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Political Note on Former Secretary of Treasury

Former Treasury Secretary Lloyd Bentsen, a Democrat, served for many years as head of the United States Senate Committee on Finance. He was a strong friend of exchangors. When the IRS attempted to weaken Section 1031 in the late 1980’s and early 1990’s Senator Bentsen was our strongest ally. He understood that exchanging benefits both investors and the government. He used his position as Chairman of the Senate Finance Committee to protect Section 1031.

In 1992 Senator Bentsen retired from the Senate when he was appointed Secretary of the Department of Treasury by President Clinton. During his stewardship of Treasury (which includes the Internal Revenue Service) no changes to Section 1031 were attempted. Secretary Bentsen retired a number of months ago and now the IRS steps forward, once again, to alter Section 1031.

This may be a demonstration of the principle that politicians come and go, but bureaucracy never stops...