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Friedman LLP

PUBLICATION: November 19, 2021

This Week In Tax | November 19

This Week In Tax
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Publication: This Week In Tax

*Note: This Week In Tax will not be publishing next week. Happy Thanksgiving and enjoy your holiday!

In the latest edition of This Week in Tax, we answer a common question on navigating a 1031 exchange transaction when one partner wants to cash out. Plus, the latest on a proposed amendment affecting cryptocurrency reporting requirements introduced by the Infrastructure Investment and Jobs Act and an IRS notice on the deductibility of meals. Read on for more:

PIN Your Way Out: What To Do With Partners Who Don’t Want a 1031 Exchange

It seems like every week we get some variation on this question: our partnership is selling its property, we want to do a 1031 exchange to defer the gain but some partners want to take their cash and leave. It doesn’t seem unreasonable but the interplay of the partnership tax regulations and the rules for 1031 exchanges makes it difficult to accomplish.

Washington Quickies: Crypto Reporting, Deductibility of Meals

President Biden had yet to sign the Infrastructure Investment and Jobs Act (the “Act”) when members of the Senate decided it was time to make some changes to one of the more controversial revenue raising provisions of the Act – the digital asset information reporting requirements. 

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  • Michael J. Greenwald
    Michael J. Greenwald
    MPPM, CPA, Partner, Business Tax Leader
    mgreenwald@friedmanllp.comp212.842.7513
    f212.842.7001
  • Kelly Yim
    CPA, Director
    kyim@friedmanllp.comp646.429.3344

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