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US tax code rewrite favours real estate over art

1031 exchanges loophole stays open to real estate investors but now closed for other property such as art

If an investor who bought real estate in San Francisco sold the property, the money could be used to buy another property in San Francisco - or anywhere in the country - without the seller paying a tax on the appreciated gains in the original property.

New York

OF THE many winners and losers in the overhaul of the tax code, one change makes real estate investors the biggest beneficiaries, while art collectors seem to have drawn the short straw.

Real estate investors were given a gift after Congress voted to maintain what are...

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