When was the last time that you wanted to kiss the IRS because it was most helpful to you? Get ready; it’s that time again.
As you probably know, you can use Section 1031 to defer taxes on the sale of certain vehicles that you use in your business. Before this recent insight from the IRS, figuring out which vehicles qualified for tax-favored, like-kind treatment was difficult and restrictive.
The expansion of vehicles eligible for like-kind exchange treatment took place in an IRS private letter ruling for a company in the vehicle leasing business. Don’t worry about the fact that this ruling ... Log in to view full article.