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Article: QI no cure for related-party deal.(qualified intermediary)
- Article from:
- Journal of Accountancy
- Article date:
- July 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 American Institute of CPA's. 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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The Tax Court reaffirmed its 2005 holding that use of a qualified intermediary in a section 1031 exchange of like-kind property does not bypass restrictions on such exchanges between related parties. In evaluating whether tax avoidance was a principal purpose of such a transaction for purposes of the exception to those restrictions under IRC [section] 1031(f)(2)(C), the court held that basis shifting between the parties establishes an inference of tax avoidance.
Under IRC [section] 1031 no gain or loss is recognized when a taxpayer directly, or indirectly through a qualified intermediary, exchanges property used in a trade or business solely for like-kind ...
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