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TAXPROF HAS RABYS (ON SWAPS)
February 18, 2005
No, he's not frothing at the mouth. The TaxProf pulls a discussion of Section 1031 by Burgess Raby and William Raby from behind the Tax Analysts subscriber firewall today. The Rabys walk through the Tax Court's recent Teruya opinion on related-party like-kind exchanges. We discussed the opinion here.
From the Rabys' conclusion:
Section 1031 exchanges between related parties are permitted, but
the tax practitioner needs to think through the details to avoid
unexpected consequences. The lesson of the Teruya opinion is that if the effect of what happened in a multiparty exchange is the same as if an exchange had occurred between related parties, the mere fact that unrelated parties were involved, especially when involved as qualified intermediaries, will not change the outcome.
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