Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 07-30-2008, 11:40 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
The IRS has ruled that a Real Estate can be acquired in a Tax Free Exchange!

The IRS has ruled in a private ruling that "a real estate partnership may be acquired in a tax free exchange."

The IRS will accept a real estate firm’s swap which would be "rental property used in its own business in exchange for 100% of a partnership that owns other real estate."

The acquiring entity would receive the entire partnership, treating it for tax purposes as if it received the partnership’s assets, which in this case would be real estate and because property was swapped, clearly there would be no capital gains and hence there would be no tax liability!

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Can you write off development costs for real estate not purchased. jmramsey Miscellaneous 1 03-09-2008 04:45 PM
What are Deductible Rental Real Estate Expenses in 2007? TaxGuru Rental Real-Estate 0 01-11-2008 10:59 AM
IRS rules that "Certain Payments to Disabled Veterans Ruled Tax-Free" TaxGuru Income 0 12-29-2007 02:29 PM
real-estate tax question NY and Texas Eimen Rental Real-Estate 1 03-31-2007 12:04 AM
Real Estate Commissions InTheWindyCity Miscellaneous 1 01-18-2007 12:29 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.