The Notice advises taxpayers that favorable rules will apply with respect to the depreciation deductions that can be claimed for property acquired in a tax-free exchange under Section 1031 of the Internal Revenue Code. The IRS also announced that the rules can apply to Section 1031 exchanges ...
Additionally, certain types of property transactions may require the filing of specific sections of Form 4797. For example, if a taxpayer has exchanged property under Section 1031 of the Internal Revenue Code, they may need to complete Section C of Form 4797 to report the like-kind exchange. I...
If property was acquired on an exchange described in this section, section 1035(a), section 1036(a), or section 1037(a), then the basis shall be the same as that of the property exchanged, decreased in the amount of any money received by the taxpayer and increased in the amount of gai...
This order was given in total disregard for the trustee/agents' arrangements to complete an IRS 1031 tax deferred exchange that was in place at the time, with the intent to save the selling trust capital gains taxes and enabling the trust to take advantage of the strong real estate market....
The tax code offers some good real estate returns and its 1031 exchange provision is an excellent tax break. The 1031 allows you to delay taxes on your investment real estate gain if you roll your sale pro...
Under Code Section 1031, a taxpayer should not recognize loss or gain if the qualifying party is exchanged for like-kind property. IRS rules that the provisions of related-party exchange are not applicable following transaction completion.Loftus...
The agency rules that the exchange of intangible property is not entitled for like-kind treatment under Section 1031. Hence, the taxpayers are not eligible for tax-deferred treatment on the exchange of the intangible property.RubingerHolland
Following its analysis of the ruling of the Supreme Court to the Newark Morning Ledger case, the agency has determined that such analysis should be applied to like-kind exchange cases.NeviusAlistairM.EBSCO_bspTax Adviser
Elaborates on the reverse tax-free exchange benefit of the United States Internal Revenue Service Code 1031 to hotel owners. Availability of safe harbor to all qualifying exchanges; Identification of the relinquished property within 45 days from the transfer of the replacement property to the ...
Internal Revenue Services which clarifies treatment of partnership liabilities under Section 1031 of the Internal Revenue Code. The ruling holds that any net reduction in a partner's share of partnership liabilities that results from the exchange is taken into account for purposes of section 752 in ...