7. Indicate whether the following are like-kind propertyfor purposes of deferring tax under Section...

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Accounting

7. Indicate whether the following are like-kind propertyfor purposes of deferring tax under Section 1031?
(“yes” = like-kind property, “no” = not like-kind property)
_. Multi-family building in New Mexico for multi-familybuilding in London.
_. 99 year ground lease on land for US shopping center.
_. Residential apartment building for a fleet of trucks.
_. Fixtures that can be used in real estate for U.S. vacantland.
_. Apartment building in New York for vacant land inCalifornia.
_. Single family home in Colorado held by a developer for salefor vacant land in Texas.

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Indicate whether the following are likekind property for purposes of deferring tax under Section 1031 1 Multifamily building in New Mexico for multifamily building in London Ans No Not like Kind Property This wont be qualified as like kind property because as per IRS Internal Revenue Service tax code both the relinquished property and replacement property should be located in See Answer

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In: Accounting7. Indicate whether the following are like-kind propertyfor purposes of deferring tax under Section 1031?...7. Indicate whether the following are like-kind propertyfor purposes of deferring tax under Section 1031?(“yes” = like-kind property, “no” = not like-kind property)___. Multi-family building in New Mexico for multi-familybuilding in London.___. 99 year ground lease on land for US shopping center.___. Residential apartment building for a fleet of trucks.___. Fixtures that can be used in real estate for U.S. vacantland.___. Apartment building in New York for vacant land inCalifornia.___. Single family home in Colorado held by a developer for salefor vacant land in Texas.