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Section 1031 Like-Kind Exchanges: Determining Basis in Property Received

SECTION 1031 LIKE-KIND EXCHANGES: DETERMINING BASIS IN PROPERTY RECEIVED

Cost Free
Presentation Length 1.0 hour

Recorded DateDecember 17, 2020
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

This webinar will be a tax basis discussion reviewing what every tax advisor should know. Starting with the basics, this webinar will cover some simple rules before wading into more complex §1031 related calculations, including allocation of basis between land and improvements, depreciation of replacement property, bargain sales, involuntary conversions, and “unadjusted basis immediately after acquisition” as it relates to §199A.

The webinar will wrap up with the importance of accuracy, a quick review of disallowed exchanges, and the interest and penalty standards. This course will be complete with examples and is ideal for CPAs, EAs, lawyers, real estate professionals, accountants, or other tax professionals.

Learning Objectives:


  • Identify how to calculate the basis in replacement property under §1031

  • List course materials to be used as a reference point for future transactions

  • Name the liabilities related to disallowed like-kind exchanges

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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First american exchange

Steve Chacon, CPA, CES®, is the Colorado Operations Manager for First American Exchange Company.

Licensed in Colorado, Steve is a Certified Public Accountant and holds a Bachelor of Science degree in business administration with an accounting emphasis from the University of Colorado. Steve also holds the like-kind exchange industry’s Certified Exchange Specialist designation and is a Certified Distance Educator.

Steve has earned a reputation for providing practical guidance as a financial statement auditor, tax advisor, entrepreneur, and educator on Section 1031 like-kind exchanges (LKEs). Passionate about the industry, Steve has spent the last 15 years focused on LKEs and enjoys creative and dynamic dialogue with clients, colleagues, and legislators on its incredible benefits.

Steve is a former president of the Federation of Exchange Accommodators (FEA). While president, he was part of the team that spearheaded efforts to preserve Section 1031. Those efforts resulted in a final draft of the “Tax Cuts and Jobs Act,” effective January 1, 2018, that preserved Section 1031 like-kind exchanges for real property assets and the Qualified Intermediary (QI) as exchange facilitator.

About Our Presenter

First american exchange
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance and settlement services to the real estate and mortgage industries, that traces its heritage back to 1889. With revenues of $6.2 billion in 2019, the company offers its products and services directly and through its agents and partners in all 50 states and abroad.