Like-kind exchanges of real property: New final regs.

The article reports on the final regulation from the U.S. Internal Revenue Service (IRS) on like-kind exchanges of real property, which were published on December 2, 2020. It discusses some background on like-kind exchanges and then examines how the final regulations define real property for purposes of like-kind exchanges. One important requirement mentioned by the new regulations requires that the deal must be structured as an exchange.