They also open up the possibility of assisting those clients in finding and purchasing a like-kind property
An exchange facilitator would be anyone who facilitates, for a fee, an exchange of like-kind property
A taxpayer is rarely willing to rely on just the transferee's unsecured promise to acquire like-kind property
and will generally seek a guarantee of performance.
A member who contributed appreciated or depreciated property to an LLC does not recognize gain or loss upon distribution of the contributed property to another member if the contributor receives a qualifying distribution of like-kind property
In general, these foregoing rules are complex, and tax advisors need to consult them in detail when counseling taxpayers in a step-by-step deferred exchange of like-kind property
Tenancy-in-Common interest is considered like-kind property
for purposes of a Sec.
After rejecting several properties in its attempt to find suitable like-kind property
and with the closing date drawing near, Ocmulgee Fields assigned its rights to sell Wesleyan Station to Security Bank, a qualified intermediary, which in turn sold the property to the trusts.
Depending on your circumstances, it may be superior to a Charitable Remainder Trust, installment sale, private annuity, or like-kind property
exchange in many respects.
IRC section 1031 permits the tax-free exchange of like-kind property
The total consideration is the sum of the boot received and the fair market value of the like-kind property
received or, if more clearly determinable, the total consideration is the fair market value of the asset given in the exchange.
Nor does uniqueness disqualify exchanges of personal property: a one-of-a-kind antique desk and a mass-produced modern desk are considered like-kind property
1033(g)(1), real property that was held for productive use in a trade or business or as an investment that is involuntarily converted gives the taxpayer the ability to defer the gain if the property is reinvested in like-kind property
instead of similar property.