Ads
related to: like-kind exchanges under code section 1031
Search results
Results From The WOW.Com Content Network
Section 1031(a) of the Internal Revenue Code (26 U.S.C. § 1031) states the recognition rules for realized gains (or losses) that arise as a result of an exchange of like-kind property held for productive use in trade or business or for investment. It states that none of the realized gain or loss will be recognized at the time of the exchange.
A like-kind exchange is a type of "non-recognition provision". According to section 1001(c) of the Internal Revenue Code, all realized gains and losses must be recognized "except as otherwise provided in this subtitle". A like-kind exchange is one of the qualified exceptions, serving as the proto-typical "non-recognition provision".
Here are important requirements for a 1031 exchange: Like-kind requirement: The replacement property must be of like-kind to the relinquished property. This means it must be similar in nature or ...
The role of a QI is defined in Treas. Reg. §1.1031(k)-1(g)(4). Under IRC Section 1031 an owner of business or investment property may exchange that property for other like-kind property within a statutorily mandated period of time, and defer current recognition of gain on the sale of the old property.
Tenants in common 1031 Exchange is a form of real estate asset ownership in the United States in which two or more persons have an undivided, fractional interest in the asset, where ownership shares are not required to be equal, and where ownership interests can be inherited. Each co-owner receives an individual deed at closing for his or her ...
Internal Revenue Code sections 1031 through 1045 [2] provide the most commonly implicated nonrecognition rules, including the section 1031 rule for Like-Kind Exchanges. Impact [ edit ]
Ads
related to: like-kind exchanges under code section 1031