IRS Seeks Feedback on Property Trade Recordkeeping Rules
Published Date: 3/4/2026
Notice
Summary
The IRS wants your thoughts on how it collects info about special property trades called nonrecognition exchanges under Section 897. If you’re involved in these property deals, this could affect how much paperwork you fill out. Send your comments by May 4, 2026, to help shape clearer, easier rules without extra costs or hassle.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
No gain recognition for certain foreign share exchanges
If you are a foreign taxpayer who exchanged U.S. real property interests after June 18, 1980 in a transaction described in Code section 368(a)(1)(E) or (F), the notice says you will not recognize gain under Code section 897(e) when you receive substantially identical shares of the same domestic corporation with the same rights. In short, those qualifying exchanges are treated as nonrecognition transactions for tax purposes under the conditions described.
Paperwork burden: 100 respondents, 2 hours each
The IRS is seeking an extension of the information collection for Notice 99-43 and estimates the affected public includes businesses, individuals, and corporations. The agency estimates 100 respondents, 2 hours per respondent, and 200 total annual burden hours, and states there is no change to the burden previously approved by OMB.
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