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Like kind exchange
Like kind exchange Like kind exchange or 1031 exchange is defined by section 1031 of the Internal Revenue Code of US. This section's code specifies that if an asset, a form of real estate: land or building, is sold and the proceeds of the sale are reinvested in a like kind of an asset, then no gain or loss is recognized, allowing the deferment of capital gains taxes.
RELATED TERMS--------------------------------------
Exchange
A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of "like kind".
Section
A portion of township under the rectangular (government) survey system. A township is divided into 36 sections, numbered one through 36. A section is a square with mile-long sides and an area of one square mile, or 640 acres.
Asset
Items of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets."
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
Land
The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
Capital
Accumulated wealth.
SIMILAR TERMS--------------------------------------
Like-kind
A term relating to the nature of a property rather than its quality or quantity. Only like kind properties qualify for a real estate exchange and the resulting tax benefit.
Like-kind exchange
A tax-deferred exchange of similar items you use in your business or hold for investment, not including securities and other indebtedness or interests such as stocks and bonds.
Like-kind property
A term used in an exchange of property held for productive use in a trade or business or for investment. Unless cash is received, the tax consequences of the exchange are postponed pursuant to Section 1031 of the Internal Revenue Code.
PREVIOUS AND NEXT TERMS--------------------------------------
Low-e glazings
Low-e glazings have special coatings that reduce heat transfer through windows. This type of window film is inexpensive, lasts 10-15 years, reduces interior fading, and saves energy.
Low-rise
A building with fewer than four stories above ground level
Low-start low-cost endowment
Similar to a low cost endowment, the difference being that premiums are lower at the beginning of the loan and then rise in the future.
Loyalty
The duty of loyalty requires the agent to place the principal's interests above those of all others, including the agent's own self-interest.
Lump-sum contract
A type of construction contract requiring the general contractor to complete a building or project for a fixed cost normally established by competitive bidding.
Like kind exchange
Land locked
Land lockedis the parcel of real property that has no access or egress (entry or exit) to a public street and that can be reached only by crossing another's property.
Land use
Land useis the exploitation of land for agricultural, residential, industrial, recreational or other purposes.
Land survey
Land surveyrefers to accurately determining the terrestrial or 3D space position of points and the distances and angles between them.
Land surface
Land surfacerefers to the ground surface, the upper surface of the solid earth.
This dictionary contains 6433 terms. |
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