Sale of Business Property
The most frequently asked tax questions related to Sale of Business Property
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Answer Tax QuestionsLike-Kind Property
Asked Tuesday, June 26, 2012 by an anonymous user
Properties are of like-kind, if they are of the same nature or character, even if they differ in grade or quality. Personal properties of a like class are like-kind properties.
However, livestock of different sexes are not like-kind properties.
Also, personal property used predominantly in the United States and personal property used predominantly outside the United States is not like-kind properties.
Real properties generally are of like-kind, regardless of whether the properties are improved or unimproved. However, real property in the United States and real property outside the United States are not like-kind properties.
However, livestock of different sexes are not like-kind properties.
Also, personal property used predominantly in the United States and personal property used predominantly outside the United States is not like-kind properties.
Real properties generally are of like-kind, regardless of whether the properties are improved or unimproved. However, real property in the United States and real property outside the United States are not like-kind properties.
Like-Kind Exchanges
Asked Tuesday, June 26, 2012 by an anonymous user
Generally, if you exchange business or investment property solely for business or investment property of a like-kind, no gain or loss is recognized under Internal Revenue Code Section 1031.
If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized.
Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes, other securities or evidence of indebtedness, or certain other assets.
If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized.
Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes, other securities or evidence of indebtedness, or certain other assets.
