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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 34 / 66

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34 / 66

CCH Federal Taxation Basic Principles

34 of  66

Examples:   Real for real is OK (e.g., timberland for a bowling alley).   Tangible personal for tangible personal may be OK (e.g., printer for    a computer is OK since both properties fall within the same General    Asset Class described below; a computer for a delivery truck is NOT    OK since they fall within different General Asset Classes.)   Personal for real, or vice versa, is NOT OK  (e.g., delivery truck for    a warehouse).   Inventory for anything is NOT OK (e.g., computer held for resale in    exchange for a computer used in an accounting department).   Personal-use property for anything is NOT OK (e.g., a principal    residence for a rental home).

Like-Kind Exchanges—Tangible Property

Chapter 11, Exhibit 10b

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