1031 Exchange Improvement Act
This bill revises the tax rule allowing deferral of gain for like kind exchanges of commercial property. (That rule provides that no gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind.)
Specifically, the bill eliminates the requirement that a substitute property be identified within 45 days of the sale of the original property.
To amend the Internal Revenue Code of 1986 to modify rules relating to 
                          like kind exchanges.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.
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1031 Exchange Improvement Act
A bill to amend the Internal Revenue Code of 1986 to modify rules relating to like kind exchanges.
1031 Exchange Improvement Act
Sen. Lee, Mike