Tax Deferred Exchanges
It happens all the time. A call comes in from a knowledgeable accountant: “We have a client who is replacing equipment and wants to defer paying taxes. We need some help with an IRC section 1031
Internal Revenue Code Section 1031
Under Internal Revenue Code (IRC) section 1031, no gain or loss is recognized when companies sell business or investment property and acquire property that is like-kind. A transaction that is
Like-Kind Classification Codes
Depreciable tangible personal property is exchanged for property of a "like-kind" under section 1031 if the property is exchanged for property of a like-kind or like class. Depreciable tangible
Rev. Proc. 2003-39: Like-Kind Exchange Programs
Safe harbor rules are provided under section 1031 of the Code, which allows for deferral of gain realized on a like-kind exchange of property, with respect to programs involving ongoing exchanges
Transport Topics: Eliminate Unnecessary Taxes
Due to the expiration of bonus depreciation, trucking companies are facing significant tax liabilities for 2014. This Transport Topic column offers strategies and solutions for mitigating the huge