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1. Tax Court finds that vacation home held primarily for personal use not consistent with “held for investment” intent under Section 1031.
Click here for case of Barry E. Moore et ux. v. Commissioner; T.C. Memo. 2007-134; No. 11002-03, May 30, 2007.
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2. Tax relief (extension of 45 and 180 day timeframes) in disaster situations.
Click here for details>>
3. IRS LTR 200724007 does not consider Qualified Intermediary (QI) a disqualified person when less than 10% owned by disqualified persons or should QI pay a commission to a disqualified person such as an accountant or realtor.
Click here for
details>>
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4. IRS PLR 200807005 approves of “Single Member Limited Partnership” as a disregarded entity.
In PLR
200807005, the IRS explicitly approved an arrangement where the taxpayer proposed to acquire replacement property in a like-kind exchange by acquiring 100% of the interest in a limited partnership that owned the replacement property.
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Click here for details
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Andrew W. Gustafson,
CES®
Managing Member
Atlas 1031 Exchange, LLC
Toll Free: 866.521.1031 | EFax: 850.201.6911
Dallas: 214.523.9067 | Destin: 850.837.1031 |
Houston: 713.821.1776
Email: andgus@atlas1031.com
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Atlas 1031 Exchange, LLC is a Qualified Intermediary and does
not provide advice regarding specific tax consequences of IRC 1031 tax
deferred exchanges. Investors are encouraged to seek the
counsel of their attorney and accountant.
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© 2007
Atlas 1031 Exchange, LLC. All rights reserved. Site designed by VTD, Inc.
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