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1031 Codes and Regulations List
Internal Revenue Code Section 1031
Under Internal Revenue Code (IRC). The comprehensive set of tax laws created by the Internal Revenue Service (IRS). This code was enacted as Title 26 of the United States Code by Congress, and is sometimes also referred to as the Internal Revenue Title. The code is organized according to topic, and covers all relevant rules pertaining to income, gift, estate, sales, payroll and excise taxes.Internal Revenue Code (IRC) section 1031, no gain or loss is recognized when companies sell business or investment property and acquire property that is like-kind. A transaction that is structured as a tax-deferred exchange is generally referred to as a "like-kind exchange" or an "LKE".
Internal Revenue Service Regulations: IRC �1031
Like -Kind Exchange: Additional Rules for Real Estate Exchanges and Establishment of A safe harbor generally refers to a fact situation where under traditional tax or legal principles the proposed transaction, or part of a transaction, would be prohibited. If an otherwise prohibited transaction can be structured pursuant to an IRS promulgated safe harbor, the IRS agrees not to challenge the structure as to form.Safe Harbors
This document contained final regulations relating to exchanges of real property under Section 1031 of the Internal Revenue Code (IRC). The comprehensive set of tax laws created by the Internal Revenue Service (IRS). This code was enacted as Title 26 of the United States Code by Congress, and is sometimes also referred to as the Internal Revenue Title. The code is organized according to topic, and covers all relevant rules pertaining to income, gift, estate, sales, payroll and excise taxes.Internal Revenue Code (IRC). The comprehensive set of tax laws created by the Treasury Department of the Internal Revenue Service (IRS). The regulations affect persons who exchange real estate. The regulations are necessary to provide persons who exchange these properties with the guidance necessary to comply with the law.
The final regulations are effective for exchanges occurring on or after April 11, 1991.
Rev. Proc. 2000-37: Reverse Exchanges
Since the promulgation of the final regulations under � 1.1031(k)-1, taxpayers have engaged in a wide variety of transactions, including �parking� transactions, to facilitate reverse like-kind exchanges. Parking transactions typically are designed to �park� the desired replacement property with an accommodation party until such time as the taxpayer arranges for the transfer of the relinquished property to the ultimate transferee in a simultaneous or deferred exchange. Once such a transfer is arranged, the taxpayer transfers the relinquished property to the accommodation party in exchange for the replacement property, and the accommodation party then transfers the relinquished property to the ultimate transferee.
Rev. Proc. 2008-16: Exchanges of Vacation Homes and Rental Property
This revenue procedure provides a safe harbor under which the Internal Revenue Service will not challenge whether a dwelling unit qualifies as property held for productive use in a trade or business or for investment for purposes of � 1031 of the Internal Revenue Code (IRC). The comprehensive set of tax laws created by the Internal Revenue Service (IRS). This code was enacted as Title 26 of the United States Code by Congress, and is sometimes also referred to as the Internal Revenue Title. The code is organized according to topic, and covers all relevant rules pertaining to income, gift, estate, sales, payroll and excise taxes.Internal Revenue Code.
Rev. Proc. 2002-22: Tenants in Common
Real Estate can be owned by a multi-member LLC, a partnership or as a tenant in common in addition to other ways of holding title. Under Section 1031 of the IRS Code, a member of an LLC or a partner of a partnership cannot do an exchange of the membership or partnership interest. A tenant in common can sell or acquire a tenant in common interest as part of an exchange. However, holding ownership of a tenant in common but acting more like a partnership can cause the IRS to treat the relationship as a partnership. Rev. Proc. 2002-22 has been provided by the IRS to enable persons to know how to keep the relationship as a true tenancy in common and not a deemed partnership.
New Hampshire 1031 Exchange Law
This bill recognizes Internal Revenue Code (IRC). The comprehensive set of tax laws created by the Internal Revenue Service (IRS). This code was enacted as Title 26 of the United States Code by Congress, and is sometimes also referred to as the Internal Revenue Title. The code is organized according to topic, and covers all relevant rules pertaining to income, gift, estate, sales, payroll and excise taxes.Internal Revenue Code section 1031 like-kind exchanges which use federally disregarded entities as the recipient of replacement property, but emphasizes the character of such entities as separate entities for purposes of New Hampshire business profits tax.
Virginia Exchange Facilitators Act
State of Virginia Exchange Facilitators Act
Washington Qualified Intermediary Regulation
State of Washington Exchange Facilitator Code
Nevada Exchange Facilitator Code
State of Nevada Exchange Facilitator CodeState of Nevada Exchange Facilitator Code
Idaho Escrow Act Policy Statement #2007-4
State of Idaho An escrow agreement provides for the placement of money or other assets in the control of an independent third party in order to protect the parties involved in a transaction. The funds or assets are held by the escrow agent until it receives the appropriate instructions or until predetermined contractual obligations contained in the escrow agreement have been fulfilled.Escrow Act Policy Statement #2007-4
Colorado HB 1254: Exchange Facilitator Legislation
State of Colorado HB 1254: Exchange Facilitator Legislation
California SB 1007: Qualified Intermediary Regulation
An act to add and repeal Division 20.5 (commencing with Section 51000) of the Financial Code, relating to exchange facilitators. Existing law provides for licensure and regulation of various financial institutions by the Commissioner of Financial Institutions or the Commissioner of Corporations, but does not specifically regulate persons engaged in the facilitation of like-kind exchanges of property pursuant to federal tax law. This bill would require a person engaging in business as an exchange facilitator, as defined, to comply with certain bonding and insurance
Maine Public Law 61: Regulation of Exchange Accommodators
State of Maine Public Law 61
Notice 2005-3
Additional Relief for Like-Kind Exchanges for Which Deadlines May Be Postponed Under �� 7508 and 7508A of the Internal Revenue Code (IRC). The comprehensive set of tax laws created by the Internal Revenue Service (IRS). This code was enacted as Title 26 of the United States Code by Congress, and is sometimes also referred to as the Internal Revenue Title. The code is organized according to topic, and covers all relevant rules pertaining to income, gift, estate, sales, payroll and excise taxes.Internal Revenue Code
This notice advises taxpayers that the Internal Revenue Service and Treasury Department will modify retroactively Rev. Proc. 2004-13, 2004-4 I.R.B. 335, to provide additional tax relief to taxpayers (transferors) involved in 1031 like-kind exchange transactions affected by a Presidentially declared disaster, a terroristic or military action, service in a combat zone, etc.
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