CH12_Presentation - Nonrecognition Transactions Chapter 12...

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Unformatted text preview: Nonrecognition Transactions Chapter 12 12-2 Introduction A realized gain or loss on disposition of property may be deferred from recognition . Recognition is postponed, not forgiven. 12-3 Concept Review Under all-inclusive income and realization concepts, gains should be recognized as taxable only if realized 12-4 Concept Review Substance-over-form doctrine accepts that a trade of assets between taxpayers is a continuation of the asset If taxpayers have a continuation of assets, they do not have the wherewithal-to-pay tax 12-5 Similarities All amounts realized must be reinvested Gains are deferred, not losses Exception for like-kind exchanges Gain recognized is never more than gain realized 12-6 Similarities Deferral is accomplished through basis adjustment Basis of replacement property is decreased by deferred gains Tax attributes carryover to replacement property 12-7 Similarities Net proceeds received $ XXX Less: Adjusted basis ( XXX) Realized gain $ XXX Were all or part of net proceeds reinvested in a qualifying replacement property?...
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CH12_Presentation - Nonrecognition Transactions Chapter 12...

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