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IRS makes it easier to avoid incurring capital gains tax.(Internal Revenue Service new rules)(Brief Article)
Crain's Cleveland Business, January, 2001 by DeMarco, Peter
The Internal Revenue Service just made it easier for a company to avoid incurring capital gains tax when buying a new property before selling the old. There long have been common planning strategies to defer capital gains taxes when a commercial property owner sells an existing property and replaces it with another property.
Under the right circumstances, there have been strategies available even when the property owner finds and wants to buy the perfect replacement property before the existing property was sold. Such transactions, called "reverse exchanges," would qualify as a replacement purchase before an existing property sale if a third party owned and controlled the new property until the sale was complete. However, the interpretation of certain tax...
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