 | 1946 - 942 lapas
...be used to replace the property destroyed with similar property. Whether the property newly acquired is "similar or related in service or use" to the converted property is determined from the facts in each case. The section also requires that the proceeds must be applied... | |
 | United States. Congress. Senate. Select Committee on Small Business - 1956 - 134 lapas
...CONVERSION. Where property is compulsorily or involuntarily converted solely into other property which is similar or related in service or use to the converted property, the basis of the property acquired as a replacement is the same as the property converted, decreased... | |
 | United States. Internal Revenue Service - 1979 - 644 lapas
...Therefore, to be eligible for the benefits of section 1033 of the Code, the taxpayer must purchase replacement property that is similar or related in service or use to the converted property. In this situation, the taxpayer already owns 100 percent of the outstanding stock of the state У corporation.... | |
 | United States. Tax Court - 1964 - 992 lapas
...involuntarily converted" into money or unrelated property and the taxpayer, within a certain period, acquires replacement property that is "similar or related in service or use to the property so converted." It appears that petitioner's realized gain on the sale of the Belvedere... | |
 | United States. Internal Revenue Service - 1978 - 636 lapas
...property conveyed to state X. Therefore, for purposes of section 1033 (a) (2), the leasehold interest is similar or related in service or use to the converted property. Section 1034. — Sale or Exchange of Residence 26 CFR 1.1034-1: Sale or exchange of residence. Sale... | |
 | United States. Congress. House. Committee on Ways and Means - 1976 - 120 lapas
...recognized if the taxpayer reinvests the proceeds from the conversion in replacement property which is similar, or related in service or use, to the converted property. The conference agreement provides taxpayers with an irrevocable election to treat qualifying outdoor... | |
 | United States. Internal Revenue Service - 1955 - 656 lapas
...SEIZED OR DESTROYED PROPERTY. If you involuntarily convert property solely into other property which is similar or related in service or use to the converted property, the basis of the replacement property is the same as the converted property, decreased by any loss... | |
 | 1961 - 764 lapas
...BY INVOLUNTARY CONVERSION. If you involuntarily converted property solely into other property which is similar or related in service or use to the converted property, the basis of the property acquired as a replacement is the same as the basis for property converted,... | |
 | Allan J. Samansky, James Charles Smith - 1985 - 840 lapas
...property can be effected by the purchase of stock in the acquisition of control of a corporation owning property that is similar or related in service or use to the converted property.34 Control is defined as "the ownership of stock possessing at least 80 percent of the total... | |
 | United States. Congress. Joint Committee on Taxation - 1990 - 60 lapas
...recognition of gain that would otherwise be recognized under section 1033 (eg, due to the failure to purchase property that is similar or related in service or use to the converted property) if the basis of depreciable property that is owned by the taxpayer immediately after the sale or that... | |
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The basis reduction first is applied to: (1) property that is similar or related in service or use to the converted property, then (2) to other depreciable property, then (3) to other property. 
