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INTRODUCTION On November 23, 2020, Treasury and the IRS issued final regulations governing tax-deferred exchanges of like-kind real property under Section 1031 of the Internal Revenue Code (the Code). These final regulations (T.D. 9935 ) address revisions to Code Section 1031 enacted as part of the Tax Cuts and Jobs Act (Pub. L. No. 115-97) of 2017 (the TCJA). As we acknowledged in our client alert at that time, the TCJA preserved tax-deferred exchanges of real property while eliminating personal property exchanges under the Code. Accordingly, the IRS sought to further define what constitutes real property for purposes of effectuating a tax-deferred exchange while providing additional guidance to taxpayers regarding incidental amounts of personal property that often accompany the exchange of real property assets, such as office buildings and hotels. What follows is a brief summary of a 75-page document, setting forth the highlights of the final regulations for “like-kind” ....