Tax Savings in Swaps Stressed
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Today’s tax planning trend calls for investors to exchange properties, according to John D. Barrett, partner-in-charge of real estate taxation for Coopers & Lybrand, Los Angeles.
Speaking before the Universal City Plaza Breakfast Club, Barrett said exchanging properties can be beneficial to individuals as well as to corporations.
“There are no tax advantages in selling properties now, particularly because of the 1031 tax-free exchange law,” he said. “The law enables an owner to exchange his property for a more valuable property without paying taxes on the increase in value his current investment has acquired since he bought it,” Barrett said.
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