13 May 2025
🏛️Proposed IRS Collection Requirements for Like-Kind Exchanges
Proposed Collection; Comment Request for the Collection Requirements Within Revenue Procedure 2003-39
Summary
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on the continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Revenue Procedure 2003-39, Section 1031 Like-Kind Exchanges Safe Harbor Requirements.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The content addresses compliance and regulatory requirements related to Section 1031 Like-Kind Exchanges, which is critical for business owners engaged in property exchanges. Businesses must be aware of the potential paperwork burden and comment deadlines, impacting operational practices and tax reporting.