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Like-Kind Exchanges under Section 1031 (LKEX) (SULKEX04)

 
Date:Tuesday, February 6, 2018
Time:1:00 PM - 3:00 PM
(Registration at 12:30PM)
Facility:Webcast or Webinar, Online
CPE Credit:2.0 Technical Business
Instructor: Michael J. Tucker
Vendor:Surgent McCoy
Course Level:Intermediate
Early Bird Price:$89.00 FICPA Members, $119.00 Non-Members

Description:
Whenever a taxpayer sells business or investment property, the taxpayer may have a gain on which he or she must pay tax at the time of sale. Section 1031 provides an exception and allows the taxpayer to postpone paying tax on the gain if he or she reinvests the proceeds in similar property as part of a qualifying like-kind exchange. Gain deferred in a like-kind exchange under Section 1031 is tax-deferred, but it is not tax-free. The exchange can include like-kind property exclusively, or it can include like-kind property along with cash, liabilities and property that are not like-kind. If the taxpayer receives cash or relief from debt or property that is not like-kind, however, some taxable gain may be triggered in the year of the exchange. There can be both deferred and recognized gain in the same transaction when a taxpayer exchanges for like-kind property of lesser value.

Objectives:
  • Advise clients regarding the tax rules associated with Section 1031 like-kind exchanges


Major Topics:
  • Who qualifies for the Section 1031 exchange?
  • What are the different structures of a Section 1031 exchange?
  • What property qualifies for a like-kind exchange?
  • Time limits to complete a Section 1031 deferred like-kind exchange
  • Restrictions for deferred and reverse exchanges
  • How to compute the basis in the new property
  • Form 8824--reporting Section 1031 like-kind exchanges to the IRS


Who Should Attend:
Tax professionals who advise clients regarding the tax consequences of a like-kind exchange

Prerequisite:
Basic knowledge of individual income taxation

Advanced Preparation:
None

Session/Options

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Registration Status: OPEN