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Taxpayers who hold real estate as inventory, or who purchase real estate for re-sale, are considered "dealers". These properties are not eligible for Section 1031 treatment. However, if a taxpayer is a dealer and also an investor, he or she can use Section 1031 on qualifying like properties.
Before 2006, a private annuity trust (PAT) was an arrangement to enable the value of highly appreciated assets, such as real estate, collectables or an investment portfolio, to be realized without directly selling them and incurring substantial taxes from their sale.
The role of a QI is defined in Treas. Reg. §1.1031(k)-1(g)(4). Under IRC Section 1031 an owner of business or investment property may exchange that property for other like-kind property within a statutorily mandated period of time, and defer current recognition of gain on the sale of the old property.
"The Delaware statutory trust described above is an investment trust, under § 301.7701-4(c), that will be classified as a trust for federal tax purposes." [8] [9] "[M]ay a taxpayer exchange real property for an interest in a Delaware statutory trust without recognition of gain or loss under § 1031 of the Internal Revenue Code?" [8] [9]
Property transferred in a like-kind exchange is often encumbered by liabilities and debt, especially where the asset is real estate. In this regard, the tax code treats relief from indebtedness as additional cash boot in a like-kind exchange. In other words, the assumption of a taxpayer's debt is treated like the receipt of cash by the taxpayer.
The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions. The HUD-1 (or a similar variant called the HUD-1A) is used primarily for reverse mortgages and ...
Tenants in common 1031 Exchange is a form of real estate asset ownership in the United States in which two or more persons have an undivided, fractional interest in the asset, where ownership shares are not required to be equal, and where ownership interests can be inherited. Each co-owner receives an individual deed at closing for his or her ...
Alderson v. Commissioner, 317 F.2d 790 (9th Cir. 1963) [1] was a tax law case in which the United States Court of Appeals for the Ninth Circuit reversed the ruling of the United States Tax Court that an exchange of properties does not constitute a taxable sale under § 1031(a) of the Internal Revenue Code.