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In a May 8, 2017 Tax Notes article, “Advocates Aim to Preserve Like-Kind Exchange in Tax Reform,” Emily Foster explores  the issue of repealing 1031 like-kind exchanges as part of the current tax reform efforts in Washington. In the absence  of specific guidance regarding like-kind exchanges in either the House GOP tax reform blueprint or President Trump's  one-page tax reform plan, analysts are looking closely at former House Ways and Means Committee Chair Dave Camp's 2014  tax reform draft, in which Camp had proposed repeal of Section 1031 in its entirety. 

Incorporating views from both opponents and advocates of like-kind exchange repeal, Foster's article discusses the history  of 1031 exchanges, how and by whom like-kind exchanges are currently used and the potential consequences of repeal.

Read the Tax Notes article by Emily L. Foster,  reposted with permission from Tax Analysts.

Original publication: Tax Notes by Tax Analysts. “Advocates Aim to  Preserve Like-Kind Exchange in Tax Reform,” by Emily L. Foster. May 8, 2017, pp. 726-730. For more Tax Notes content, please...

Accruit is participating in the AED Financial/HR Symposium 2017 in Miami this week where equipment distributors will be learning about best practices, receiving regulatory and legal updates, and discussing the latest ideas in the areas of finance and human resources.

Among the speakers at the conference will be Commander Kirk S. Lippold, of the United States Navy, who was the commanding officer of the USS Cole on October 12, 2000, when the ship was bombed by Al-Qaeda terrorists. An exemplary leader in the face of extreme circumstances, Commander Lippold will speak about the Five Pillars of Leadership.

Accruit's Vice President of Service Operations, Steve Chacon, will speak on the topic of dealer pass throughs, in which equipment owners combine trade-in treatment with ...

For owners of heavy equipment, replacing or upgrading is a necessity. Newer, faster, more powerful machinery helps expand your capabilities and increase your operating efficiencies, and it allows your crews to operate more safely. For a lot of businesses, this means a trip to your preferred equipment dealer to trade in your old iron for new iron. However, if you’re not exploring all of your options, you could be missing out on the chance to maximize your buying power by reducing your exposure to the taxes associated with such transactions.

Trade-in Treatment

Most equipment owners understand the benefit of trade-in treatment. Instead of selling your old equipment to a third party for cash, you trade the equipment in to the dealer who then applies the value toward the purchase price of new equipment. This approach allows a permanent reduction of the sales tax liability related to the replacement equipment. Trading in equipment is a simple and great value-add for equipment dealers, but how much is the equipment owner truly saving?  Remember that your trade-in simply...

Last month, Accruit EVP and General Counsel, Martin Edwards, was the featured speaker for ATG Trust’s accredited Continuing Legal Education series. Edwards’ presentation, “Section 1031 Exchanges - The Basics and Beyond,” was one of the highest attended ATG Legal Education seminars ever. The presentation material included subject matter expertise accumulated during Edwards' 30+ years of administering tax-deferred exchanges. Topics included:

• The basic rules of § 1031 exchanges;
• The types of exchanges available to your clients;
• Properly structuring § 1031 exchanges to meet your clients' specific needs; and
• Strategies for deferring as much capital gain taxes as possible.

The webinar is available to attorneys and non-attorneys on-demand and at no cost through the ATG Legal Education portal. For login information, please email info@accruit.com