Article Date:
February 2008
Word Count:
170
No Mercy for You When 1031 Exchange Intermediary Goes Bankrupt
Michael J. Montemurro, branch chief of the Office of Associate Chief Counsel of the IRS, wrote to a congressman regarding his constituent’s question: “If the 1031 exchange intermediary I am using goes into bankruptcy and I cannot complete the exchange on time, am I on the hook for the taxes on this failed exchange?”
Mr. Montemurro stated that current law grants no extension in the case of a bankruptcy. The law authorizes the IRS to extend the deadline for Section 1031 ... Log in to view full article.
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