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Clarification to November 2020 Client Newsletter

In our efforts to quickly provide you with the most up to date information on the potential tax ramifications stemming from these unique election events, we did not include the 2018 update of the Tax Cuts and Jobs Act (TCJA) limiting Section 1031 like-kind exchanges to real property.

Under current law, exchanges of real property used in a business, trade, or investment enjoy Section 1031 like-kind exchange treatment, whereas, as a result of the change made by the TCJA, like-kind exchanges of personal or intangible property are now a taxable event. A transition rule allowed for like-kind treatment in some exchanges of personal property if the taxpayer disposed of the personal or intangible property before the law went into effect. Please note that it will not constitute a like-kind exchange when the real property is held primarily for sale.

Now that more states have declared Joe Biden as the President-elect, we will continue to keep you updated on his proposed tax plan and laws that will impact you.

Our sincerest apologies for any inconvenience or confusion this may have caused.

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St. George, UT Office (Main Office)
20 N Main St
#301

St. George, UT 84770

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Phone: (435) 359-1414
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Scottsdale, AZ Office
9777 N 91st St
#C-103

Scottsdale, AZ 85258

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Phone: (800) 679-6709

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Outstanding Professionalism with Clear Communication. We were introduced to Ben Connor and his Law Firm over 20 years ago and quickly became comfortable with Ben’s knowledge, experience, reputation, plus fair...

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He was Kind, Patient, and Took all the Time We Needed. Ben created an excellent Living Trust for Laurie and me. He has been a personal friend for many years and finally I asked his advice after leaving the...

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We Trust Ben Completely. We met Ben through a mutual friend, and when we decided to set up a living trust, he was the only one we felt could provide us with the expertise, sound advice and personal service we...

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Truly Cares about his Clients. Ben is an excellent attorney who also truly cares about his clients. He created a wonderful Living Trust for me and my late husband, as well as an LLC for our business. He was...

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Excellent Attorney. Excellent Attorney who is wonderful to work with and create the perfect trust!! Ben Created a living trust for my partner and I. Prior to Ben, the thought of creating a trust intimidated me...

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Trusted Advisor. Trust is very important when working with an Estate Planner, and after working with Ben Connor on our estate planning we highly recommend him without reservation. Ben walked us through our...

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Excellent Living Trust. Ben created an excellent Living Trust for Tug and I. He explained our options from A to Z so that we could actually decide for ourselves what we wanted done. He answered all our...

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