Jennifer Weidler Karpchuk of Chamberlain, Hrdlicka, White, Williams & Aughtry. Courtesy Photo Tax Change for the New Year: Pa. Recognizes Section 1031 Like-Kind Exchanges
Pennsylvania still presents a somewhat complicated landscape for IRC Section 1031 like-kind exchanges. However, it has moved in the right direction in conforming to the federal tax treatment for such exchanges.
December 22, 2022 at 12:50 PM
4 minute read
The New Year brings with it a welcomed tax change to Pennsylvania: the recognition of Internal Revenue Code (IRC) Section 1031 like-kind exchanges. Under the federal tax rules, gain or loss is recognized upon the disposition of property, including dispositions involving an exchange of property. However, Section 1031 is an exception to the general rule—it provides that the recognition of gain or loss can be deferred under certain circumstances when property held for productive use in a trade or business or for investment is exchanged for property of a like kind and is held for productive use in business or investment.
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