Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
2017—Pub. L. 115–97, § 13303(b)(5), substituted “real property” for “property” in section catchline.
Subsec. (a)(1). Pub. L. 115–97, § 13303(a), substituted “real property” for “property” wherever appearing.
Subsec. (a)(2). Pub. L. 115–97, § 13303(b)(1)(A), amended par. (2) generally. Prior to amendment, text read as follows: “This subsection shall not apply to any exchange of—
“(A) stock in trade or other property held primarily for sale,
“(B) stocks, bonds, or notes,
“(C) other securities or evidences of indebtedness or interest,
“(D) interests in a partnership,
“(E) certificates of trust or beneficial interests, or
“(F) choses in action.
For purposes of this section, an interest in a partnership which has in effect a valid election under section 761(a) to be excluded from the application of all of subchapter K shall be treated as an interest in each of the assets of such partnership and not as an interest in a partnership.”
Subsec. (e). Pub. L. 115–97, § 13303(b)(2), (3), added subsec. (e) and struck out former subsec. (e). Prior to amendment, text read as follows: “For purposes of this section, livestock of different sexes are not property of a like kind.”
Subsec. (h). Pub. L. 115–97, § 13303(b)(4), amended subsec. (h) generally. Prior to amendment, subsec. (h) related to special rules for foreign real and personal property.
Subsec. (i). Pub. L. 115–97, § 13303(b)(1)(B), struck out subsec. (i). Text read as follows: “For purposes of subsection (a)(2)(B), the term ‘stocks’ shall not include shares in a mutual ditch, reservoir, or irrigation company if at the time of the exchange—
“(1) the mutual ditch, reservoir, or irrigation company is an organization described in section 501(c)(12)(A) (determined without regard to the percentage of its income that is collected from its members for the purpose of meeting losses and expenses), and
“(2) the shares in such company have been recognized by the highest court of the State in which such company was organized or by applicable State statute as constituting or representing real property or an interest in real property.”
2008—Subsec. (i). Pub. L. 110–246 added subsec. (i).
2005—Subsec. (h)(2)(B). Pub. L. 109–135 substituted “subparagraphs” for “subparagraph” in introductory provisions.
1999—Subsec. (d). Pub. L. 106–36, in last sentence, substituted “assumed (as determined under section 357(d)) a liability of the taxpayer” for “assumed a liability of the taxpayer or acquired from the taxpayer property subject to a liability” and struck out “or acquisition (in the amount of the liability)” after “such assumption”.
1997—Subsec. (h). Pub. L. 105–34 amended heading and text of subsec. (h) generally. Prior to amendment, text read as follows: “For purposes of this section, real property located in the United States and real property located outside the United States are not property of a like kind.”
1990—Subsec. (a)(2). Pub. L. 101–508, § 11703(d)(1), inserted at end “For purposes of this section, an interest in a partnership which has in effect a valid election under section 761(a) to be excluded from the application of all of subchapter K shall be treated as an interest in each of the assets of such partnership and not as an interest in a partnership.”
Subsec. (f)(3). Pub. L. 101–508, § 11701(h), substituted “section 267(b) or 707(b)(1)” for “section 267(b)”.
1989—Subsecs. (f) to (h). Pub. L. 101–239 added subsecs. (f) to (h).
1986—Subsec. (a)(3)(A). Pub. L. 99–514 substituted “on or before the day” for “before the day”.
1984—Subsec. (a). Pub. L. 98–369, § 77(a), in amending subsec. generally, designated existing provisions as par. (1), substituted “No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use in a trade or business or for investment” for “No gain or loss shall be recognized if property held for productive use in trade or business or for investment (not including stock in trade or other property held primarily for sale, nor stocks, bonds, notes, choses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest) is exchanged solely for property of a like kind to be held either for productive use in trade or business or for investment”, and added pars. (2) and (3).
1969—Subsec. (e). Pub. L. 91–172 added subsec. (e).
1959—Subsecs. (b) to (d). Pub. L. 86–346 inserted references to section 1037(a) in subsecs. (b) and (c) and in first two sentences of subsec. (d).
1958—Subsec. (d). Pub. L. 85–866 inserted in first sentence a comma between “exchanged” and “decreased” and “or decreased in the amount of loss”, and substituted in second sentence “subsection” for “paragraph”.
Pub. L. 115–97, title I, § 13303(c), “(1) Except as otherwise provided in this subsection, the amendments made by this section [amending this section] shall apply to exchanges completed after “(2) The amendments made by this section shall not apply to any exchange if—“(A) the property disposed of by the taxpayer in the exchange is disposed of on or before “(B) the property received by the taxpayer in the exchange is received on or before
Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective
Pub. L. 110–234, title XV, § 15342(b),
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.]
Amendment by Pub. L. 106–36 applicable to transfers after
Pub. L. 105–34, title X, § 1052(b), “(1) The amendment made by this section [amending this section] shall apply to transfers after “(2) The amendment made by this section shall not apply to any transfer pursuant to a written binding contract in effect on “(A) it provides for a sale in lieu of an exchange, or“(B) the property to be acquired as replacement property was not identified under such contract before
Pub. L. 101–508, title XI, § 11701(h),
Pub. L. 101–508, title XI, § 11703(d)(2),
Pub. L. 101–239, title VII, § 7601(b), “(1) Except as provided in paragraph (2), the amendments made by this section [amending this section] shall apply to transfers after “(2) The amendments made by this section shall not apply to any transfer pursuant to a written binding contract in effect on
Amendment by Pub. L. 99–514 effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99–514, set out as a note under section 48 of this title.
Pub. L. 98–369, div. A, title I, § 77(b), “(1) Except as otherwise provided in this subsection, the amendment made by subsection (a) [amending this section] shall apply to transfers made after the date of the enactment of this Act [“(2) Paragraph (2)(D) of section 1031(a) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as amended by subsection (a)) shall not apply in the case of any exchange pursuant to a binding contract in effect on “(3) Paragraph (3) of section 1031(a) of the Internal Revenue Code of 1986 (as amended by subsection (a)) shall apply—“(A) to transfers after the date of the enactment of this Act [“(B) to transfers on or before such date of enactment if the property to be received in the exchange is not received before In the case of any transfer on or before the date of the enactment of this Act which the taxpayer treated as part of a like-kind exchange, the period for assessing any deficiency of tax attributable to the amendment made by subsection (a) [amending this section] shall not expire before “(4) If the property to be received in the exchange is identified in a binding contract in effect on “(A) by substituting ‘“(B) by substituting ‘“(5) Paragraph (2)(D) of section 1031(a) of the Internal Revenue Code of 1986 (as amended by subsection (a)) shall not apply to any exchange of an interest as general partner pursuant to a plan of reorganization of ownership interest under a contract which took effect on
Pub. L. 91–172, title II, § 212(c)(2),
Amendment by Pub. L. 86–346 effective for taxable years ending after
Amendment by Pub. L. 85–866 applicable to taxable years beginning after
For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after