25 May Question 224.What requirements must be satisfied for a delayed s
Question
224.What requirements must be satisfied for a delayed swap to qualify for § 1031 likekind exchange treatment?
225.Discuss the relationship between the postponement of realized gain under § 1031 (likekind exchanges) and the adjusted basis and holding period for the replacement property.
226.Discuss the relationship between realized gain and boot received in a § 1031 likekind exchange.
227. Under what circumstance is there recognition of some or all of the realized gain associated with the giving of boot by the taxpayer in a like-kind exchange?
228.What effect do the assumption of liabilities have on a § 1031 likekind exchange?
229.Define an involuntary conversion.
230.Discuss the treatment of realized gains from involuntary conversions.
231.Discuss the treatment of losses from involuntary conversions.
232. To be eligible to elect postponement of gain treatment for an involuntary conversion, what are the three tests for qualifying replacement property?
233.Edith’s manufacturing plant is destroyed by fire on the afternoon of November 3, 2014. The adjusted basis is $800,000. The insurance company offers a settlement of $700,000. After protracted negotiations, Edith receives $825,000 on June 9, 2015. Edith is a fiscal year taxpayer whose tax year ends on June 30th. What is the latest date that Edith can invest the proceeds in qualifying replacement property and elect to defer the gain under § 1033?
234. How does the replacement time period differ for the condemnation of real property used in a trade or business or held for investment when compared with that for other involuntary conversions?
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