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Reporting Involuntary Conversion of Business Property IRC 1231

Business Entity Selection and the Tax Consequences of Converting

Generally when §1231 gains exceed §1231 losses during the year, the net §1231 gain is taxed as a long-term capital gain. However, if there are nonrecaptured §1231 losses from prior years, the net §1231 gain is taxed as ordinary income

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Posted in 1031 Exchange, 1231 Exchange
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