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Cook & Co., Enrolled Agents

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March 2010
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IRS Issues Safe Harbor Rule

Revenue Procedure 2010-14 provides a safe harbor method of reporting gain or loss for certain taxpayers who initiate deferred like-kind exchanges under ยง 1031 of the Internal Revenue Code but fail to complete the exchange because a qualified intermediary (QI) defaults on its obligation to acquire and transfer replacement property to the taxpayer.   If a [...]