Class 3g Gains & Losses 1031

Class 3g Gains & Losses 1031 -...

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Taxation of the Business  Entity Online Lecture Series Like Kind Exchanges Presented by Akore Berliner, CPA
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Like Kind Exchange  aka 1031 A tax provision that allows a taxpayer  to  trade a business asset for another  similar business asset and not recognize  gain currently.
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Like-Kind Exchanges – Form of transaction must be an exchange – Assets involved are used in trade or  business or held for production of income •However, inventory, securities, and  partnership  interests do not qualify – Asset exchanged must be like-kind in  nature or character as replacement  property
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Like-kind property defined Interpreted very broadly – Real estate for real estate •Improved for unimproved realty qualifies •U.S. realty for foreign realty does not qualify   – Tangible personalty for tangible  personalty •Must be within the same general business  asset or product class •Livestock of different sexes does not qualify
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This note was uploaded on 08/11/2011 for the course ACCT 103 taught by Professor Huxhold during the Spring '11 term at San Diego.

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Class 3g Gains & Losses 1031 -...

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