BNA Daily Tax Report: IRS Reverses Position On Like-Kind Exchanges Of Certain Intangibles
An article published by the Tax Group, with lead authors Jeff Paravano, firmwide Chair the Tax Group, and Cleveland partner Alex Szilvas, was featured in the July 6, 2009, edition of the Bureau of National Affairs' Daily Tax Report. The article, "IRS Reverses Position On Like-Kind Exchanges Of Certain Intangibles—Opportunities For IP Assets And Business Swaps," was issued by the group as a client Alert and subsequently published in the Daily Tax Report.
The focus of the article is the recent decision by the IRS in which it reversed its long-standing position that intangibles such as trademarks, trade names, mastheads and customer-based intangibles could not qualify as like-kind property under section 1031 of the Internal Revenue Code.
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