Like-kind exchanges of real estate: use of limited liability companies

Article Abstract:

Using limited liability companies for effecting a like-kind exchange of real estate is discussed. This is one of the more popular ways of transferring real estate.

Planning, Real property exchanges, Like-kind exchanges, Limited liability companies

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When is real estate a capital asset? And when is it not? a reply from the Tax Court

Article Abstract:

The author uses a series of examples to demonstrate that not all real estate can be considered to be a capital asset eligible for favorable tax treatment upon sale of the property.

Capital assets

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Who is the taxpayer? Another tax trap for the unwary soul who replaces involuntarily converted property

Article Abstract:

IRC Section 1033 permits taxpayers to defer recognition of the tax gain on involuntarily converted property by acquiring qualified replacement property within a two-year period that begins on January 1 of the year after any conversion proceeds are received. However, only the legal owner of the condemned property may buy the replacement property. That the property-owning spouse filed joint tax returns with the other spouse is insufficient to qualify the other spouse for the deferral.

Recognition of gain or loss (Taxation), Recognized gain or loss (Taxation), Inverse condemnation, Involuntary conversion

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