exchange is fundamental to the real estate investment sector and helps many real estate professionals get their start.
7m of cash held in escrow for a like-kind
exchange under Section 1031 of the Internal Revenue Code of 1986, as amended.
At closing, the sale proceeds were placed in escrow for the potential purchase of a replacement property under a like-kind
exchange under Section 1031 of the Internal Revenue Code.
1031 exchange, otherwise known as a 1031 exchange or like-kind
exchange, occurs if, within 180 days, an asset being relinquished is replaced (i.
Section 1031 lets investors defer capital-gains tax on the sale of the property if they reinvest the proceeds from that sale in like-kind
One tax concept that journal entries can help explain is like-kind
exchanges of plant assets under Internal Revenue Code (IRC) section 1031.
1031 by exchanging California property and acquiring out-of-state like-kind
property to file an annual information return to report the exchange to us.
To give a simplified illustration of how a like-kind
exchange might work, suppose Paul lives in New Jersey and wants to retire in North Carolina.
Bramco Inc, a construction, mining and industrial equipment sales, rental and service network, has selected WTP Advisors' Like-Kind
Exchange (LKE) affiliate, WTP Exchange.
gold for gold, or silver for silver), the transaction will generally receive nonrecognition treatment, subject to the rules for like-kind
exchanges in IRC Section 1031 (see Q 7526).
Unfortunately, the rules for like-kind
exchanges do not apply to exchanges of the following types of property:
Qualified intermediaries (QIs) and other facilitators of section 1031 exchanges expect to start seeing exchanges of trademarks and trade names now that the IRS has said they can be like-kind
property eligible for the tax-free transaction.