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Like-kind exchange tax assumptions: Treatment doesn’t follow IRS notice 2000-4 or Reg. 1.168(i)-6
When setting up a replacement asset for a like-kind exchange, the application determines if the replacement asset is a MACRS or a non-MACRS asset.
The application makes this determination on a treatment-by-treatment basis. Note that the determination differs depending on whether or not the treatment follows IRS Notice 2000-4 or Reg. 1.168(i)-6.
You can specify whether or not each treatment follows IRS Notice 2000-4 or Reg. 1.168(i)-6 in Setup, Treatments, Treatment Options.
If the treatment doesn’t follow IRS Notice 2000-4 or Reg. 1.168(i)-6, the replacement asset is determined in the following ways.
- If after 1/1/87 you exchange an asset where the treatment is depreciating using either the MACRS or ACRS method, the application assumes you are acquiring a MACRS asset for that treatment.
- If, at any time, you exchange an asset where the treatment is depreciating using the Straight-line, 125% DB, 150% DB, 200% DB, Years Digits, Amortization, Units of Production, Memo, Land, or user-defined method, the application assumes you are acquiring a non-MACRS asset. The application sets up the treatment for the replacement asset with the same method as the original asset.
note
In a mass trade, standard mileage autos should only be traded with other standard mileage autos. Assets that are expensed using standard mileage are not considered MACRS assets.