Internal Revenue Code Section 1031
Under Section 1031 of the United States Internal Revenue Code (26 U.S.C. ยง 1031), the exchange of certain types of property may defer the recognition of capital gains or losses due upon sale, and hence defer any capital gains taxes otherwise due.
Read more about Internal Revenue Code Section 1031: Summary, Section 1031 Like-Kind Exchanges, Time Limits, How A 1031 Exchange Is Accomplished, An Alternative To The 1031 Exchange, Examples of A 1031 Exchange, Warning: Like-Kind Exchange of Loss Property
Famous quotes containing the words internal, revenue, code and/or section:
“You will see Coleridge—he who sits obscure
In the exceeding lustre and the pure
Intense irradiation of a mind,
Which, with its own internal lightning blind,
Flags wearily through darkness and despair—
A cloud-encircled meteor of the air,
A hooded eagle among blinking owls.”
—Percy Bysshe Shelley (1792–1822)
“Happy are those who find wisdom, and those who get understanding, for her income is better than silver, and her revenue better than gold. She is more precious than jewels, and nothing you desire can compare with her. Long life is in her right hand; in her left hand are riches and honor. Her ways are ways of pleasantness, and all her paths are peace. She is a tree of life to those who lay hold of her; those who hold her fast are called happy.”
—Bible: Hebrew, Proverbs 3:13-18.
“Acknowledge your will and speak to us all, “This alone is what I will to be!” Hang your own penal code up above you: we want to be its enforcers!”
—Friedrich Nietzsche (1844–1900)
“To look at the cross-section of any plan of a big city is to look at something like the section of a fibrous tumor.”
—Frank Lloyd Wright (1869–1959)