In December of 2020, the US Internal Revenue Service issued final regulations on like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended. The Final Regulations, which generally apply to exchanges beginning after December 2, 2020, provide much-needed clarity for natural resource-related assets.

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Although the incoming Biden administration has put forth bits and pieces of a variety of potential tax reforms and incentives, two focus areas have clearly emerged—a reduction or rollback of certain provisions of the 2017 Tax Cuts and Jobs Act and a focus on clean energy and reducing carbon emissions (while promoting US-based manufacturing). Policy

On January 6, 2021, the US Internal Revenue Service (the “IRS”) issued final regulations (T.D. 9944) (the “Final Regulations”) on the Section 45Q carbon capture tax credit (the “Carbon Credit”). The Final Regulations implement numerous provisions of the proposed regulations (REG-112339-19) (the “Proposed Regulations”) that were issued last year but contain certain investor-friendly changes and