On April 9, 2020, in response to the ongoing COVID-19 pandemic, the Secretary of the U.S. Department of Treasury (the “Secretary”) and the Internal Revenue Service (“IRS”) released Notice 2020-23 which provides key procedural relief to affected taxpayers engaged in Section 1031 Like-Kind Exchange transactions and those investing in Qualified Opportunity Funds.
1031 Like-Kind Exchanges
The Notice provides an extension to July 15, 2020, for affected taxpayers performing time-sensitive acts under the internal revenue laws. Stated differently, if the deadline to perform the time-sensitive act expired or would otherwise expire, between April 1, 2020 and July 15, 2020, then the act will be treated as timely if performed no later than July 15, 2020. This extension applies to both the 45-day identification period and the 180-day exchange period. Click here to read more.