If there are any participants familiar with out of state exchange rules - I'd appreciate any assistance you might offer.
A prior exchange of California property to Oregon property. We've been tracking the amount of deferred gain for California knowing it needs to be recognized when or if gain is recognized on the sale or exchange of the Oregon property.
In 2008 - the Oregon property is being exchanged into Washington property with partially deferred, partially recognized gain.
The Question:
Does California have any regulation that states whether the recognized gain is prorated based on the 2008 federal exchange or would it require a recognition of any and all gain up to the deferred gain on the prior exchange?
If nothing is stated, then we plan to prorate and continue tracking some California deferred gain.
Thanks for any help.
A prior exchange of California property to Oregon property. We've been tracking the amount of deferred gain for California knowing it needs to be recognized when or if gain is recognized on the sale or exchange of the Oregon property.
In 2008 - the Oregon property is being exchanged into Washington property with partially deferred, partially recognized gain.
The Question:
Does California have any regulation that states whether the recognized gain is prorated based on the 2008 federal exchange or would it require a recognition of any and all gain up to the deferred gain on the prior exchange?
If nothing is stated, then we plan to prorate and continue tracking some California deferred gain.
Thanks for any help.
Comment