[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,

[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.

[Pete]

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

How is your studying doing?

[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.

[Pete]

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

[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

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Ninja Book and MCQ and the forum - all the way!!!
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[Author]

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