Congress Pondering 1031.

The article focuses on the proposal of the U.S. Senate and House to eliminate the Internal Revenue Code Section 1031 or like-kind exchange. It is considered as the most effective tax code provision as it allows taxpayers to defer tax provided it will invest in like-kind assets. It notes that a repeal of Section 1031 will lead to slow economic growth, affect real property owners, and reduce gross domestic product growth. A diverse range of industry calls the Congress to preserve such section.