Like-Kind Exchange

Question 1

Are losses recognized in a like kind exchange

Answer 1

No

Question 2

how do you calc the gain on a like kind exchange

Answer 2

realized gain or boot received

Question 3

Boot

Answer 3

nonqualifying property received by the taxpaper

Question 4

how do you compute the basis of like kind property

Answer 4

FMV of property received
-postponed gain
+postponed loss
= basis of like kind property

Question 5

how is the adjusted basis of replacement property calc in an involuntary conversion

Answer 5

subtracting the deferred gain from the cost of the replacement property

Question 6

what kind of gain is recognized from an involuntary conversion of a biz asset held more than one year

Answer 6

subject to taxation as a section 1231 gain

Question 7

does replacement property in an involuntary conversion have to be like kind property

Answer 7

false

Question 8

what is considered like kind property

Answer 8

all realty (land and buildings)