Proposed Change to Section 1031: Exchanges of Collectibles (Works of Art)
The Farm Bill that is currently pending before the United States Congress contained a number of provisions that would affect Section 1031 of the Internal Revenue Code, including the exchange of art work or collectibles. The provision would have essentially prohibited the 1031 exchange of collectibles such as art work.
Pending Change Deleted From Farm Bill
I am very happy to announce that this provision has been deleted from the Farm Bill and the 1031 exchange of collectibles is still permitted.