Legal Updates & Commentary for Tax & Estate Planning
As a general rule, a taxpayer’s exchange of one property for another property is treated as a taxable event; the gain realized by the taxpayer – meaning the amount by which the fair market value of the property received by the taxpayer[i] exceeds the taxpayer’s adjusted basis (unrecovered investment) in the…
Do you know what June 29, 2019 is? Of course you do. It’s a Saturday. It’s also the 180th day of the period that began on January 1, 2019. Need another hint?
It is the final day by which a taxpayer who was an owner in a calendar-year pass-through entity – a…
A taxpayer must recognize the gain realized by the taxpayer from the conversion of a property into cash, or from the exchange of the property for other property differing materially in kind.
Under an exception to this general recognition rule, gain is not required to be recognized if property that is held…
