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President Joe Biden (Getty)
Last spring, Newmark broker Ken Zakin was hustling to find a buyer for a client’s retail property in Queens. The tenants had stopped paying rent because of the pandemic, leading to a major loss in income for the landlords, a family that owned the building for four decades.
Zakin planned to take advantage of the 1031 exchange program, which allows real estate investors to swap one investment property for another while deferring capital gains taxes. He’d sell the retail complex, then use the proceeds to buy a more stable income-generating property for the family.
Then came then-presidential candidate Joe Biden’s campaign proposal to eliminate the popular tax deferral tactic, also known as like-kind exchanges, as part of a broader plan to finance child and elder care. Though it was merely an idea at the time, Zakin said it started a countdown clock he needed to get the deal done on the off chance that his client might lose the deferral benefit.
Scott Caswell. (WDIV-TV)
SHELBY TOWNSHIP, Mich. – Police are searching for a missing 52-year-old man named Scott Caswell who was last seen leaving work on 23 Mile and Mound roads March 11.
According to police, Caswell was driving a 2011 white Ford Super Duty with the Florida plate number JXIZ75 northbound on Mound Road.
Anyone with information is asked to call police at 586-731-2121 and dial extension number three.
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