Like-kind exchange

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  • David
    Junior Member
    • Feb 2006
    • 15
    #1

    Like-kind exchange

    Client has vacant land purchased for investment. Has the opportunity to do an even trade for a three unit commercial building. The bank has agreed to move the loan on the land (200k) to the building. No boot. Is this a completely non-taxable exchange? Thanks, David
    Tags: None
    • jimmcg
      Senior Member
      • Aug 2005
      • 633
      #2
      Originally posted by David
      Client has vacant land purchased for investment. Has the opportunity to do an even trade for a three unit commercial building. The bank has agreed to move the loan on the land (200k) to the building. No boot. Is this a completely non-taxable exchange? Thanks, David
      If no boot and absent other facts......Yes.

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        • DaveO
          Senior Member
          • Dec 2005
          • 1453
          #3
          Just be sure no personal property is involved such as furniture or other equipment.
          In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
          Alexis de Tocqueville

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