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Wallstreet Esq.
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How do you report a 1031 exchange on a compiled financial statement

Customer Question

how do you report a 1031 exchange on a compiled financial statement for generally accepted accounting principles(GAAP). have one property exchanged for two properties where one property was received before the year end and the second property was received after the year end. do you record the fmv of the new properties on the balance sheet and record the gain on the sale of the relinquished property on the income statement? Or do you record the fmv of the new properties net of deferred gain from the sale of relinquished property.
Submitted: 8 months ago.
Category: Tax
Expert:  Mark Anderson replied 8 months ago.
This document will help you:http://www.mypescpe.com/!PDFdocs/5270HTEXT.PDF
Customer: replied 8 months ago.
There's a alot of pages and is this an updated document? It seems like an old guide.
Expert:  Mark Anderson replied 8 months ago.
The copy right is 2010
Expert:  Mark Anderson replied 8 months ago.
http://www.accountingtools.com/like-kind-exchanges

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