Philadelphia of counsel David Shechtman was quoted in the Tax Analysts article “Unadjusted Basis Rule Raises Like-Kind Exchange Questions.” The article discusses a recent revision to the like-kind exchange provision of the Tax Cuts and Jobs Act (TCJA) and explores how this new restriction relates to the other changes that were made to the TCJA.

The article referenced an earlier tax webinar hosted by the ABA, in which David was a participant. During the discussion, David discussed the lack of a comprehensive definition of “real property” as it relates to the TCJA restricting section 1031 like-kind exchanges to real property. He explained that neither the tax code nor the regulations have defined “real property” and that the definition has only been addressed in case law and revenue rulings.

Source: Tax Analysts