TITLE

Nonrecognition and Like- Kind Exchange for Homes

PUB. DATE
March 2005
SOURCE
Practical Accountant;Mar2005, Vol. 38 Issue 3, p10
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
16336959

 

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