Effect of IRC Code 1031 on Texas Agricultural Land Price
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In this paper, we examine the effect
of Section 1031 tax deferred
payment on Texas agricultural land
price. To analyze the effects, we
estimate the market equilibrium
price function using the dynamic
panel model and Texas agricultural
land sales for 1965-2007. We argue
that Section 1031 increases both
demand and supply of agricultural
land by its tax reducing effect. Our
empirical estimation shows that
Section 1031 decreases the market
price which means the supply curve
shifted to the right more than the
demand curve.