117 S3669 IS: 1031 Exchange Improvement Act U.S. Senate 2022-02-16 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS2d SessionS. 3669IN THE SENATE OF THE UNITED STATESFebruary 16, 2022Mr. Lee (for himself, Mr. Braun, Mr. Cruz, and Mr. Marshall) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to modify rules relating to like kind exchanges.

1.

Short title

This Act may be cited as the 1031 Exchange Improvement Act.

2.

Property identification requirement

(a)

In general

Subparagraph (A) of section 1031(a)(3) of the Internal Revenue Code of 1986 is amended by striking the day which and all that follows through the comma and inserting the date such property is received,.(b)

Effective date

The amendment made by this section shall apply to exchanges completed after the date of the enactment of this Act.