like-kind exchange

Like-for-Like Sales

The comparison of a company's sales over a given period of time to the sales from a different period of time that resulted from the same or similar activities. For example, if a company has $3 million in sales in 2009 from its flagship store, this is compared to its sales from the same flagship store in 2008 and not to any of its satellite stores. Comparing like-for-like sales ignores the effects of expansion or other changes in activities that could distort comparisons from year to year.

Tax-Free Exchange

Under Section 1031 of the Internal Revenue Code, the exchange of two assets of like kind, even if of different quality, that are used for a business or for investment purposes. The goods exchanged are not assessed capital gains taxes. More precisely, capital gains taxes are deferred until an asset is resold with no intention of reinvestment. Tax-free exchanges also apply if one sells an asset with the intention to use the proceeds to buy a similar asset. For example, if a farmer sells his farm and uses the money to buy another farm, capital gains taxes are likely deferred on the money he made on the sale of the first farm. The same would be true if the he traded farm for farm.

like-kind exchange

Under IRS regulations,property held for productive use in a trade or business or for investment that is exchanged solely for similar property.Any real estate (except your personal residence) is considered like-kind to any other real estate. Encountered in the context of a 1031 exchange, if you sell a piece of real estate, and then buy another piece within certain strict time limits and following very specific rules,then you will not have to pay income taxes on the first sale. Taxes will be paid when you sell the second property,unless you do another 1031 exchange.In that case,tax payment will be delayed again.See also 1031 exchange.

Example: In real estate, all real estate except one's personal residence(s) is considered “like kind” to all other real estate. City property is “like kind” to farm property; unimproved real estate is “like kind” to improved real estate. On the other hand, shares in a REIT are not considered real estate for the purposes of a like-kind exchange. In addition, a long-term lease of less than 30 years is not considered real estate, and a life estate expected to last less than 30 years is not considered real estate, for purposes of these rules. (For more information, see Publication 544, “Sales and Other Dispositions of Assets,” available at the IRS Web site, www.irs.gov.)

Like-Kind Exchange

An exchange of property held for productive use in a trade or business or for investment (except inventory and stocks and bonds) for property of the same type. Unless different property is received (called boot), the exchange is nontaxable in the current year. Any gain or loss is not recognized until the property received in the exchange is sold or disposed of. Like-kind exchanges are reported on Form 8824.

单词	like-kind exchange
释义	like-kind exchange Like-for-Like Sales The comparison of a company's sales over a given period of time to the sales from a different period of time that resulted from the same or similar activities. For example, if a company has $3 million in sales in 2009 from its flagship store, this is compared to its sales from the same flagship store in 2008 and not to any of its satellite stores. Comparing like-for-like sales ignores the effects of expansion or other changes in activities that could distort comparisons from year to year. Tax-Free Exchange Under Section 1031 of the Internal Revenue Code, the exchange of two assets of like kind, even if of different quality, that are used for a business or for investment purposes. The goods exchanged are not assessed capital gains taxes. More precisely, capital gains taxes are deferred until an asset is resold with no intention of reinvestment. Tax-free exchanges also apply if one sells an asset with the intention to use the proceeds to buy a similar asset. For example, if a farmer sells his farm and uses the money to buy another farm, capital gains taxes are likely deferred on the money he made on the sale of the first farm. The same would be true if the he traded farm for farm. like-kind exchange Under IRS regulations,property held for productive use in a trade or business or for investment that is exchanged solely for similar property.Any real estate (except your personal residence) is considered like-kind to any other real estate. Encountered in the context of a 1031 exchange, if you sell a piece of real estate, and then buy another piece within certain strict time limits and following very specific rules,then you will not have to pay income taxes on the first sale. Taxes will be paid when you sell the second property,unless you do another 1031 exchange.In that case,tax payment will be delayed again.See also 1031 exchange. Example: In real estate, all real estate except one's personal residence(s) is considered “like kind” to all other real estate. City property is “like kind” to farm property; unimproved real estate is “like kind” to improved real estate. On the other hand, shares in a REIT are not considered real estate for the purposes of a like-kind exchange. In addition, a long-term lease of less than 30 years is not considered real estate, and a life estate expected to last less than 30 years is not considered real estate, for purposes of these rules. (For more information, see Publication 544, “Sales and Other Dispositions of Assets,” available at the IRS Web site, www.irs.gov.) Like-Kind Exchange An exchange of property held for productive use in a trade or business or for investment (except inventory and stocks and bonds) for property of the same type. Unless different property is received (called boot), the exchange is nontaxable in the current year. Any gain or loss is not recognized until the property received in the exchange is sold or disposed of. Like-kind exchanges are reported on Form 8824.
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