Debevoise tax partner Michael Bolotin spoke with Law360 about the significance of the sweeping tax reform proposals now being considered. The article notes, “The legislation would limit like-kind exchanges to only real estate transactions beginning next year, a major shift compared with current law, which allows taxpayers to postpone paying taxes on the sale of property used in a trade or business or held for investment if the proceeds are reinvested in similar property.”  Mr. Bolotin advised Law360, “Generally, people and businesses that hold personal property for investment or business purposes that otherwise would have been able to engage in a like-kind exchange will lose out.” He noted that, “examples of personal property that has been subject to like-kind exchanges are radio and TV stations, cell towers and aircraft.”

Tax Limits On Exchanges Could Curtail Art, Horse Trading 
By Amy Lee Rosen
November 13, 2017 

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