• Established in 1972 · CBPA has over four decades of service to the commercial industrial retail real estate industry
  • Posts Tagged ‘AB 2640’

    May 5

    AB 2640 Proposes Repeal Of Like Kind Exchanges

    Posted by CBPA | No Comments

    It is estimated that AB 2640 is at least a $350 million tax increase on our industry.

    A recently introduced piece of legislation in California is causing much consternation in the real estate industry. If enacted, AB 2640 (Arrambula; D – Fresno) would repeal Internal Revenue Code Section 1031, for California income tax purposes. The repeal would be effective for taxable years beginning on or after January 1, 2010. Besides Section 1031, AB 2640 would apply to and would repeal non-recognition treatment for, among others, involuntary conversions, for certain seller reacquisitions of real property and for transfers of property between spouses. MORE