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United States Federal Income Tax - Research Paper Example

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From the paper "United States Federal Income Tax" it is clear that property exchange could be defined as the acquisition of a property in exchange for an equally valued property in a different location. The choice of the property exchanged lies completely on the owner of the initial property. …

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Subject: Finance & Accounting
Type: Research Paper
Level: Undergraduate
Pages: 1 (250 words)
Downloads: 2
Author: daynebode

Extract of sample "United States Federal Income Tax"

The property in question here does not have any elements related to trade and profit, therefore the owners of the property did not receive any recognized gains.

The tax basis for the property under discussion would be such that the owners would be accorded tax-free treatment. Section 1031a of the Internal Revenue Code identifies the basis applicable to a property being exchanged (IRS). The property under discussion here could be treated as tax-free because of acquisition within the specified duration of time. The tax basis imposed on properties by the United States tax laws would be excluded from this property. The regulation offers 45 days of identification of an exchange property, and 180 days for acquisition of the property. Since the property under discussion fully complied with these stipulations, the property would receive tax-free treatment. The owners of the new property would not be required to remit any taxes on the new property. Read More

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