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QUESTIONS & ANSWERS

Emerging Issues and Insights

Q. What happens if a partner sells real estate during the last 180 days of a taxable year with the intention of engaging in a like-kind exchange, the taxpayer properly designates replacement property, but the like-kind exchange does not occur – when is the gain from the sale reported?

A.

In many circumstances, the entire gain on sale is reported in the subsequent taxable year when the exchange period lapses. However, it is the IRS position that the partner has a negative tax capital account, the partner will recognize gain in the year of sale to the extent of the negative tax capital account, although some professionals believe this is an erroneous position.

None of the authors is rendering legal, accounting or other professional advice. If such advice is required, it is strongly recommended that a professional advisor be engaged.

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