Tax Cuts and Jobs Act
On Friday, December 22, 2017, President Trump signed the Tax Cuts and Jobs Act. The law will take effect January 1, 2018.
Section 13303 of the law preserves like-kind exchanges for real property but eliminates exchanges of personal property including equipment, aircraft, collectibles and intangibles.
Exchanges in which a taxpayer has disposed of property on or before December 31, 2017, or where a taxpayer receives replacement property on or before December 31, 2017 will not be affected.