In 2017, Congress passed the Tax Cuts and Jobs Act, a sweeping tax reform bill which altered huge swaths of the Internal Revenue Code. Among the numerous changes was an alteration to § 1031 of the Code, which defers taxable gains for taxpayers exchanging property with other taxpayers for similar property; more specifically, the Act limited this section to real property.
Zachary T. Robinson,
When the Hot Stove Goes Cold: The TCJA, Baseball Contracts, and Avoiding an Administrative Nightmare,
Bus. Entrepreneurship & Tax L. Rev.
Available at: https://scholarship.law.missouri.edu/betr/vol3/iss2/12