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Oklahoman Real estate investment would go stagnant, commercial property go unimproved, and construction jobs go away if President Joe Biden succeeds in chopping the popular tax accounting regulation known as a 1031 tax-free exchange, some real estate specialists say. It could freeze the market, said Ford Price, managing partner of Oklahoma City brokerage Price Edwards & Co. Section 1031 of the Internal Revenue Code encourages investment by letting sellers postpone paying capital gains taxes through a series of exchanges. Taxes only come due when there is a sale not followed by another purchase  without reinvestment. Biden wants to end the tax break for gains greater than $500,000 as part of his American Families Plan. It s part of his broader plan to finance child and elder care.

Penn placeUnited statesVillage shopping centerWhite houseDistrict of columbiaOak hollowOklahoma countyOklahoma cityDavid holtRichard mize oklahomanLarry steinMark inmanTom coleJoe bidenJason littlePrice edwards co