IRS Codes, Regulations & Rulings



Table of Conents
Internal Revenue Code ("26 USC")
Department of the Treasury Regulations ("26 CFR")
IRS Revenue Rulings ("Rev. Rul.")
IRS Revenue Procedures ("Rev. Proc.")
IRS Private Letter Rulings ("PLR")
IRS Technical Advice Memorandums ("TAM")
IRS Tax Court Memorandums ("TCM")
IRS Field Service Advisory ("FSA")
IRS Non-Docket Service Advice Review ("NSAR")
IRS General Counsel Memorandums ("GCM")
IRS Chief Counsel Advisory ("CCA")
IRS United States Tax Reporter ("USTR")
IRS Notices, Info Letters, News Releases and Treasury Decisions

Internal Revenue Code (“26 USC”)

Internal Revenue CodeDescription
26 U.S. Code § 1031Exchange of Property Held for Productive Use or Investment
26 U.S. Code § 1032Exchange of Stock for Property
26 U.S. Code § 1033Involuntary Conversions
26 U.S. Code § 10341034 Exchange (Repealed)
26 U.S. Code § 1035Certain Exchanges of Insurance Policies
26 U.S. Code § 1245Gain from Dispositions of Certain Depreciable Property
26 U.S. Code § 1250Gain from Dispositions of Certain Depreciable Realty
26 U.S. Code § 721Nonrecognition of Gain or Loss on Contribution
26 U.S. Code § 707Transactions Between Partner and Partnership
26 U.S. Code § 453Installment Method
26 U.S. Code § 267Losses, Expenses, and Interest with Respect to Transactions Between Related Taxpayers
26 U.S. Code § 121Exclusion of Gain from Sale of Principal Residence

Department Of The Treasury Regulations (“26 CFR”)

IRS RegulationDescription
26 CFR § 1.1031(a)-1Property Held for Productive Use in Trade or Business or for Investment
26 CFR § 1.1031(b)-1Receipt of Other Property or Money in Tax-Free Exchange.
26 CFR § 1.1031(c)-1Nonrecognition of Loss
26 CFR § 1.1031(d)-1Property Acquired upon a Tax-Free Exchange
26 CFR § 1.1031(e)-1Exchange of Livestock of Different Sexes
26 CFR § 1.1031(j)-1Exchanges of Multiple Properties
26 CFR § 1.1031(k)-1Treatment of Deferred Exchanges
26 CFR Section § 1.1032-1Disposition by a Corporation of Its Own Capital Stock
26 CFR § 1.1032-2Disposition by a Corporation of Stock of a Controlling Corporation in Certain Triangular Reorganizations
26 CFR § 1.1032-3Disposition of Stock or Stock Options in Certain Transactions Not Qualifying Under Any Other Nonrecognition Provision
26 CFR § 1.1033(a)-1Involuntary Conversions; Nonrecognition of Gain
26 CFR § 1.1033(b)-1Basis of Property Acquired as a Result of an Involuntary Conversion
26 CFR § 1.1033(c)-1Disposition of Excess Property Within Irrigation Project Deemed to Be Involuntary Conversion
26 CFR § 1.1033(d)-1Destruction or Disposition of Livestock Because of Disease
26 CFR § 1.1033(e)-1Sale or Exchange of Livestock Solely on Account of Drought
26 CFR § 1.1033(a)-2Involuntary Conversion into Similar Property, into Money or into Dissimilar Property
26 CFR § 1.1034Sale or Exchange of Residence
26 CFR § 1.1035Certain Exchanges of Insurance Policies
26 CFR § 1.121Exclusion on Principal Residence
26 CFR § 1.301Business/Disregarded Entities
26 CFR § 1.453-3Purchaser Evidences of Indebtedness Payable on Demand or Readily Tradable
26 CFR § 1.453-4Sale of Real Property Involving Deferred Periodic Payments
26 CFR § 1.453-5Sale of Real Property Treated on Installment Method
26 CFR § 1.453-6Deferred Payment Sale of Real Property Not on Installment Method
26 CFR § 1.453-9Gain or Loss on Disposition of Installment Obligations
26 CFR § 1.453-10Effective Date
26 CFR § 1.453-11Installment Obligations Received from a Liquidating Corporation
26 CFR § 1.453-12Allocation of Unrecaptured Section 1250 Gain Reported on the Installment Method
26 CFR § 1.707-1Transactions Between Partner and Partnership
26 CFR § 1.707-2Disguised Payments for Services (Reserved)
26 CFR § 1.707-3Disguised Sales of Property to Partnership; General Rules
26 CFR § 1.707-4Disguised Sales of Property to Partnership; Special Rules Applicable to Guaranteed Payments, Preferred Returns, Operating Cash Flow Distributions, and Reimbursements of Preformation Expenditures
26 CFR § 1.707-5Disguised Sales of Property to Partnership; Special Rules Relating to Liabilities
26 CFR § 1.707-6Disguised Sales of Property by Partnership to Partner; General Rules
26 CFR § 1.707-7Disguised Sales of Partnership Interests (Reserved)
26 CFR § 1.707-8Disclosure of Certain Information
26 CFR § 1.707-9Effective Dates and Transitional Rules
26 CFR § 1.721-1Nonrecognition of Gain or Loss on Contribution
26 CFR § 1.721-2Noncompensatory Options
26 CFR § 1.935-1Coordination of Individual Income Taxes with Guam and the Northern Mariana Islands

IRS Revenue Rulings (“Rev. Rul.”)

Rev. Rul.Description
2004-86Classification of Delaware Statutory Trusts for 1031 Exchanges
2004-77Disregarded Entities
2003-761035 Exchange of Annuity Contracts
2003-561031 Exchange With Partnership Straddling Two Income Tax Years
2002-83Related-Party 1031 Exchanges
2002-751035 Exchange of Annuity Contracts
92-105Interest in Illinois Land Trusts Constitutes Interest in Real Property
90-34Direct Deeding
85-135Exchange of Two TV Stations for Assets in Another Station
84-121Two-Party Swap; Option Payment Made With Real Estate
83-701033 Exchange From Leasehold Improvements Into Real Estate
83-50Section 121 Exclusions; Individuals Attain Age 55
83-491033 Exchange of Condemnation Award for Non-Similar Use Property
80-244Exchange of Stock Qualifies for Nonrecognition Under Section 1036
79-402Basis of Property Acquired as a Result of an Involuntary Conversion
79-235Property Received Takes Completion Date of Property Constructed
79-44Exchange of Jointly-Owned Farm Properties; One Subject to Mortgage
78-1631031 Exchange/Bargain Sale to a State Qualifies for Non-Recognition
78-1351031 Exchange of Partnership Interests is Not Tax Deferred
78-4Like-Kind Exchange of Remainder Interests in Farmland
72-117Oil and Gas Interest Is Like Kind Property in 1033 Exchange
72-4561031 Exchange Closing Costs; Brokerage Commissions
67-234Section 121 Exclusions; Individuals Attain Age 65
67-235Section 121 Exclusions; Clarified; Brother and Sister Each Qualify
59-229Exchange of Unencumbered Farms, Buildings, and Unharvested Crops
57-365Exchange of Assets of One Business for Assets of Another Business

IRS Revenue Procedures (“Rev. Proc.”)

Rev. Proc.Description
2008-16Safe Harbor for 1031 Exchange of Vacation Home/Second Home
2005-14Sections 1031 and 121 Combined
2004-51Property Previously Owned by Taxpayer Before QEAA Parking
2003-391031 Tax-Deferred Exchanges: "LKE Program"
2002-69H&W; Community Property; Disregarded Entities
2002-22Tenant-in-Common or Fractional Ownership Interests
2000-37Reverse 1031 Exchanges Structured With Parking Arrangements
92-911031 Exchange of Emission Allowances for Like-Kind Property
91-61Amendment to IRS Rev. Proc. 90-3

IRS Private Letter Rulings (“PLR”)

PLRDescription
201030020Addresses Bank Merger with Qualified Intermediary
200921009Partnership Division During a 1033 Exchange
200920032Related-Party Issues Between Taxpayer and Trust
200919027Trust for Deceased Sibling’s Family Not Related Party for 1031
20090900850% Partnership Interest Qualifies as Replacement Property When Taxpayer Already Owns Other 50% Partnership Interest
200908005Acquisition and Change in Tax Status of Qualified Intermediary Does Not Result in New or Disqualified Qualified Intermediary
2009010201031 Exchange of Residential Density Development Rights
200901004Non-Safe Harbor Reverse Construction Exchange on Property Already Owned by Taxpayer
2008420191031 Exchange of Leaseholds and Personal Property Approved
200812012Replacement Property Contributed to New Partnership After Termination of Testamentary Trust Still Qualifies as 1031 Exchange
200810016Acquisition of Like-Kind Property From Related Party Allowed
200807005Single Partner Limited Partnership is a Disregarded Entity for 1031
2008050121031 Exchange of Development Rights as Interest in Real Estate
200734003Contribution of Trust Assets to Partnership Not Taxable
200732012Acquisition of Replacement Property by a Disregarded Entity Treated as an Acquisition by Taxpayer
2007300021031 Exchange of Partial Interests Between Related Parties
200728008Transfers of Property in Multi-Party Exchanges With Related Party
200725018Home Used Less Than Two Years Qualifies for Reduced 121 Exclusion
200724007QI Owned by Disqualified Party is Not a Disqualified Party
200718028Relinquished Property Delivered to the QI in a Reverse 1031 Exchange During the 45 Calendar Day Identification Period Qualifies as Identified
2007140021033 Exchange on Sale of Stock Sold After Escheatment to State
2007120131031 Exchange of Relinquished Property With Related Party
200709036Taxpayer's Sale to Related Party Followed by Sale by Related Party
2007080541031 Exchange Doesn't Subject Trust to the GST Tax
200706001Related-Party 1031 Exchange Qualifies; No Basis Shifting Occurred
200702032Settlement Proceeds Qualify for 121 Exclusion
200701008Exchange of upREIT Property is Not Prohibited Transaction
200652041Sale of Residence Due to Pregnancy is Unforeseen Circumstance
2006510301031 Exchange Allowed for LLC Set-Up by Testamentary Trust
2006510251031 Exchange of Easement for Land Use Credits to Fee Interest
2006510181031 Exchange of Easement for Land Use Credits to Fee Interest
200649028Exchange of Rural Land Stewardship Credits for Real Property
200648012Revoking Installment Sale Treatment Under Section 453
200645001121 Tax-Free Exclusion Applies to Corporate Cooperatives
200644019Property Exchange Mandated by FCC Qualifies for Section 1033
200631012Interests in NY Cooperative are Like-Kind Property
200625010Fractional Interest in Property not an Interest in a Business
200625009Fractional Interest in Property not an Interest in a Business
200616005Related-Party 1031 Exchange
200521002Like-Kind Property Received, Then Testamentary Trust Terminated
200440002Related-Entity/Party 1031 Exchange
200428020LKE Program 1031 Exchange With Master Exchange Agreement
200404044Water Rights are Like-Kind to Fee Interest in Farmland
200338001Qualified Intermediary not Disqualified Party
200329021Building on Property Already Owned by the Taxpayer
200327039LKE 1031 Exchange Program With Master Exchange Agreement
200251008Building on Property Already Owned by the Taxpayer
200211016180-Day Exchange Period Cannot be Extended Due to Receivership
200203042Exchange of Perpetual Conservation Easement for Fee Interest
200203033Exchange of Perpetual Conservation Easement for Fee Interest
200137032Shares in NY Cooperative are Like-Kind Property
200118023Interest in Single Member Entity Qualifies for 1031 Exchange
200111025Non-Safe Harbor Reverse 1031 Exchange
200027028Premature Disbursement by Qualified Intermediary not Allowed
200019019Partnerships Exchange Into TIC Interests Like-Kind Property
200019018Partnerships Exchange Into TIC Interests Like-Kind Property
200019017Partnerships Exchange Into TIC Interests Like-Kind Property
200019016Partnerships Exchange Into TIC Interests Like-Kind Property
9309023Combined 121 Exclusion and 1034 Exchange
8942008121 Exclusion Granted to H&W and Mother for 2-on-1 Property
81031171031 Exchange of Vacation Property Held for Investment

IRS Technical Advice Memorandums (“TAM”)

TAMDescription
2003-46007Sale/Leaseback Does not Qualify for 1031 Exchange
2001-30001Series of Transactions That Do Not Qualify for 1031 Exchange
2001-26007Series of Exchanges Structured to Avoid Income Taxes
2000-39005Failed Reverse 1031 Exchange

Tax Court Memorandums (“TCM”)

TCMDescription
2010-64Replacement Property Did Not Qualify When Taxpayers Moved In
2008-269Capital Gain is Tax-Deferred Using Private Annuity Trust
2007-134Exchange of Vacation Homes Fails to Qualify as 1031 Exchange

IRS Field Service Advisory (“FSA”)

FSADescription
20021315648Exchange of Franchise Agreement Under Georgia Law
200205023Lease-In/Lease-Out Structure Fails Like-Kind Exchange Treatment
200048021Failed Exchange; Constructive Receipt; Non-Qualified Intermediary)

IRS Non-Docket Service Advice Review (“NSAR”)

NSARDescription
20050203FTaxpayer Beneficial Owner Prior to Exchange
20044101FCrude Oil Gathering System Like-Kind
20010384Allocating Cash Receipts in 1031 Exchange
200010365Relinquished Property Acquired Through Foreclosure

IRS General Counsel Memorandums (“GCM”)

GCMDescription
39572Acquisition of Mineral Leases and Oil and Gas Interests Like-Kind
395361031 Exchange of Land for Stock in Mutual Interest Company
35266Insurance Proceeds Income; Not Return of Capital in 1033 Exchange

IRS Chief Counsel Advisory (“CCA”)

CCADescription
2008-36024Combination of a Forward and Reverse 1031 Exchange
2008-0021Taxation of Failed 1031 Exchange Due to Failed Qualified Intermediary
2007-34021Taxpayer's Residence Qualifies for 121 Exclusion After Natural Disaster
2006-50014Partnership Distribution in Redemption of Taxpayer's Interest

United States Tax Reporter (“USTR”)

USTR Description
1684.045MACRS Depreciation of Property Acquired or Relinquished in a Like-Kind Exchange or Involuntary Conversion

IRS Notices, Info Letters, New Releases and Treasury Decisions

IRS DocumentDescription
Notice 2008-25GO Zone Bonus Depreciation Recapture Issues
Info Letter 2007-0009
Reverse 1031 Exchange Does Not Qualify for Postponement
Info Letter 2004-0230Qualification to Serve as Qualified Intermediary
Info Letter 2002-0292Hotel Industry's Need for Tax Relief After September 11, 2001
News Release IR-2006-161Proposed Regulations Restrict Private Annuity Trusts
Treasury Decision 85351031 Like-Kind Exchanges of Real Property