Saturday, November 03, 2007

Section 1031 News

The folks at Strategic Property Exchanges are reporting that the "Senate Finance Committee is currently considering the elimination of Section 1031 treatment for the sale of collectibles," which of course includes works of art.

As I recently noted, I have my doubts about Section 1031's application to sales of art under current law, so this may be less a potential change in the law than a clarification of existing law.