New Research Highlights Economic Contributions of Like-Kind Exchanges
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As Section 1031 faces threats from Biden Administration, research found like-kind exchanges generate $7.8 billion in federal, state and local taxes this year.
“It’s a myth that Section 1031 is a loophole for the wealthy to avoid paying taxes,” said Julie Baird, FEA President. ANKENY, Iowa (PRWEB) June 01, 2021 New economic research estimates Section 1031 like-kind exchanges will contribute 568,000 jobs and $27.5 billion in labor income to the national economy and $55.3 billion to the U.S. gross domestic product in 2021, according to the Federation of Exchange Accommodators (FEA).
The research, conducted by Ernst and Young, also found that like-kind exchanges will generate approximately $7.8 billion in federal, state and local taxes this year. In addition, foregone depreciation, or reduced deductions, on the replacement
JLL Capital Markets didn't identify the buyer of Streetsboro Crossing in a news release, and the sale doesn't show up yet in public records. The property last changed hands in May 2019 for $7.9 million, records show.
Maximizing returns: What you need to know about 1031 exchanges and NNN properties rejournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rejournals.com Daily Mail and Mail on Sunday newspapers.
If you have real estate investments, you’ve probably heard of the term, but you may not have a full understanding of what this valuable tax-deferral move can accomplish for you or how it works. Read on for some key terms and tips.
First Quarter Operational Highlights
Phase II (The Maren) of the development known as RiverFront on the Anacostia in Washington, D.C., reached stabilization meaning 90% of the individual apartments had been leased and occupied by third party tenants. The attainment of stabilization resulted in a change of control for accounting purposes as the veto rights of the minority shareholder lapsed and the Company became the primary beneficiary. As such, beginning March 31, 2021, the Company consolidated the assets (at current fair value), liabilities and operating results of the joint venture.
First Quarter Consolidated Results of Operations
Net income for the first quarter of 2021 was $28,373,000 or $3.03 per share versus $1,618,000 or $.16 per share in the same period last year. The first quarter of 2021 was impacted by the following items: