2008 pickup set up as listed property in 2010

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  • dktax
    Member
    • Apr 2010
    • 73
    #1

    2008 pickup set up as listed property in 2010

    S Corp traded pick up in for new in 2013. Can I do a like kind exchange?
    Tags: None
    • Roland Slugg
      Senior Member
      • Aug 2006
      • 1860
      #2
      You not only can, you must.
      Roland Slugg
      "I do what I can."

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        • dktax
          Member
          • Apr 2010
          • 73
          #3
          Sorry, wasn't clear

          The new pick up is not listed property.

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            • Golden Rocket
              Senior Member
              • Jul 2007
              • 519
              #4
              Doesn't Change Anything

              Whether it is "listed property" or not, for purposes of calculating cost on a trade-in MUST be reported as
              unexpired cost of the old truck plus boot (cash) given. The rules for a Like-Kind-Exchange are identical to this...

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