Property Obtained by Acquiring 100 Percent of Partnership Interests Can Qualify for Like-Kind Exchange

摘要

A taxpayer may defer gain on property relinquished in a like-kind exchange if it acquires 100 percent of the interests of the partners in the partnership which owns the replacement property, according to an Internal Revenue Service private letter ruling. The ruling also says that the taxpayer can hold the replacement property in a partnership that will be disregarded for federal income tax purposes.