In September of 2007, the Inspector General of the US Treasury issued a report criticising the IRS for their oversight of Section 1031's. Well, the IRS has just responded. Can we expect increased scrutiny of Section 1031 exchanges now? Time will tell, but the IRS issued a Fact Sheet in response to the Inspector General's criticism.
IRS' Fact Sheet:
http://www.irs.gov/newsroom/article/0,,id=179801,00.html
Original report from inspector general:
http://www.ustreas.gov/tigta/auditreports/2007reports/200730172_oa_highlights.pdf
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The blog is meant to keep investors updated on the world of commercial real estate investing and section 1031 exchanges. Emphasis is on cash income properties, primarily net leased investments.
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