H.R. 3420, The 1031 Regulation Act of 2007

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

Version saved on September 24, 2007, 18:35:48, by webmaster:

H.R. 3420 would amend the Internal Revenue Code of 1986 to require the use of Federally insured intermediaries for nonrecognition treatment on like-kind exchanges involving cash to be used to acquire the replacement property.

Detailed Summary

1031 Regulation Act of 2007 - Amends the Internal Revenue Code to require the use of a federally insured depository institution or credit union to hold cash to be used in a tax-free exchange of properties to acquire like-kind property.

Status of the Legislation

Latest Major Action: 8/3/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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