COVID-19 is wreaking havoc worldwide. It has even infected the real estate industry, particularly the tax aspects of operating in the real estate industry such as Section 1031 like-kind exchanges.

The basics of like-kind exchanges remain unchanged, notwithstanding COVID-19: No gain is recognized if real property held for productive use in a trade or business or for investment is exchanged solely for real property of a like kind to be held for such purposes. But with deferred and reverse exchanges being the norm and simultaneous exchanges being the exception, it is now virtually ...