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Like-kind exchange tax assumptions: Treatment follows Reg. 1.168(i)-6
When setting up a replacement asset for a like-kind exchange, the application determines if the replacement asset is a MACRS or a non-MACRS asset.
The application makes this determination on a treatment-by-treatment basis. Note that the determination differs depending on whether or not the treatment follows IRS Notice 2000-4 or Reg. 1.168(i)-6.
You can specify whether or not each treatment follows IRS Notice 2000-4 or Reg. 1.168(i)-6 in
Setup
, Treatments
, Treatment Options
.If the treatment follows Reg. 1.168(i)-6, the replacement asset is determined in the following ways.
- If, after 1/1/87, you exchange an asset with a treatment that is depreciating using the MACRS or ACRS method, the application assumes that you are acquiring a MACRS asset for the treatment.
- If, at any time, you exchange an asset with a treatment that is depreciating using Straight-line, 125% DB, 150% DB, 200% DB, the Years Digits, Amortization, Units of Production, Memo, Land, or user-defined method, the application assumes that you are acquiring a non-MACRS asset for the treatment. The application sets up the treatment for the replacement asset with the same method of depreciation as the original asset.
Because Reg. 1.168(i)-6 applies only to MACRS replacement assets, the application sets up MACRS replacement assets for treatments that follow this regulation as aggregate assets that are comprised of component assets.
A component asset is set up for the following items.
- The exchanged basis. This is the lesser of the basis in the replacement MACRS property, as determined under section 1031(d), or the adjusted depreciable basis of relinquished MACRS property.
- Any components for the aggregate if you are exchanging an aggregate asset.
- The excess basis. This is the difference between the basis in the replacement MACRS property, as determined under section 1031(d) and regulations under section 1031(d), and the exchanged basis.
See an illustration of a like-kind exchange in which an aggregate asset is created according to Reg. 1.168(i)-6.
note
If you specify that the treatment does not follow Reg. 1.168(i)-6 in the Setup, Treatments, and then Treatment Options dialog and the trade occurs after 2/27/04, the application marks the
Treat entire basis as a current year acquisition (Election 1.168(i)-6(i))
checkbox in the Disposal
tab. When this checkbox is marked, an Election Statement prints with Form 4562.To elect to treat the entire basis as a current-year acquisition and make election 1.168(i)-6(i) on a trade-by-trade basis, mark the Treat entire basis as a current year acquisition (Election 1.168(i)-6(i))
checkbox on the Disposal
tab. To apply separate passenger auto limits when electing out of Reg. 1.168(i)-6, open the Asset List window and mark the Apply separate passenger auto limits when electing out of Reg. 1.168(i)-6
checkbox in the Setup, Options, and then Calculation
tab.For the like-kind exchange of an aggregate asset or for a mass trade, each treatment must calculate using either a MACRS or a non-MACRS method of depreciation throughout each component so that the application can set up the aggregate asset correctly. For example, in a mass trade you should not trade together an asset with a Tax treatment that depreciates using the MACRS method and an asset with a Tax treatment that depreciates using the Units of Production method.
note
In a mass trade, standard mileage autos should only be traded with other standard mileage autos. Assets that are expensed using standard mileage are not considered MACRS assets.