- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 4.0
IRC Section 1031 provides for nonrecognition of gain or loss when a taxpayer exchanges real property for real property of like-kind and both properties are held for productive use in a trade or business or for investment. Complete nonrecognition treatment only applies when real property is exchanged solely for other real property of a like-kind. Partial nonrecognition applies when a taxpayer receives money or other property (boot) in addition to like-kind property. This course covers like-kind exchanges, requirements for nonrecognition treatment, receipt of boot, basis and holding period in the replacement property, depreciation rules in year of exchange, and reporting requirements. This course is most appropriate for the professional with detailed knowledge in federal income taxation who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
recognize Section 1031 like-kind exchanges and how they can be structured;
identify the requirements for nonrecognition treatment, the effect of boot received, and reporting requirements; and
determine the basis and holding period in the replacement property as well as how to depreciate the acquired property.