Like-kind exchange of TIC interest.

• Position: FTB News - Brief article

The FTB reports that deferring gains on transactions under IRC Sec. 1031 is causing many tax adjustments.

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Tenancy-in-Common interest is considered like-kind property for purposes of a Sec. 1031 exchange. A partnership interest, however, is not treated as such under Sec. 1031(a)(2), to which California conforms. The FTB has identified a number of cases in which the property interest exchanged...