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Section 1031 Like-Kind Exchanges. 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 ...
What Is a 1031 Exchange? A 1031 exchange, also called a like-kind exchange, is a real estate transaction where you trade a passive-income-generating property — a business-use property or one ...
Like-kind exchange. 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.
The Office of the Taxpayer Advocate, also called the Taxpayer Advocate Service (TAS), is an office within the Internal Revenue Service (IRS) of the U.S. Department of the Treasury, reporting directly to the Commissioner of Internal Revenue. [1] The office is under the supervision and direction of the National Taxpayer Advocate, who is appointed ...
A 1031 exchange allows certain real estate investors to defer capital gains taxes when selling one investment property and reinvesting proceeds from the sale into another similar property. Taxes ...
A §1031 Qualified Intermediary (QI), also known as an Accommodator, is a company that facilitates Internal Revenue Code section 1031 tax-deferred exchanges. 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 ...
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A 1035 exchange is a type of like-kind exchange that allows a tax-free exchange of a life insurance policy, annuity contract, long-term care product or endowment for another of a similar structure ...