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Timestamp: 2019-04-26 08:35:11+00:00

Document:
1. Identify two basic factors that determine the popularity of exchanging, list tax law changes influencing exchange popularity providing reasons for implementing an exchange in light of current capital gains rates, name the capital gain rate "baskets" and state the tax treatment of assets in each category.
2. Show the differences between exchanges and installment sales noting cost benefits, name several advantages given to exchanging by recent legislation and list four continuing problems that can arise with an installment sale that can act as an impetus for using an exchange.
3. State seven tax benefits of exchanges showing the advantages they create over installment sales and list nine issues that can be resolved or facilitated by using a like-kind exchange.
c. Recognizing the original Congressional rationale of §1031 contained in the concepts of continuity of investment and administrative convenience.
2. Listing instances where the IRS may assert an unintended mandatory application of §1031.
After studying the materials in Chapter 2, answer the exam questions 9 to 13.
1. Name the three elements §1031 stating how these elements conceptually define a like-kind exchange and differentiate such a transaction from a sale.
2. List five excluded property types and showing their contrast with qualified property types by defining the phrases “held for productive use in a trade or business,” “productive use,” and “investment purpose” noting how time and taxpayer intent can affect characterization.
3. Recognize the state of mind issues in the concept “held for productive use in trade or business or for investment” showing how qualifying use can ease qualification, list the differences between §1031 and old §1034, and state the same taxpayer requirement noting the unsettled caselaw.
4. List the statutory exclusions from §1031 and identify the types of property that are specifically excepted.
5. Identify the like-kind requirement as it impacts real estate and personal property exchanges, and recognize classification systems permitting clients to exchange like-kind or like-class personal property.
After studying the materials in Chapter 3, answer the exam questions 14 to 27.
1. Define “boot” and like-kind property stating boot's potential impact on nonrecognition and list several examples of boot.
2. Locate and identify taxable "boot," list the differences between realized gain and recognized gain in stating the limitation on recognition of gain under §1031 that prevents a taxpayer from being taxed greater than if he had sold the property, and summarize taxable “boot’s” net effect.
After studying the materials in Chapter 4, answer the exam questions 28 to 31.
1. Define mortgage boot and property boot identifying whether a taxpayer has given or received boot in an exchange and state the related tax consequences.

References: §1031
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 §1034
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