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A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset. A like-kind exchange can involve the exchange of one ...
For real property exchanges under Section 1031, any property that is considered "real property" under the law of the state where the property is located will be considered "like-kind" so long as both the old and the new property are held by the owner for investment, or for active use in a trade or business, or for the production of income.
Insurance companies: special rules, definitions 851–860: Regulated investment companies (mutual funds) and Real Estate Investment Trusts 861–865: Source of income (for international tax) 871–898: Tax on foreign persons/corporations; inbound international rules 901–908: Foreign tax credit 911–943: Exclusions of foreign income (mostly ...
The long-term capital gains tax rates are 15 percent, 20 percent and 28 percent (for certain special asset types), depending on your income. Real estate, including residential real estate, counts ...
In May 2017, GLPI purchased the real estate assets of Bally's Casino Tunica and Resorts Casino Tunica for a total of $83 million, while Penn National simultaneously acquired their operating assets. [19] [20] In October 2018, the company acquired the real estate of five casinos from Tropicana Entertainment for $964 million.
Treasury Regulations are the tax regulations issued by the United States Internal Revenue Service (IRS), a bureau of the United States Department of the Treasury.These regulations are the Treasury Department's official interpretations of the Internal Revenue Code [1] and are one source of U.S. federal income tax law.
As of 2014, the Restatement's failure to address basic doctrines like adverse possession and real estate transfers had never been corrected over 75 years, three Restatements series, and 17 volumes. [2] In the 1970s, the Uniform Law Commission's project to standardize state real property law was a spectacular failure. [3] [4] [5]
On Aug. 17, rules surrounding real estate commissions are set to change thanks to a legal settlement between the National Assn. of Realtors and home sellers. Proponents hope the new rules will ...