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Salinas California Form 8824: What You Should Know

Government agencies. We know very little about what those effects might be. To explore this issue further, we are requesting information on the like-kind tax exclusion of Rests through S Corp and other transactions, the effect of other transactions on Rests, and related aspects of tax policies such as the preferential treatment of preferred stock. Election of Section 1031 Like-Kind Exemption. Section 1031(a) provides an “exemption from taxation” for transactions effected by a company whose stock is acquired “for the purpose of gaining or producing income” from such property. Section 1031(b) provides that only real property — i.e. non-residential property — is subject to special tax rates of 10 percent, 15 percent, or 20 percent. Section 170(f) provides that property held for sale is treated as “business property” for Section 1031 purposes and subject to special tax rates of zero percent or 15 percent (depending on the market). Section 179(d), which is not  present in Section 330, is an exclusion for property acquired at the option of a party other than the owner of the property. Section 365(b) provides special relief from taxation for non-cash property which, if acquired at the option of a party not owning the property, is effectively sold during the course of a taxable year even though no proceeds have accrued. Section 1031 Exemption of Real Property Exchange The “exemption from taxation” for exchange of property, discussed in paragraph [3] through [6], is a general exemption for real property and has no specific requirements under Section 1031 of the Code for the amount of gain to be excluded from income. However, it affects the treatment of the like-kind exchange of real property only by applying a preferential treatment to Rests under Section 170(f) or section 179(d) of the Code. The “like-kind” character of tax treatment under Section 170(f) is demonstrated by reference to Section 170(i)(3). Since “[a] corporation may exchange property for a substantially similar property in order to attain tax- advantaged status, then the exchange of property for a substantially similar property may itself qualify for the special tax treatment specified and is treated as a like-kind exchange under Section 170(f)” or so states the IRS interpretation.

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