When and how to avoid sec. 1038 relief when reacquiring real property.: An article from: The Tax Adviser
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This digital document is an article from The Tax Adviser, published by American Institute of CPA's on January 1, 1996. The length of the article is 3425 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the supplier: IRC section 1038 generally provides the seller of secured real property in the repossession context with a means to avoid gain or loss recognition, but there are instances when sellers may not want this relief. When the fair market value has declined enough that the seller may have losses to deduct or the consideration will be considered capital contributions, section 1038 should be avoided. Section 1038 is mandatory when it applies, but transfer of the secured obligation to a subsidiary or unrelated party or paying additional consideration will ensure that section 1038 does not apply.
Citation Details
Title: When and how to avoid sec. 1038 relief when reacquiring real property.
Author: George Frankel
Publication: The Tax Adviser (Magazine/Journal)
Date: January 1, 1996
Publisher: American Institute of CPA's
Volume: 27 Issue: n1 Page: 34(4)
Distributed by Thomson Gale
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When and how to avoid sec. 1038 relief when reacquiring real property.: An article from: The Tax Adviser
This digital document is an article from The Tax Adviser, published by American Institute of CPA's on January 1, 1996. The length of the article is 3425 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the supplier: IRC section 1038 generally provides the seller of secured real property in the repossession context with a means to avoid gain or loss recognition, but there are instances when sellers may not want this relief. When the fair market value has declined enough that the seller may have losses to deduct or the consideration will be considered capital contributions, section 1038 should be avoided. Section 1038 is mandatory when it applies, but transfer of the secured obligation to a subsidiary or unrelated party or paying additional consideration will ensure that section 1038 does not apply.
Citation Details
Title: When and how to avoid sec. 1038 relief when reacquiring real property.
Author: George Frankel
Publication: The Tax Adviser (Magazine/Journal)
Date: January 1, 1996
Publisher: American Institute of CPA's
Volume: 27 Issue: n1 Page: 34(4)
Distributed by Thomson Gale
$5.95
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Tagged with: 1038 • adviser • article • avoid • from • property • reacquiring • Real • relief • sec. • when
Filed under: Property Bank Foreclosures
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