Type:Rule
Citation:86 FR 10457
Reading Time:about 2 minutes
The Internal Revenue Service (IRS) and the Treasury Department issued a correction to final regulations related to section 1031 of the Internal Revenue Code, which deals with like-kind exchanges. These corrections address errors in the document initially published on December 2, 2020, and involve various textual amendments to ensure clarity and accuracy. The corrections took effect on February 22, 2021, but the original regulations apply from December 2, 2020.
Simple Explanation
The IRS and the Treasury Department fixed some mistakes in a set of rules about swapping property, so everyone understands them better. They fixed these mistakes in February 2021, but the corrected rules had already been in use since December 2020.