Using Intermediary Does Not Avoid Rules for Like-Kind ExchangesMarch 9, 2010 – Articles The Legal Intelligencer
Mark Silow discusses the Supreme Court’s decision to decline the examination of the 9th U.S. Circuit Court of Appeals in Teruya Brothers Ltd. & Subsidiaries. It states that a taxpayer is denied the right to employ a qualified intermediary to avoid the like-kind-exchange related-party rules contained in Section 1031(f) of the Internal Revenue Code. He also claims that the 9th Circuit's decision affirmed a Tax Court ruling and is consistent with the position of the IRS.