IRS issues guidance on use of accommodation parties in deferred like-kind exchanges.
The Tax Adviser › Vol. 31 Nbr. 11, November 2000
Linked as:
Extract
IRS issues guidance on use of accommodation parties in deferred like-kind exchanges.
Sec. 1031 (a) (1) provides that a taxpayer does not recognize gain or loss on an exchange of property held for productive use in a trade or business or for investment, if he exchanged the property solely for like-kind property that he intends to hold for the same reasons. Sec. 1031 (a) (3) provides that property received by a taxpayer cannot be treated as like-kind property if it is (1) not identified as property to be received in the exchange on or before 45 days a...
See the full content of this document
Sponsored links
