On March 15, 2023 the Securities and Exchange Commission ("SEC") proposed three new sets of rules (the "Proposed Rules") which, if adopted, would require a variety of companies.
On March 15, 2023 the Securities and Exchange Commission (“SEC”) proposed three new sets of rules (the “Proposed Rules”) which, if adopted, would require a variety of companies to beef.
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Effective December 2, 2020, the IRS issued its Final Regulations (the “Final Regs”) clarifying what is real property under Section 1031 of the Internal Revenue Code. The IRS issued these regulations to provide guidance in response to statutory changes in the Tax Cuts and Jobs Act, which provided that personal property is no longer eligible for Section 1031 treatment. Here are some highlights from the Final Regs, including a couple of major changes from the June 2020 proposed regulations (the “Proposed Regs”).
Improvements are real property. No surprises here. Basically, inherently permanent structures (like buildings) and the structural components in them (like electrical wiring) are real property. The Final Regs ditched the Proposed Regs’ purpose or use test, so that means that taxpayers don’t have to labor over whether gas lines that a restaurant tenant installed exclusively to heat its fryers are real prope