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CCH Federal Taxation Basic Principles Chapter 11 Property Transactions: Nonrecognition of Gains and ... - page 39 / 66

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CCH Federal Taxation Basic Principles

39 of  66

Like-Kind Exchanges— Tax Treatment for Gain or Loss

Mandatory Rule

A portion of realized gain or loss may be recognizable.  Deferral of any remaining gain or loss is mandatory, not elective.  Here are the rules for recognizing gain or loss: Code Sec. 1031 recognized gain = The lesser of:   1.  Realized gain (i.e., FMV of all consideration received – basis of all consideration given – depreciation recapture, if any)

2.  Net boot received (i.e., FMV of boot received - basis of boot given)

Chapter 11, Exhibit 12a

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