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- Title
Like-Kind Exchange Corner.
- Authors
Foster, Mary B.
- Abstract
The article discusses the requirement under Code Sections 1031 and 1033 of the U.S. Internal Revenue Service (IRS) for taxpayers who disposed of the relinquished property in an exchange or the converted property in an involuntary conversion of property. Code Section 1031 states that the property must be acquired in the name of the estate of testamentary trust on behalf of the taxpayer or heirs. The grantor trusts are not separated taxpayers with no effect on the transaction such as land trusts.
- Subjects
UNITED States; GRANTOR trusts; REAL property; TAXPAYER compliance; LAND trusts; TESTAMENTARY trusts; UNITED States. Internal Revenue Service
- Publication
Journal of Passthrough Entities, 2010, Vol 13, Issue 2, p19
- ISSN
1099-7407
- Publication type
Article