I mentioned a few months ago that legislation was being considered that would have eliminated like-kind exchange treatment under Section 1031 of the Internal Revenue Code for art and other collectibles. William Exeter of Exeter 1031 Exchange Services reports that that provision has been dropped from the pertinent legislation. At Blog1031.com, Steve Wayner of Bayview Financial Exchange Services takes a victory lap.
For more on art and Section 1031, see here.
