Internal Revenue Code (IRC) section 1031. It is said that the section lacks definition on holding property for business or investment purposes. It provides an overview of the rulings of the Tax Court in several cases. The Internal Revenue Service (IRS) stresses that the transfer of replacement...
It gets complicated. The rules for a 1031 exchange include a requirement that the proceeds of the property sale be placed in escrow until the like-kind property transaction is finalized. The properties must be considered like-kind by the IRS. There also arecritical deadlinesinvolved. Working with...
In addition, our software illustrates the tactical value of using IRS Code Section 1031 for the replacement of their real estate assets. OUR FAMILY OF STRATEGIC TAX SERVICES All States 1031 Exchange Facilitators and Midwest Exchange Company, Inc., (Cooperative) are wholly owned divisions of Strategi...
there have been several iterations to the Internal Revenue Code that provide for delayed exchanges - exchanges other than direct simultaneous swapping of property. The IRS Tax Code Section 1031 provides safe harbor guidelines for these delayed exchanges that result in the need for a third party enti...
In 2004, Congress amended section 121 to provide that in cases where a taxpayer acquires investment property in a tax deferred exchange under Code Section 1031, and thereafter converts the property into a principal residence, the exclusion from gain resulting from the sale of the taxpayer’s prin...
When a property owner sells a depreciable asset, the IRS requires the owner to recapture a portion of the depreciation claimed on the property over the years. The recaptured amount is taxed at a special rate known as the Section 1250 recapture rate, which is generally 25%. ...
Any of several types of futures and options contracts that are subject to a special tax rule of the Internal Revenue Service. Named for a section of the IRS Code, these contracts must generally be treated as if they are sold at fair market value on the last business day of the tax year...
“There shall be added to federal taxable income for Oregon tax purposes the amount allowable as a deduction under Section 199A(a) of the Internal Revenue Code for the tax year.” SB 1528 was signed into law on April 13 and is effective June 2. It applies to tax years beginning on or...
IRS or Treasury Department guidance and professional journal articles become available, every few years, but the basic concepts and mechanics for a successful IRC 搂1031 exchange are not likely to change. Therefore, by retaining this material and adding articles as they become available via Internet...
Transactions under Section 1031 allow for the special allocation of assets in partnerships. In cases where some partners want to defer the taxable gain while others want their cash and pay the current taxes, the Internal Revenue Service (IRS) considers the economic effect of the allocation and ...