Here's a new tax law that may give your 1031-exchange clients a good reason to buy an upleg property in California, instead of another state. For a 1031 exchange occurring on or after January 1, 2014, a taxpayer who acquires a "like kind" property in an exchange that is located outside of California must file an information return with the Franchise Tax Board (FTB) for that taxable year and every year thereafter until the capital gain or loss from the 1031 exchange is recogni