Month: July 2023

Hog Buildings are Like-Kind to Cape Property? Yes, But . . . The Strange Nexus of Section 1031 and Section 1245

July 20, 2023

Internal Revenue Code Sections 1031 and 1245 have an interesting relationship.  The recent Tax Court case of Gladys L. Gerhardt, et al. v. Commissioner[1] illustrated the interaction between these two sections.  In Gerhardt, the IRS agreed with the taxpayers that the transaction qualified for gain deferral as a like-kind exchange under Internal Revenue Code (IRC)…

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