Abstract

http://ssrn.com/abstract=1794225
 


 



The Effect of Like-Kind Property on the Section 704(c) Anti-Mixing Bowl Rules


Bradley T. Borden


Brooklyn Law School

Douglas L. Longhofer


Martin, Pringle

March 24, 2011

Tax Management Real Estate Journal, Vol. 27, p. 131, March 2011
Brooklyn Law School, Legal Studies Paper No. 226

Abstract:     
Section 704(c)(2) provides an exception to the section 704(c)(1)(B) anti-mixing bowl rules. Commentators have observed that the section 704(c)(2) regulations appear to reach a result that is different from the one intended by the language of the statute. This article take a close look at the language of section 704(c)(2) and suggests that it is subject to multiple interpretations. Of those multiple interpretations, one that requires the partners to recast their original transaction to account for the basis of distributed like-kind property is the most reasonable. The results obtained using that interpretation are identical to the results in the section 704(c)(2) regulations. Thus, the article concludes that commentary on those regulations is generally incorrect.

Number of Pages in PDF File: 11

Keywords: like-kind property, partnership distribution, anti-mixing-bowl rules, section 704(c)

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Date posted: March 28, 2011 ; Last revised: June 28, 2011

Suggested Citation

Borden, Bradley T. and Longhofer, Douglas L., The Effect of Like-Kind Property on the Section 704(c) Anti-Mixing Bowl Rules (March 24, 2011). Tax Management Real Estate Journal, Vol. 27, p. 131, March 2011; Brooklyn Law School, Legal Studies Paper No. 226. Available at SSRN: http://ssrn.com/abstract=1794225

Contact Information

Bradley T. Borden (Contact Author)
Brooklyn Law School ( email )
250 Joralemon Street
Brooklyn, NY 11201
United States

Douglas L. Longhofer
Martin, Pringle ( email )
100 N. Broadway, Suite 500
Wichita, KS 67202
United States
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