Russian Hackers Indicted in Pittsburgh
Two Russian nationals, Maksim Yakubets and Igor Turashev, were indicted in Pittsburgh on December 5th, for involvement in international multimillion-dollar ...
Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. Internal Revenue Code (IRC) Section 1031 provides an exception and allows you to defer paying tax on the gain if you reinvest the proceeds in similar property as part of a qualifying like-kind exchange.
The rules under IRC Section 1031 can be very complex; however, there are a few basic rules that can assist you in determining if you can benefit from a like-kind exchange.
The rules listed above only begin to scratch the surface of the rules under IRC Section 1031. However, having knowledge of these rules will assist you in determining if you can benefit from this tax planning opportunity. In addition, it is important to note that not all states recognize the federal like-kind exchange rules, so it is important to research and understand the state tax implications when you enter into a like-kind exchange transaction.
Contact us to discuss the rules of like-kind 1031 exchanges, or with any other questions and visit our Construction and Real Estate Industry Group pages for more information.
Two Russian nationals, Maksim Yakubets and Igor Turashev, were indicted in Pittsburgh on December 5th, for involvement in international multimillion-dollar ...
The general rule under Internal Revenue Code §451 is that an item of income shall be included in gross income for the taxable year or receipt unless ...
We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.
Ask us
One PPG Place, Suite 1700
Pittsburgh, PA 15222
contactsd@schneiderdowns.com
p:412.261.3644
f:412.261.4876
65 East State Street, Suite 2000
Columbus, OH 43215
contactsd@schneiderdowns.com
p:614.621.4060
f:614.621.4062
1660 International Drive, Suite 600
McLean, VA 22102
contactsd@schneiderdowns.com
p:571.380.9003