A Congressional proposal to take away all tax deferral associated with like-kind real property exchanges simply "doesn't make sense" and is "overreach," says Sandy Presant, chair of the real estate fund practice at law firm Greenberg Traurig. He noted that like-kind exchanges are reorganizations of real estate and to discourage them would limit real estate transactions and economic growth. Other Capitol Hill proposals that concern Presant are some of the proposed changes to the Foreign Investment in Real Property Tax Act and proposals to extend depreciation lives to "unrealistic" levels.

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