Section 1 Short title
This Act may be cited as the “1031 Exchange Improvement Act”.
1031 Exchange Improvement Act
A BILL
To amend the Internal Revenue Code of 1986 to modify rules relating to like kind exchanges.
Sec. 2 Property identification requirement
In general— Subparagraph (A) of section 1031(a)(3) of the Internal Revenue Code of 1986 is amended by striking “the day which” and all that follows through the comma and inserting “the date such property is received,”.
Effective date— The amendment made by this section shall apply to exchanges completed after the date of the enactment of this Act.