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Submitted: 8 months ago.Category: Tax
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11/19/2017
Tax Professional: Shan-Nel Simmons, Enrolled Agent replied 8 months ago
Shan-Nel Simmons
Shan-Nel Simmons, Enrolled Agent
Category: Tax
Satisfied Customers: 43
Experience: Tax Pro and Founder at Nel's Tax Help,LLC
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Tax Professional: Shan-Nel Simmons, Enrolled Agent replied 8 months ago

Here is an example:

Gain, Similar Assets, No Boot Involved:

A company trades equipment with a FV of $12,000 (cost, $11,000; accumulated depreciation, $4,000) for similar equipment.
FV BV Gain (loss)
Equipment given $12,000 $7,000 $5,000
Equipment received

Since similar assets have been traded, the earnings process is not considered complete and no gain is recognized. The asset received is debited at the book value (not fair value) of the asset given. The journal entry is:

[Debit]. Equipment = 7,000 (BV given)
[Debit]. Accumulated depreciation = 4,000
[Credit]. Equipment = 11,000

The unrecognized gain of $5,000 will be deferred; it will be recognized as the equipment received is depreciated (lower depreciation results than if FV had been used) and/or sold or disposed of in a subsequent transaction.

19 Nov 2017, 5:53 PM

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Shan-Nel Simmons, Enrolled Agent
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Experience: Tax Pro and Founder at Nel's Tax Help,LLC

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