shall not apply to any exchange of real property held primarily for sale. . Section 1031 is amended by striking subsection (i). Section 1031 is amended by striking subsection (e). Section 1031 , as amended by paragraph (2), is amended by inserting after subsection
(d)the following new subsection: For purposes of this section, an interest in a partnership which has in effect a valid election under section 761(a) to be excluded from the application of all of subchapter K shall be treated as an interest in each of the assets of such partnership and not as an interest in a partnership. . Section 1031(h) is amended to read as follows: Real property located in the United States and real property located outside the United States are not property of a like kind. . The heading of section 1031 is amended by striking and inserting property . real property The table of sections for part III of subchapter O of chapter 1 is amended by striking the item relating to section 1031 and inserting the following new item: Sec. 1031. Exchange of real property held for productive use or investment. . Except as otherwise provided in this subsection, the amendments made by this section shall apply to exchanges completed after December 31, 2017. The amendments made by this section shall not apply to any exchange if— the property disposed of by the taxpayer in the exchange is disposed of on or before December 31 2017, or the property received by the taxpayer in the exchange is received on or before December 31, 2017.