[Pete]

Please i need help on the following:

So what if the transaction doesn’t qualify as like-kind exchange? what’s the tax consequence?Can you please provide a example?

Also, Are all Non-recourse liabilities not to be included at-risk limitation? or the only those are secured by property for example?

I am struggling with Self-employment eligible expenses, is there any cheat-list that have all of them?

thanks,

Starting CPA Journey again!!

[CPAHOPE]

The purpose of having like kind exchange is to help businesses defer their taxes so if it is not like kind exchange then it will be treated like any other business transaction. Thus the gain/loss will be recognized from tax perspective. Hope others can help you solve other questions.

AUD - 78
BEC - 76
FAR - 80
REG - 77

FAR 80

REG 79*,77

AUD 78!!Final

BEC 76

"Theres no limit unless you allow it"

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[Pete]

Thanks a lot.I am trying to find a good example to study on this case.

How is your studying doing?

Starting CPA Journey again!!

[CPAHOPE]

Not easy Pete but we are going to make it eventually. Im studying FAR and AUD at the same and I want to make sure I understand and know the critical concepts. Return of capital is definitely one of them.

AUD - 78
BEC - 76
FAR - 80
REG - 77

FAR 80

REG 79*,77

AUD 78!!Final

BEC 76

"Theres no limit unless you allow it"

*expired

[Pete]

I am sure you will nail it soon. I recommend you Gleim's MCQs.

Starting CPA Journey again!!

[monikernc]

IRS Pub 544 will walk you through like-kind exchanges and non-like-kind exchanges. When studying for REG use the PUBs when you have questions. Always study to pass – positive self-talk matters!

https://www.irs.gov/publications/p544#en_US_2019_publink100072269

AUD - 93
BEC - 82
FAR - 76
REG - 88

How have you been?
Ninja book and MCQs and the forum, all first try! 2016
Licensed State of Montana April Fool’s Day 2020
State of Colorado June 2020 - AICPA Ethics 93
Experience was the worst part of the journey for me. You?
If you want things to change you have to do something different.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Author]

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