Revenue Procedure 2010-14 – New Safe Harbor for Code Section 1031 Like-Kind Exchanges


On March 5, 2010, the Internal Revenue Service (“IRS”) issued Revenue Procedure 2010-14, providing a new safe harbor method of reporting gain or loss for certain taxpayers who enter into deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“Code”) but fail to complete the exchange because a qualified intermediary defaults on its obligation to acquire and transfer replacement property.

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