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The Effect of the Housing Boom on Farm Land Values via Tax-Deferred Exchanges

Author

Listed:
  • Williamson, James M.
  • Brady, Michael P.
  • Durst, Ron L.

Abstract

This project examines Section 1031 of the Internal Revenue Code and agriculture land exchanges. Stakeholders in rural communities and agriculture are particularly interested in Section 1031 because the recent growth in transaction values of farmland may have, in part, been stimulated by Section 1031 land exchanges. Further, although many have speculated that such exchanges are widely used, little empirical research exists about the provision. We examine the theory of exchanges and develop a theoretical premium value for exchanges. We also present the first evidence of like-kind exchanges involving farmland using Federal tax data.

Suggested Citation

  • Williamson, James M. & Brady, Michael P. & Durst, Ron L., 2009. "The Effect of the Housing Boom on Farm Land Values via Tax-Deferred Exchanges," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49299, Agricultural and Applied Economics Association.
  • Handle: RePEc:ags:aaea09:49299
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    File URL: http://purl.umn.edu/49299
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    References listed on IDEAS

    as
    1. Val E. Lambson & Grant R. McQueen & Barrett A. Slade, 2004. "Do Out-of-State Buyers Pay More for Real Estate? An Examination of Anchoring-Induced Bias and Search Costs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(1), pages 85-126, March.
    2. Colwell, Peter F & Dehring, Carolyn A, 2001. "A Model of "Tax-Free" Exchange of Farmland," The Journal of Real Estate Finance and Economics, Springer, vol. 23(1), pages 95-112, July.
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    More about this item

    Keywords

    Like-Kind Exchange; Capital Gains Tax; Agricultural Land; Land Economics/Use; Public Economics; Q15; H24;

    JEL classification:

    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies

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