Roundtable and Trade Associations Request Like -Kind Exchange Deadline Relief
March 23, 2020
The Real Estate Roundtable along with 21 other trade associations wrote to Treasury Secretary Steven Mnuchin 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 exchanges that are currently underway (e.g., a taxpayer who has entered into an Exchange Agreement with a Qualified Intermediary or an Exchange Accommodation Titleholding Agreement with an Exchange Accommodation Titleholder).
We believe that the deadlines to identify replacement property and / or complete likekind exchanges should be extended to the later of 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 described in section 17 of Rev. Proc. 2018-58 and authorized under Internal Revenue Code Section 7508A.