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I. Basics a. Financial accounting Gain recognition depends on concep.pdf

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Financial accounting recognizes gains based on commercial substance while tax accounting defers gains and losses for like-kind exchanges. For tax purposes, the realized gain or loss equals the fair market value of everything received minus the tax basis of everything surrendered, and the recognized gain can never exceed the realized gain. Boot refers to non-like-kind property, such as cash, received in an otherwise like-kind exchange, and the receipt of boot can trigger gain recognition up to the value of the boot received.

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I. Basics a. Financial accounting: Gain recognition depends on concept of "conmercial substance"/losses are always recognized immediately b. Tax accounting: Deferral of gains and losses is mandated for "like-kind" exchanges II. Three key points 1) FMV of everything received (Tax basis of everything surrendered) REALIZED gain or loss (for tax purposes) 2) Amount of gain RECOGNIZED never exceeds amount of gain REAL.IZED. 3) FMV of property acquired - deferred gain + - deferred loss Tax Basis of Property Acquired III. What is boot? a. Property exchanged in an otherwise like-kind exchange that is not like-kind (usually cashI) b. Three scenanios i. No boot exchanged (ie. both assets exchanged have the same FMVI) ii. Boot paid - triggers no gain recognition ii. Boot received - triggers gain recognition up to the value of the boot 1) See Key Point #2 ! IV. Let's work problem 60 (page 11-45) to illustrate these rules.

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