Author: Anonymous-1547

In March, the Like-Kind Exchange Coalition, comprised of representatives from real estate, equipment rental, car rental, energy and QI organizations met in Washington D.C. with two purposes. The first was to announce the results of the comprehensive E&Y study examining the impact a repeal of 1031 like-kind exchanges would have on the economy. The second was to schedule as many meetings possible with members of the Senate Finance and House Ways & Means committees during the three days that we were in D.C. The number of meetings turned out to be 60 and included meetings the Chief of Staff of the Senate Finance Committee, chaired by Senator Orin Hatch, and the E&Y study, shrinks GDP by $8 billion to $13 billion per year.
The 1031taxreform.com/join-campaign. The impact realized from this three-minute effort is exponential.
Involve Your Industry Associations
I also encourage you to contact your industry-specific associations and ask them what they are doing to help ensure that like-kind exchanges are retained. We’re surprised to find several national associations downplaying or altogether ignoring the impact that 1031 repeal would have on their members, a stance that stems from corporate willingness to sacrifice anything, like-kind exchanges included, for a decrease in the corporate tax rate. What’s missing from this notion however, is the understanding that 93% of American businesses are sole proprietorships that file at an individual tax rate and won’t benefit from a corporate-only tax reform strategy that dismisses 1031s.
If 1031s are important to your business, and you believe your association should be involved in their preservation, let them know.