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Get an in-depth analysis of this challenging code IRC Section 1031
IRC section 1031 represents the ultimate in tax planning: realize income without having it recognized for tax purposes. However, if tax planning is improper, the consequences can be significant, as the taxes may leave insufficient cash to buy the replacement property.
Creating a like-kind exchange requires tax planning and proper execution. To ensure that clients receive favorable tax treatment, it is vital that the practitioner act as the focal point in the transaction with taxpayers, realtors, attorneys, and escrow agents.
This course, by expert Stuart Sobel, is geared to the tax professional specializing in tax planning as well as tax preparation and will provide an in-depth analysis of this challenging code section.
Topics covered include:
History of section 1031
Tax consequences of sale and exchange of property
Realized and recognized gain
Advantages and disadvantages of like-kind exchanges
Applicability of section 1031 to
Trade, business, or investment property
Personal residence or vacation home
Same taxpayer requirement
Exchanges between related parties
Impact of boot
Types of tax-deferred exchanges
Multiple property exchanges
Proper reporting of like-kind exchanges
Depreciation of property acquired in like-kind exchanges
Estate planning tips
Be able to identify qualifying like-kind property
Know how to avoid unplanned tax consequences of improperly executed exchanges
Know how to calculate the tax basis of property involved in an exchange
Know how to report a like-kind exchange on a tax return
Who should attend:
NASBA field of study: Taxes – 2 hours CPE
Program prerequisites: None
Advanced preparation: None
*Single User Price. For multiple users please call 1-800-223-8720
Stuart Sobel has provided expertise in areas including tax planning, business creation, tax-exempt filing, strategic planning, charitable giving, employee benefits, and tax controversy for more than 48 years. He has worked with thousands of diverse businesses and nonprofit organizations including pu...
Disclaimer: The content herein does not represent any association between IRS and Eli Financial LLC. IRS neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.