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Tax-Free Like-Kind Exchanges
Civic Research Institute, Inc., March 2008, Pages: 740
Section 1031 of the U.S. tax code, providing for tax-free like-kind exchanges, has become a very popular planning tool. Investors can use 1031 exchanges to defer capital gain taxes on business, investment, or income properties. Although the concept is straightforward, like-kind exchanges are rarely simple. In this book, the author has made doing these deals as safe, efficient, and easy as possible by providing hands-on guidance on the law, deal planning and structuring, and tax compliance. In addition to real estate transactions, he also addresses issues that arise with exchanges in business restructurings, use of 1031 exchanges in estate planning, and critical state tax implications of exchange transactions. Transactions are analyzed and diagrammed in detail. And practitioners will appreciate the extensive 'tool kit' of model forms and documents
The advantages of tax deferral under Internal Revenue Code Section 1031 are compelling. But enjoying the benefits isn't easy: § 1031 exchanges are never simple and have been the source of significant litigation. Guiding clients safely through a related-party exchange, reverse exchange, or improvements exchange takes careful planning and execution. Written by one of the country's foremost experts, Tax-Free Like-Kind Exchanges is an authoritative and comprehensive guide to every aspect of these powerful vehicles-law, regulation, administrative and business issues.
Turn to this practical, authoritative volume to take full advantage of the tax-savings offered by § 1031 transactions, including:
- Real estate exchanges (including multiple- and mixed-use property)
- Business restructurings
- Estate planning
- Deferred and reverse exchanges
- Improvements exchanges
Whether you are advising a multinational corporation or a single-asset property owner, you’ll find detailed, step-by-step assistance in planning, executing, and documenting the full range of exchanges while complying fully with current law and regulations.
Turn here for answers to the questions that inevitably arise in these complex deals:
- How do you compute deferred and taxable gain on an exchange and basis in replacement property?
- How does debt relief affect the computation of gain deferral or recognition?
- How do exchanges that straddle tax years implicate the installment sale rule?
- How do you account for depreciation and depletion of exchange property?
- How should you report § 1031 exchanges?
- What basic requirements must an exchanger satisfy to obtain § 1031 nonrecognition treatment? How have the courts interpreted the definition of
exchange?
- How can you structure a delayed multiparty exchange to ensure that one of the several safe harbors in the § 1031 regulation will apply to the
transaction?
- Can reverse exchanges be structured as title-parking arrangements?
- What is the legal basis for use of improvements exchanges and how can taxpayers structure them to qualify for nonrecognition?
- How do business break-ups and business marriages affect intended § 1031 exchanges when they occur in proximity to the intended exchange?
- Can taxpayers use exchange proceeds to acquire property and then join existing business arrangements?
- What legal, economic, and tax issues must you deal with when considering an investment in a tenancy-in-common arrangement?
- What unique issues arise when a deal involves multiple assets of more than one class of property?
- What special considerations affect taxpayers who deal extensively in a certain type of property and exchange in and out of the property on a regular basis?
- Can you use § 1031 to advantage when planning wealth transfers?
- When a person dies in proximity to an exchange, how should an estate or trust handle the exchange transaction?
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