chapter 15 handout

chapter 15 handout - Individual Tax Accounting Planning...

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Chapter 15 When are Realized Gains/Losses also Recognized? Generally, all Realized gains are Recognized (Business or Personal). Realized Losses are generally only Recognized if for trade or business or for investment. Personal losses are only recognized if because of Casualty, subject to certain limitations. Certain Realized Gains/Losses are not Recognized under the following circumstances: 1. Like-kind Exchanges: What qualifies for a like-kind exchange? The form of the transaction is a direct exchange between two parties Property transferred and received are both held in productive use in a trade or business or for investment (personal property does not qualify) Property is of a like-kind, that is, the nature or character and class of the assets are the same, not necessarily the quality of the items Certain assets do not qualify for like-kind exchange treatment under any circumstances: United States real estate traded for foreign country real estate
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This note was uploaded on 12/22/2010 for the course BUSACC 1242 taught by Professor Staff during the Spring '10 term at Pittsburgh.

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chapter 15 handout - Individual Tax Accounting Planning...

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