Search results
Results from the WOW.Com Content Network
Schedule D also asks for information on some specific transactions that do not apply to all taxpayers, such as installment sales, like-kind exchanges, commodity straddles, sales of business ...
The remainder of any gain realized is considered long-term capital gain, provided the property was held over a year, and is taxed at a maximum rate of 15% for 2010-2012, and 20% for 2013 and thereafter. If Section 1245 or Section 1250 property is held one year or less, any gain on its sale or exchange is taxed as ordinary income.
Section 1031(a) of the Internal Revenue Code (26 U.S.C. § 1031) states the recognition rules for realized gains (or losses) that arise as a result of an exchange of like-kind property held for productive use in trade or business or for investment. It states that none of the realized gain or loss will be recognized at the time of the exchange.
Gains and losses under 1231 due to casualty or theft are set aside in what is often referred to as the fire-pot (tax). These gains and losses do not enter the hotchpot unless the gains exceed the losses. If the result is a gain, both the gain and loss enter the hotchpot and are calculated with any other 1231 gains and losses.
In addition, this gain above the depreciated value would be recognized as ordinary income by the tax office. If the sales price is ever less than the book value, the resulting capital loss is tax-deductible. If the sale price were ever more than the original book value, then the gain above the original book value is recognized as a capital gain.
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 ...
One of Vice President Kamala Harris' proposed tax plans is to implement an unrealized capital gains tax for individuals with net wealth above $100 million. With the United States reportedly being ...
GREENSBORO, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) -- Qorvo ® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 third quarter ended December 28, 2024.