About the Committee
We focus on a broad range of tax provisions covering the transfer and tax basis of property. These include like-kind exchanges (§1031), involuntary conversions (§1033), and the exclusion of gain from the sale of a principal residence (§121). They also include provisions covering the determination of the amount of gain from a transfer of property (§1001 - §1021), and the income characterization from a transfer, such as ordinary income and loss provisions (§64 – §65), and capital gain and loss provisions (§1201- §1231). Other provisions include the related party rules of §267 and §1239, the allocation rules for asset acquisitions under §1060, and transfers of franchises, trademarks and trade names (§1253). The Committee deals with both the policy and practical implications of these provisions. Its members work with government officials in the development of legislation, regulations and other guidance. The Committee also presents CLE programs and materials involving the “nuts and bolts” of the tax law. The Committee works closely with several other committees, including Partnerships and LLCs, Real Estate, Tax Accounting, and Capital Recovery & Leasing. In addition to our regular three hour meeting on Saturday morning, we meet for lunch on Friday to discuss Committee matters, and we have an informal dinner on Friday night with members and their guests. The Committee also meets with the IRS National Office on Friday at the May meeting to discuss tax matters related to our Committee, such as §1031.