Taxpayers can structure transactions through third parties that qualify as like-kind exchanges if certain time requirements for identifying the properties and closing the transaction are met. This type of exchange is referred to as a deferred or third-party exchange. Use the Internet to find information about deferred (third-party) exchanges. Trace the process you used to find the information (search engine or tax directory used and key words). Write a summary of the information you find on deferred (third-party) exchanges.
Answer to relevant QuestionsWhat effect does a property's use have on the cost recovery allowable on the property?Explain the difference between a property's initial basis and its adjusted basis.What is the general rule for determining the basis of gift property?For each of the following assets, determine whether it is personal property, real property, intangible property, or personal use property:a. Woodrow spent $5,380 on trees and shrubs for use in his landscaping business.b. ...Amos and Thomas form the Show Corporation during the current year. Amos owns 40% of Show's stock, Thomas owns 20%, and Arthur owns the remaining 40%. Amos paid $50,000 for his interest, and Thomas paid $25,000. Amos and ...
Post your question