Like-Kind Exchanges (542)

General Description:

The program will provide participants with an understanding of the provisions of §1031 and the entries that are required for Form 8824. This program will emphasize practical solutions for how to deal with the settlement for the relinquished property and the replacement property and illustrate the complex tax problems associated with deferred, simultaneous, and multi-party like-kind exchanges.

Learning Objectives:

After completing this course the participant will be able to:

• Summarize the statutory requirements for qualifying as a like-kind exchange.
• Illustrate the basic rules that deal with the mechanics of like-kind exchanges, including boot, transaction costs, debt rules, and depreciating the replacement property.
• Determine the types of property that qualify as replacement property, including the treatment of vacation home exchanges.
• Demonstrate the interaction of an installment sale with a like-kind exchange.
• Describe the use of a multi-party like-kind exchanges.
• Determine when an exchange of personal property qualifies as a like-kind exchange.
• Discuss the rules that apply to exchanges with related parties.
• Demonstrate the correct way for members of an LLC to use the like-kind exchange rules.
• Recognize opportunities for deferred like-kind exchanges, Starker exchanges, and reverse-Starker exchanges.
• Recognize the state tax problems of a like-kind exchange.
• Complete a Form 8824 using the settlement sheets for the relinquished property and replacement property in determining gain recognized and basis in the replacement property.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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