A taxpayer, a calendar-year corporation, wants to change its company's headquarters -currently consisting of a ten-story building.
Question:
After further discussions with the client and a review of relevant documents, you discover the following additional facts: Each of the new properties has a fair market value that slightly exceeds that of the current ten story building. The taxpayer would demolish the single-story building if it purchases that property. The company would then build a specially designed building on the lot. The sellers of both properties appear to be interested in entering an exchange transaction whereby the company's property would be exchanged for one of the other properties.
a. What Code section addresses the research question?
b. Does your study of the relevant Code section help you to refine or add to the initial research question(s)?
c. Does the Code adequately address the research question? If so, what are your conclusions, and on what are they based?
d. Are there questions remaining that require further research?
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