A thing of the past ? It may be if President Obama gets his way.
President Obama’s 2016 Budget Proposal includes provisions that would modify current laws relating to §1031 limiting the deferral on real property to a $1 million dollar cap annually and recommending that art and collectibles would no longer be eligible for like-kind exchanges.
See page 111 from the link below:
In addition to the §1031 provisions, the Budget Proposal also addresses tax relief for small business, tax reform for families and individuals as well reforms to capital gains and upper-income benefits.