PERSONAL PROPERTY

Understanding the Impact of Depreciation on Like-Kind Exchanges
The U.S. Treasury does not lose cash revenue from an exchange because the taxpayer must forego future depreciation deductions. Read this paper from the Federation of Exchange Accommodators that
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
IRS Issues Long Awaited Reverse Exchange Rules
During the one-year period between the promulgation of the 1990 proposed exchange regulations and the issuance of the final regulations in April of 1991, the IRS solicited comments in regard to
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. 2000-37: Reverse Exchanges
Since the promulgation of the final regulations under § 1.1031(k)-1, taxpayers have engaged in a wide variety of transactions, including “parking” transactions, to facilitate reverse like-kind
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
Rev. Proc. 2008-16: Exchanges of Vacation Homes and Rental Property
This revenue procedure provides a safe harbor under which the Internal Revenue Service (the “Service”) will not challenge whether a dwelling unit qualifies as property held for productive use
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