Triva isn't available right now.
Check out the support page for our phone number and hours
Solutions
Law firms
Tax, audit & accounting firms
Success stories
-
A true competitive advantage
Law firm Zarwin Baum’s embrace of generative AI as the natural next step in the evolution of legal work and their adoption of CoCounsel Legal has helped them achieve remarkable efficiency gains and improved client relationships.
-
Workflow transformation drives impact
Brinks, a global leader in secure logistics and security solutions, used CoCounsel to reimagine what was possible with AI tools, turning legal challenges into a competitive advantage.
-
The forefront of audit tech
A better auditing workflow solution was the answer to multiple challenges faced by The Mercadien Group. Find out how they achieved greater efficiency by embracing Cloud Audit Suite.
Questions? We are here to help.
Products
Legal
Trade & supply
Tax, audit & accounting
- 1040SCAN
- Audit Intelligence Analyze
- CoCounsel Audit
- CoCounsel Tax
- Ready to Advise
- Ready to Review
- View all
Corporate tax
Recommended products
-
CoCounsel Legal
Transform your work with the only AI legal solution uniting research, drafting, and document analysis in a single experience. Designed by legal experts and built on trusted content and advanced AI, CoCounsel Legal accelerates multistep work so you can better serve your clients and grow your business.
-
CoCounsel Tax
Transform your tax practice with CoCounsel Tax, an AI-powered assistant that combines trustworthy answers, automation, and firm knowledge into one seamless platform. Enhance efficiency, reduce risk, and improve client confidence with CoCounsel Tax.
-
CLEAR
Powerful software designed for law enforcement, compliance, risk, and fraud investigators. Conduct thorough investigations with ease using our intuitive online investigation software. Efficiently, prevent, detect, and solve crime.
Questions? We are here to help.
Purchase
Buy solutions
Resources
Insights
Events
Product training
Product communities
Developers
Highlights
-
2026 SKILLS showcase
Join weekly sessions to experience in-depth demonstrations of the leading legal AI products while connecting with strategic law firm leaders in knowledge management, innovation, and AI.
-
Ghosts on the ledger
Payroll fraud is a major compliance risk. Learn how payroll analytics and AI-powered tools can help exorcise phantom employees and employers.
-
Future of professionals report 2025
The Thomson Reuters Future of Professionals Report 2025 reveals how AI continues to shape professional work — and what it takes to get ahead. This year’s report shows that increased efficiency, productivity, and cost savings top the list of benefits professionals attribute to AI, making it indispensable for organizations facing rapid change.
Like-kind exchange examples
The following examples outline the data entry steps for like-kind exchanges in UltraTax CS and in Fixed Assets CS.
Example 1
You used a building in your business that was purchased for $90,000. $10,000 depreciation has been deducted on the building. You sold the building for $40,000 and received a property in exchange with a FMV of $20,000. They buyer assumed real estate taxes of $3,000 and a mortgage of $17,000 on the building. The selling expenses were $4,000.
Data entry
- The $100,000 the building was sold for will go in the Cash received field.
- The $10,000 of depreciation is taken into account and included in the calculation of the Adjusted basis of original asset field.
- The real estate taxes ($3,000) and mortgage ($17,000) the buyer assumed should be totaled and entered in the Liabilities (including mortgage) given up field.
- The $4,000 of selling expenses go in the Exchanges expenses incurred field.
- The FMV ($20,000) of the property received goes in the FMV of like-kind property received field.
These amounts are used to calculate the Total amount realized. The adjusted basis will be subtracted from the total amount realized to calculate the Gain realized.
The net book value (NBV) won't be used. This is the original basis of the asset calculated with depreciation allowed or allowable. Depreciation allowed is the total depreciation of the asset. Depreciation allowable is either the depreciation allowed if the asset was 100 percent business use, or the prior depreciation calculated by Fixed Assets CS plus the current depreciation. (To view the calculated amount of prior depreciation for the current asset, select
Tasks
then Prior Depreciation Comparison
). This can cause NBV and adjusted basis of the original asset to be different.Example 2
Party A owns an apartment with a FMV of $220,000, an adjusted basis of $100,000, and has a $80,000 mortgage. Party B owns an apartment with a FMV of $250,000, an adjusted basis of $175,000, and has a mortgage of $150,000.
Party A transfers their apartment to Party B in exchange for Party B's building plus $40,000 cash. Party A assumes the mortgage ($150,000) from Party B's property, and Party B assumes the mortgage ($80,000) from Party A's apartment.
Data entry for Party A
- Enter the $40,000 in theCash receivedfield.
- Enter the value of the apartment received ($250,000) in theFMV of like-kind property receivedfield.
- You can either enter $70,000 in theLiabilities assumedfield (net of $150,000 assumed and $80,000 given up), OR enter $150,000 in theLiabilities assumedfield and $80,000 in theLiabilities given upfield.
Data entry for Party B
- Enter $40,000 in theCash paidfield.
- Enter the value of the apartment received ($220,000) in theFMV of like-kind property receivedfield.
- You can either enter $150,000 in theLiabilities given upfield and $80,000 in theLiabilities assumedfield, OR enter $70,000 (the net of the $150,000 liabilities given up and $80,000 liabilities assumed) in theLiabilities given upfield.
Example 3
Party A traded a building with an adjusted basis of $112,500 and $20,000 cash to Party B in exchange for a property with a FMV of $130,000. Party B decides they need more from Party A because they think the value of their property will rise. Party A then adds to the trade a vacant lot they purchased for $10,000 with a FMV of $5,000.
Data entry
- Enter the $10,000 Party A paid for the vacant lot in theAdj basis of other property given upfield. This is used on Form 8824.
- Enter the FMV of the vacant lot given up in theFMV of other property given upfield. This is used in the gain realized calculation.
- The $20,000 cash paid goes in theCash paidfield.
- The FMV ($130,000) of the property received is entered in theFMV of like-kind property receivedfield.
This article applies to:
- Product: UltraTax CS
- Return type: 1040 Individual,1120 Corporation,1065 Partnership,1041 Fiduciary,990 Exempt Organization
- Subject: Depreciation