How long will exchanges be allowed?

Congress has occasionally discussed eliminating or restricting the use of tax-deferred exchanges because they do save investors so much money. The most recent attempt to restrict exchanges was in 1989 and it has rarely been mentioned seriously since then. However, there is no guarantee, with the uncertain political and fiscal climate in Washington, as well as Congress’s inability to resist tinkering with the tax code, that an exchange which is legal at the present time will be legal in future years.