|
IRVINE, CA—Used by industries as diverse as rental cars and farming, 1031 exchanges affect a broader swath of the business world than many commercial real estate executives realize, making them an even more significant part of the tax-reform issue, Passco Cos.' president Larry Sullivan tells GlobeSt.com. With tax reform being a hot-button issue right now—and one of concern to the CRE industry—we spoke with Sullivan, an expert on the subject, about what we should know about tax reform and 1031 exchanges.
“First of all, I can only talk to you about tax reform as of this moment because it can change, and the whole situation is very fluid,” Sullivan tells us. “As I have told several conference audiences, expect the tax-reform journey to be a road trip filled with many rights, lefts, roundabouts and unexpected detours.
At this time, tax reform is at the stage of President Trump issuing what effectively amounts to a one-page summary and the House having a blueprint for tax reform from a year or so ago. There hasn't been a public coalescing between Congress and the White House yet, so it's tough to gauge where we are in the process.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
