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Principles of Taxation for Business and Investment Planning, 5/e
Sally M Jones, University of Virginia
The Measurement of Taxable Income
Nontaxable Exchanges

Chapter 8 Objectives

After studying this chapter, you should be able to:

1. Explain how nontaxable exchange provisions make the tax law neutral for certain exchanges of business or investment assets.

2. Compute the substituted basis of qualifying property received in a nontaxable exchange.

3. Compute gain recognized when boot is received in a nontaxable exchange.

4. Identify the types of property that qualify for like-kind exchange treatment.

5. Describe the effect of the relief and assumption of debt in a like-kind exchange.

6. Compute gain recognized and the basis of replacement property in an involuntary conversion.

7. Explain the tax consequences of the transfer of property in exchange for an equity interest in a corporation or a partnership.

8. Describe the tax consequences of a wash sale.





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