Nonrecognition and Like- Kind Exchange for Homes

March 2005
Practical Accountant;Mar2005, Vol. 38 Issue 3, p10
Trade Publication
The article informs about a clarification by Internal Revenue Services of the U.S. that homeowner, who may exclude gain upon a sale or exchange of a home, also may benefit from a deferral of gain for a like-kind , exchange with respect to the same property. The revenue procedure has six examples, which include illustrations of the treatment of depreciation and boot. However, taxpayers may apply it in taxable years for which the period of limitation on refund or credit under Section 6511 hasn't expired.


Related Articles

  • Part I. Rulings and Decisions Under the Internal Revenue Code of 1986.  // Internal Revenue Bulletin;5/13/2013, Vol. 2013 Issue 20, p1059 

    The article presents the rulings and decisions based on the provisions of the Internal Revenue Code of 1986. The revenue ruling provides various prescribed rates under the Internal Revenue Code for May 2013. It includes the provisions that apply to the short-term, mid-term, and long-term rates...

  • International Taxation. Cummings, Jack; Rowe, Kevin // Corporate Business Taxation Monthly;Nov2005, Vol. 7 Issue 2, p9 

    The article discusses the United States Internal Revenue Service's release of more guidance under the Internal Revenue Code Section 965 dividends received deduction enacted in the American Jobs Creation Act of 2004. It discusses the background of Code Section 965. Notice 2005-38 deals with the...

  • "Making Work Pay Credit" Mandates Tax Withholding Checkup.  // Federal Tax Course Letter;Aug2009, Vol. 23 Issue 8, p6 

    The article discusses the Internal Revenue Service's (IRS) reminder in the Special Edition Tax Tip 2009-4 in the U.S. It mentions that the IRS reminded taxpayers that the Making Work Pay Credit reduced tax withholding rates in 2009 for 120 million American households. It mentions that MWPC is...

  • Part I. Rulings and Decisions Under the Internal Revenue Code of 1986.  // Internal Revenue Bulletin;11/1/2010, Issue 2010-44, p558 

    The article discusses the revenue rulings and decisions based on the provisions of the Internal Revenue Code of 1986. It offers information on the temporary regulations that mainly affect C corporations on acceleration of deferred original issue discount (OID) deductions and deferred discharged...

  • irs briefing.  // Practical Accountant;Aug2005, Vol. 38 Issue 8, p14 

    The article presents information regarding recent decision and rulings by the U.S. Internal Revenue Service (IRS) related to taxation. It is reported in the article that in IR-2005-69, the IRS has certified the model year 2006 Toyota Highlander Hybrid as being eligible for die clean-burning fuel...

  • A Deduction You Want--and Need--to Know About. Matousek, Jim // Crafts Report;Apr2008, Vol. 34 Issue 384, p60 

    The article discusses the concept of Domestic Production Activities Deduction in the U.S. Many accountants and tax preparers considered the three percent deduction too small to bother with and that the multitude of Internal Revenue Service (IRS) guidance issued as very complex and time consuming...

  • The 'Domestic Production Deduction'. McCorkill, Rodney // BusinessWest;12/26/2005, Vol. 22 Issue 17, p29 

    The article reports on the new tax consideration for producers made by the U.S. Internal Revenue Service (IRS). According to the IRS, any business that is considered to be a producer is entitled to a new deduction called the Domestic Production Deduction. The new Domestic Production Deduction...

  • TAX BRIEFING.  // Practical Accountant;Jan2007, Vol. 40 Issue 1, p14 

    The article offers news briefs related to taxation in the U.S. Some of the inflation adjustments that was released by the Internal Revenue Service (IRS) for the 2007 are the personal and dependency exemption and standard deduction for singles and married individuals. The IRS issued the optional...

  • No Abandonment Loss for Stock Offering Costs.  // Federal Tax Course Letter;Oct2013, Vol. 27 Issue 10, p11 

    The article focuses on the Field Attorney Advice 20133101F on August 7, 2013 regarding the abandonment loss for costs obtained in an attempted stock offering. It mentions that based from the U.S. Internal Revenue Service (IRS), taxpayers cannot claim an abandonment loss deduction for stock...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics