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Validity of “Swap and Drop” Transactions Confirmed by BOE

The California Board of Equalization has held that a “Swap and Drop” transaction has qualified for tax-deferred treatment under Section 1031. This decision counters the Franchise Tax Board’s longstanding view that such transactions preclude taxpayers from the requisite holding of the replacement property for use in a trade or business. While not precedential, the ruling should provide some comfort to real estate investors engaging in these types of transactions.

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Increase Participation Rates in Your Plan: Auto Enrollment

Automatic enrollment features have proven to be an effective means of increasing plan participation. In addition to helping to improve participant outcomes, the increased participation can help plans comply with the non-discrimination requirements.

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