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OUTLINE – MODULE NO. 3-2 PROPERTY TRANSACTIONS: DEFERRED AND EXCLUDED GAINS/LOSSES (References are to text paragraphs) Determining the amount of gain or loss realized was addressed in Module #3-1. This module focuses on when (or, if ever) the gain/loss will be recognized. “Tax-free” is the generic term sometimes used for transactions that have no current tax consequence. It is more appropriate to refer to such transactions as either “deferred” transactions or “excluded” transactions. In the former category are transactions for which the gain or loss is not currently recognized, but at some later time will be recognized. In the latter category are those transactions for which the gain or loss is permanently excluded.. I. EXCHANGES WHERE GAINS/LOSSES ARE DEFERRED . A. Sec 1031 Like-Kind Exchanges (Ref. 11,201 – 11,275) 1. Qualifying Property: investment property. NOT personal use and inventory 2. What is “like-kind”?
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  • Fall '13
  • jackson
  • Accounting, primary residence, Replacement Property

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