The Magazine of the American Landowner is an essential guide for investors, landowners, and those interested in buying or selling land. The award-winning quarterly is known for its annual survey of America's largest landowners, The Land Report 100.
Issue link: https://landreport.epubxp.com/i/822507
S P R I N G 2 0 1 7 | The LandReport 23 LANDREPORT.COM TA X P O L I CY TA X P O L I CY | TO P T E N | I N V E S T I N G | E S S E N T I A L S G rover Norquist is bullish on the prospects for passage of tax reform legislation this year. However, the founder and president of Americans for Tax Reform is sounding an alarm on the potential repeal of one of the most valuable tools available to those who invest in land and real estate: the I.R.C. Section 1031 like-kind exchange. Norquist tells The Land Report that "1031 is endangered." First enacted in 1921, the like-kind exchange has served as one of the single greatest wealth-building tools available to real estate investors by providing a simple tax-deferral mechanism for asset sales such as land. Current discussions on tax reform can be traced back to the House Republican Blueprint, which was released in 2016 by the all-important House Committee on Ways and Means. According to Norquist, with the election of Donald Trump and the Republicans now controlling both houses of Congress, "if anything is certain in this world, tax reform will pass this year." "We now have the stars aligned with a Republican House, Republican Senate, and a vehicle, reconciliation, which only requires 50 Republican votes plus the Vice President," Norquist says. 1031 Exchanges Endangered Congress shifts focus from healthcare to tax code, considers eliminating like-kind exchanges. Te xt by Eric O'Keefe | Photo g raphy by Jason Walsmith Americans for Tax Reform President Grover Norquist