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Found of Taxation
Chapter 9: Nontaxable Exchanges
| Term | Definition |
|---|---|
| nontaxable exchanges | a transaction resulting in realized gain or loss that is not recognized (in whole or part) in the current year. |
| qualifying property | the specific property eligible for a particular nontaxable exchange |
| substituted basis | the basis of qualifying property received in a nontaxable exchange determined by reference to the basis of the property surrendered in the exchange |
| boot | cash or other nonqualifying property included as part of a nontaxable exchange |
| like-kind property | qualifying business or investment property that can be exchanged on a nontaxable basis |
| involuntary conversion | the receipt of insurance or condemnation proceeds with respect to property destroyed by theft or casualty or taken by eminent domain |
| property similar or related in service or use | qualifying replacement property in a nontaxable involuntary conversion. |
| carryover basis | the basis of transferred property in the hands of the recipient equal to the basis of the property in the hands of the transferor |
| wash sale | a sale of marketable securities if the seller reacquires substantially the same securities within 30 days after (or 30 days before) the sale |
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ryanriggs18
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