Webcast: Like-Kind Exchanges Under Section 1031 (XSLKEX18)
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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

2/6/2018
When: 02/06/2018
12:00 PM until 2:00 PM
Where: Webcast
SURGENT
LKEX-2017-01-WEBNR-37-138
United States
Presenter: Mike Tucker, Ph.D., LL.M., J.D., CPA


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Acronym XSLKEX18
CPE 2 hours
Vendor Surgent
Category
Tax
Level Intermediate
Prerequisite None
Adv Prep None
Yellow Book? No
Registration Fees
Members* $89
CPA Non-Members $114

*The member rate applies to LCPA members, other state CPA society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course 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

Designed For
Tax professionals who advise clients regarding the tax consequences of a like-kind exchange

Note: Login instructions will be provided by the webcast vendor (Surgent).