This podcast is entitled Pennywise… 1031 Foolish. What I mean by that is when you are doing a 1031 Exchange, you do not want to cut corners on the professional advisers that you need to complete your exchange. You want to have your team assembled, and you want to have the full complement of professional services available. So, if a problem comes up, you can get through it…
In this podcast, we are going to be talking about the 1031 exchange of breeding stock – llamas, racehorses, and other animals that would be held by an agricultural producer. These animals would not be held as inventory or not as products that would be sold to the public. They are held to breed and produce other animals that may be sold. So, we are talking about the animals that are kept not necessarily for sale to the public, but kept to produce other animals that may be sold. Also, we are talking about animals that are used in one’s trader business. If you race horses, then the horses that you keep in your racing stable are not used for the production of other animals. They are actually used in your trader business – they are raced day in and day out to produce revenue…
In this 1031 podcast, we’re going to be discussing how to do a 1031 exchange of aircraft or airplanes. First thing you need to know is aircraft are personal property (they are chattel) as opposed to real estate, which means it is in a more stringent “like-kind arena” for determining whether or not the property received is going to be considered like-kind. The IRS has set out thirteen general asset classes (for depreciable tangible personal property). The fourth asset class is for airplanes (except those used in commercial or contract carrying of passengers or freight) and all helicopters. A general asset class that is 00.21…
Today’s podcast is entitled “Mergers Acquisitions and 1031 Exchanges.” Many people conducting mergers, acquisitions and the purchase and sale of businesses have so many things in the air to keep track of, that they often lose sight of the important tax efficiencies under section 1031…
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