Blog Archives

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

Tagged with: , , ,
Posted in 1031 Exchange, 1231 Exchange

What are the Tax Implications of an Involuntary Conversion?

Usually when when economists define a business transaction in a free market society it involves a willing buyer and a willing seller coming together on terms. More often than not however it seems to me that in a wide variety

Tagged with:
Posted in IRS Audit, IRS Collections, IRS Examination, IRS Penalties, IRS Penalty and Interest Abatement
Subscribe via Email

Schedule an Appointment
QuickBooks Advanced Certified ProAdvisors Online

QuickBooks Certified ProAdvisor - QuickBooks Online Advanced Certification