IRC Section 1031(a) provides that no gain or loss is recognized if property held for productive use in a trade or business or for investment is exchanged solely for property of a “like-kind” to be ...
A Section 1031 like-kind exchange is an Internal Revenue Code provision that allows a person to not pay tax on a gain when selling real property to reinvest in real property of equal or greater value.
On September 27, 2022, the Pennsylvania Department of Revenue (“DOR”) issued a revision of Personal Income Tax Bulletin 2006-07 (the “Bulletin”), which confirms that recent Pennsylvania legislation ...
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