ACC 307 Federal Taxation

Accounting
Tutor: None Selected Time limit: 1 Day

Identify at least two (2) types of property that are not considered like-kind exchanges, and speculate on the reasons why they do not meet the requirements for consideration. Defend your position

Aug 27th, 2015

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The term like-kind may be used to refer to the nature of a property and not the quality. This means that it serves the same purpose as the replaced one. Examples of properties that cannot be considered for like-kind exchanges include; foreign real estate. This disqualifies the foreign real estate for the fact that the capital gain taxes may not be collected on the ultimate disposition of the property. Personal use assets like the vocational home may not also qualify for the like-kind exchange. This is because it cannot be used as both for investment and personal purposes.


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Aug 27th, 2015

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