Rago Development v. Franchise Tax Board

Mar 25, 2015

OUTCOME: Victory

Section 1031 "drop and swap" case that the FTB disallowed based on a step transaction analysis. The Board of Equalization voted 5-0 in favor of the taxpayers, the first time the FTB has lost a 1031 ca ... se and published a formal opinion, its first in over 5 years.