IRS to Study Like-Kind Exchanges


The IRS will study reporting and compliance issues regarding like-kind exchanges of property under IRC section 1031. The move comes in response to a September report by the Treasury Inspector General for Tax Administration that faulted the IRS for what it called little oversight of the method for deferring capital gains tax. Amounts so deferred more than tripled in six years, to $73.6 billion in 2004, TIGTA said. The report also called for more consistent guidance on filing requirements for Form 8824, Like-Kind Exchanges , and clarification of rules and regulations regarding exchanges of second and vacation homes (see “ Home Free ,” JofA , Jan. 07, page 40).

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: Economy and health care changes top CPAs’ list

CPA decision-makers’ economic outlook and the House Republicans’ proposed tax changes as part of replacing the Patient Protection and Affordable Care Act received attention recently. See how much you know with this short quiz.