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Article: Becoming a player in like-kind exchanges: if disposing of business or investment property, Section 1031 tax-free exchanges should not be overlooked. (includes related articles)(Cover Story)
- Article from:
- The Practical Accountant
- Article date:
- July 1, 1997
- Author:
CopyrightCOPYRIGHT 1997 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Let's face it. Clients place great faith in their accountants. Whether it's fair or not, they expect them to know anything and everything about any tax or business question that may arise. So it can't be too much of a stretch to anticipate that the next question you get could go like this: "Bill, do you remember that undeveloped lot I invested in last year? Well, I think it's time I got rid of it. It's not going to help my long-term plans which had included constructing an office building on it. I should have just bought one directly. In any event, I want your advice. I know that if I just sell the lot, because I picked it up at a great price, I'll get hit with a big ...