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Form 8824 Minnesota: What You Should Know
If reported at any other time, taxpayers should attach a copy of the IRS Form 8824. COPY and IRS Form 8824 – 1033 1033 — Sales of Stocks or Bonds. Sale of Business Real Property. Reporting a 1033 exchange, for property of a like-kind, involves two (2) transactions; (1) The buyer is an individual (a 'disbursing owner'); and (2) The seller is a 'disbursing beneficiary'. Reporting the sale of real property for sale of other property (as opposed to sale of property of a like type or the sales of stocks and bonds) involves two (2) transactions; (1) The buyer is another individual who is, or may soon be, a disbursing owner (i.e., the seller); (2) The seller is another individual holding the right to receive income from the property as a disbursing beneficiary (i.e., the buyer); and (3) The property of the purchaser is a real, personal and tangible property (defined as: land, buildings, or improvements with a real income potential) other than real property which, at the time of sale, are being disposed of for the purpose of sale of real property. In the event that the sale has an option to purchase, the transaction constitutes the sale of property with a right to receive capital appreciation on the date of disposition of the option. If the seller purchases real property for any other purpose or as payment for the payment of a debt, then the sale or issuance of the stock or bond as a consequence thereof, constitutes a distribution under section 72(p) of the Internal Revenue Code of 1986, as amended. In the case of an exchange of business or investment property, the tax results are the same as they would be under tax regulations in effect immediately before the exchange (i.e., the 'tax basis'), regardless of the date of payment. (See, United States v. Vodka, 683 F.2d 1275 (9th Cir. 1982)). In the case of an exchange of real property or other property held for the production of income for use in furtherance of the business, it is important to understand that there is no 'disqualified real property'. (See: U.S. v.
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