Feb. 15, 9:00 a.m. - 12:15 p.m.
Accruit's David Gorenberg, JD, CES, will be co-teaching “Section Internal Revenue Code Section 1031 states that "no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held for productive use in a trade or business or for investment." 1031 Exchange s for Real Estate, General Practice, and Tax Law Practitioners” on February 15, for the New Jersey Institute on Continuing Legal Education (NJ ICLE), the education arm of the New Jersey Bar Association.
- 1031 Basics
- Thorny Section 1031(a)(3) and Section 1.1031(k)-1(c) provides that a written unambiguous description of the intended replacement property or properties, signed by the taxpayer must be sent to the qualified intermediary or other person who is a party to the exchange and who is not a disqualified person. Identification Issues
- Definition of Real Property
- Cash-out Refinancing
- Early Release of Proceeds received by the taxpayer from the transfer of the relinquished property pursuant to the relinquished property contract. Exchange Funds
- A Reverse Exchange is typically conducted under the safe harbor established in Rev Proc 2000-37. These are "parking arrangements" where either: (i) a property is purchased and "parked" as a potential replacement property for the benefit of a specific taxpayer by an exchange accommodation title holder until such time as the taxpayer arranges for the transfer of the relinquished property to the ultimate transferee in a simultaneous or deferred exchange; or (ii) a taxpayer transfers the relinquished property to be "parked" by an exchange accommodation title holder in exchange for immediately receiving the replacement property, and the exchange accommodation title holder later transfers the relinquished property to the ultimate transferee Reverse Exchange s
- Improvement/Construction Exchanges
- and much more...
NJ CLE information: This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 3.6 hours of total CLE credit in NJ, PA, and NY.
Visit the NJSBA website for more information.