On April 09, 2020, the Department of Treasury and the IRS announced Notice 2020-23, which extends key tax deadlines related to Section 1031 Like-Kind Exchanges and Opportunity Zones.

With respect to Like-Kind Exchanges, if expiration of a taxpayer’s 45-day identification period or 180-day exchange period falls between April 01, 2020 and July 15, 2020, the period is automatically extended so that it now ends on July 15, 2020. Be aware, however, that even if a taxpayer’s 45-day identification period is extended under Notice 2020-23, the 180-day exchange period is not tolled and runs from the date the taxpayer disposed of his property. Likewise, if a taxpayer’s 180-day Opportunity Fund investment period expires between April 01, 2020 and July 15, 2020, the period is automatically extended so that it now ends on July 15, 2020.