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A capital gains tax (abbreviated: CGT) is a tax charged on capital gains, the profit realized on the sale of an asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. Not all countries implement a capital gains tax and most have different rates of taxation for individuals and corporations. “Taxes” redirects here. ... This article does not cite any references or sources. ... Image File history File linksMetadata Size of this preview: 800 × 600 pixelsFull resolution (2816 × 2112 pixel, file size: 2. ... Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... This article is the current Taxation Collaboration of the Month. ... Stamp duty is a form of tax that is levied on documents. ... A sales tax is a consumption tax charged at the point of purchase for certain goods and services. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Value added tax (VAT), or goods and services tax (GST), is... A flat tax, also called a proportional tax, is a system that taxes all entities in a class (typically either citizens or corporations) at the same rate (as a proportion on income), as opposed to a graduated, or progressive, scheme. ... The tax, tariff and trade laws of a political region, state or trade bloc determine which forms of consumption and production tend to be encouraged or discouraged. ... First discussed by the Physiocrats in France, tax incidence is the analysis of the effect of a particular tax on the distribution of economic welfare. ... A tax (also known as a dutyor Zakat in islamic economics) is a charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e. ... A flat tax, also called a proportional tax, is a system that taxes all entities in a class (typically either citizens or corporations) at the same rate (as a proportion of income), as opposed to a graduated, or progressive, scheme. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A progressive tax is a tax imposed so that the effective... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A regressive tax is a tax imposed so that the tax... Tax advantage refers to the economic bonus which applies to certain accounts or investments that are, by statute, tax-reduced, tax-deferred, or tax-free. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links Flag_of_the_British_Virgin_Islands. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links Flag_of_Germany. ... Image File history File links Flag_of_Hong_Kong. ... Image File history File links Flag_of_India. ... Image File history File links Flag_of_Indonesia. ... Image File history File links Flag_of_the_Netherlands. ... Image File history File links Flag_of_New_Zealand. ... Image File history File links Flag_of_Peru. ... Image File history File links Flag_of_Ireland. ... Image File history File links Flag_of_Russia. ... Image File history File links Flag_of_Singapore. ... Image File history File links Flag_of_Tanzania. ... Image File history File links Flag_of_the_United_Kingdom. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links This is a lossless scalable vector image. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Comparison of tax rates around the world is a difficult and... This table lists OECD countries by total tax revenue as percentage of GDP (as of 2005). ... Not to be confused with Political economy. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank... In macroeconomics, money supply (monetary aggregates, money stock) is the quantity of currency and money in bank accounts in the hands of the non-bank public available within the economy to purchase goods, services, and securities. ... Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded. ... Government spending or government expenditure consists of government purchases, which can be financed by seigniorage (the creation of money for government funding, at a heavy price of high inflation and other possibly devastating consequences), taxes, or government borrowing. ... A budget deficit occurs when an entity (often a government) spends more money than it takes in. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Government debt (also known as public debt or national debt) is... This article does not cite any references or sources. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... A trade pact is a wide ranging tax, tariff and trade pact that usually also includes investment guarantees. ... Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... This article does not cite any references or sources. ... There are two basic financial market participant catagories, Investor vs. ... Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ... Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. ... This article does not cite any references or sources. ... For other uses, see Bank (disambiguation). ... “Taxes” redirects here. ... In finance, a capital gain is profit that results from the appreciation of a capital asset over its purchase price. ... This article is about the business definition. ...

Tax systems

Argentina

There is no capital gains tax charged in Argentina.

Australia

Main article: Capital gains tax in Australia

Capital gains tax in Australia is only payable upon realized capital gains, except for certain provisions relating to deferred-interest debt such as zero coupon bonds. The tax is not separate in its own right, but forms part of the income tax system. The proceeds of an asset sold less its 'cost base' (the original cost plus addition for cost price increases over time) are the capital gain. Discounts and other concessions apply to certain taxpayers in varying circumstances. From the 21st of September 1999, after a report by Alan Reynolds the 50% capital gains tax discount has been in place for individuals and some trusts that acquired the asset after that time, however the tax is levied without any adjustment to the cost base for inflation. The amount left after applying the discount is added to the assessable income of the taxpayer for that financial year. Capital Gains Tax (CGT) in Australia applies to the capital gain made on disposal of any asset, except for specific exemptions. ... For other senses of this word, see interest (disambiguation). ... For other uses, see Debt (disambiguation). ... Zero coupon bonds are bonds which do not pay periodic coupons, or so-called interest payments. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... Alan Reynolds is a US supply side economist. ...

For individuals, the most significant exemption is the family home. The sale of personal residential property is normally exempt from Capital Gains Tax, except for gains realized during any period in which the property was not being used as your personal residence (for example, being leased to other tenants) or portions attributable to business use.

Belgium

There is no capital gains tax in Belgium.

Brazil

Capital gains tax is set at 15%.

Bulgaria

There is no capital gains tax in Bulgaria.

Canada

Currently 50% of capital gains are taxed in Canada at the general rate. (ie $100 CG with 30% tax rate will attract $15 of tax.) Some exceptions apply, such as selling one's primary residence which may be exempt from taxation.^[1]

China

Flat 20% of capital gains taxed with traded equities being exempt.

Denmark

Share dividends and realized capital gains on shares are charged 28% to individuals of gains up to DKK 45,500 (2007-level, adjusted annually), and at 43% of gains above that. As of 1 January 2008, an additional marginal rate of 45% will apply to gains above DKK 100,000 (2007-level, adjusted annually) per year. Carryforward of realized losses on shares is allowed.

Individuals' interest income from bank deposits and bonds, realized gains on property and other capital gains are taxed up to 59%, however, several exemptions occur, such as on selling one's principal private residence or on gains on selling bonds. Interest paid on loans is deductible, although in case the net capital income is negative, only approx. 33% tax credit applies.

Companies are taxed at 25%. However, for instance, realized gains on shares owned more than three years are tax exempt and only 66% of share dividends are subject to taxation. Carryforward of realized losses on shares owned less than three years is allowed.

Ecuador

Ecuador does not have capital gains tax for income gained abroad.

Finland

The capital gains tax in Finland is 28% on realized capital income.^[2]

France

Capital gains tax is a flat 16%, with an annual exclusion or allowance of €5600. Residents pay an additional 11.6% 'Social Charges', non-residents are not liable to this, there is a 15 year taper relief. However, in some specific situation tax can be reduced or eliminated (such as selling one's principal private residence).

Germany

There is currently no capital gains tax after a holding period of one year for shares (if held in a private account not in a corporate account and if holding is less than 1% of the outstanding number of shares of the company) or ten years for real estate if held as private wealth (less than 3 transactions every ten years). Germany will introduce a very strict capital gains tax for shares, funds, certificates etc. from 2009 on. Real estate will still be free of capital gains tax if held for more than ten years. The German capital gains tax will be 25% plus Solidaritätszuschlag (add on tax to finance the 5 eastern states of Germany) plus church tax effectively coming to about 28%. No deductions of cost like custodian fees, travelling to and from annual shareholder meetings, legal and tax advice, interest paid on loans to buy shares etc. will be allowed any more from 2009 on. Church tax is a tax imposed on members of some religious congregations in Germany, Denmark, Sweden, Finland, Austria and some parts of Switzerland. ...

Hong Kong

Hong Kong has no capital gains tax. This creates a loophole in the law whereby company directors can be paid in shares and stock options. As no tax is due on the capital gains, such individuals are able to avoid paying large amounts of tax which would otherwise have been due on their salaries, whereas corporation tax would be due on their company profits. However, salaries tax would be due on the open market value of the shares and options granted, less any amount that the individual paid for the grant.^{[citation needed]} The term loophole could refer to a number of things: See Embrasure; a slit in a castle wall Loophole (1954 movie) Loophole (1981 movie) for other meaning see Loophole at Wikionary Cash Loopholes ... To meet Wikipedias quality standards, this article or section may require cleanup. ... See stock (disambiguation) for other meanings of the term stock A stock, also referred to as a share, is commonly a share of ownership in a corporation. ... A stock option is a specific type of option with a stock as the underlying instrument (the security that the value of the option is based on). ...

Hungary

Since 1st of September 2006 there is one flat tax rate (20%) on capital income. This includes: selling stocks, bonds, mutual funds shares and also interests from bank deposits. A tax (also known as a dutyor Zakat in islamic economics) is a charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e. ... For other uses, see Stock (disambiguation). ... For alternative meanings, see bond (a disambiguation page). ... The central idea of a mutual fund is to enable investors to pool their money and place it under professional investment management. ... For other senses of this word, see interest (disambiguation). ... For other uses, see Bank (disambiguation). ... This article does not cite any references or sources. ...

Iceland

In Iceland there is a 10% tax on realised capital gains.

India

As of 2007, equities are considered long term capital if the holding period is one year or more. Long term capital gains from equities are not taxed. However short term capital gain from equities held for less than one year, is taxed at 10% (plus surcharge and education cess). This is applicable only for transactions that attract Securities Transaction Tax (STT).

Many other capital investments (house, buildings, real estate, bank deposits) are considered long term if the holding period is 3 or more years.^[3] Short term capital gains are taxed just as any other income and they can be negated against short term capital loss from the same business.

In metaphysics and statistics, the word individual, while sometimes meaning a person, more typically describes any numerically singular thing. ... In the common law, a partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested. ... Foreign Institutional Investor [FII] is used to denote an investor - mostly of the form of an institution or entity, which invests money in the financial markets of a country different from the one where in the institution or entity was originally incorporated. ... Local governments are administrative offices of an area smaller than a state. ... A cooperative (also co-operative or co-op) comprises a legal entity owned and democratically controlled by its members, with no passive shareholders. ...

Ireland

There is a flat 20% on capital gains, with several exclusions and deductions (e.g. agricultural land, primary residence).

Italy

Capital gains are taxed at a flat 12.5%.

Japan

In Japan, there are two options for paying tax on capital gains. The first, Witholding Tax (源泉課税, Witholding Tax^?), taxes all proceeds (regardless of profit or loss) at 1.05%. The second method, declaring proceeds as "taxable income" (申告所得, "taxable income"^?), requires individuals to declare 26% of proceeds on their income tax statement.

Many traders in Japan use both systems, declaring profits on the Withholding Tax system and losses as taxable income, minimizing the amount of income tax paid.

Malaysia

There is no capital gains tax for equities in Malaysia. Malaysia used to have a capital gains tax on real estate but the tax was repealed in April 2007.

Mexico

There is no capital gains tax in Mexico.

Netherlands

There is no capital gains tax in the Netherlands.

However a "theoretical capital yield" of 4% is taxed at a rate of 30%.

In other words, all property and savings (with the exception of owner-occupied dwelling, pensions, approved "green" investments and monies below a certain threshold) are taxed at 1.2% as a substitute for capital gains tax.

Also, dividends and "proceeds from significant stakes" (e.g. ownership of a company) are taxed.

New Zealand

New Zealand does not have a capital gains tax in most cases. However, certain capital gains are classified as taxable income in New Zealand and thus are subject to income tax, such as regular share trading.

Norway

The individual capital gains tax in Norway is 28%. In most cases, there is no capital gains tax on profits from sale of your principal home. There is no capital gains tax for share-based profits for companies in Norway (capital gains excluding gains from property, bonds, and interest). Personal investment companies are popular for this reason, as well as single purpose companies for property investments. An investment company is a company whose main business is holding securities of other companies purely for investment purposes. ... A special purpose entity (SPE) (sometimes, especially in Europe, special purpose vehicle) is a body corporate (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives, primarily to isolate financial risk, usually bankruptcy but sometimes a specific taxation or regulatory...

Poland

Since 2004 there is one flat tax rate (19%) on capital income. It includes: selling stocks, bonds, mutual funds shares and also interests from bank deposits. A tax (also known as a dutyor Zakat in islamic economics) is a charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e. ... For other uses, see Stock (disambiguation). ... For alternative meanings, see bond (a disambiguation page). ... The central idea of a mutual fund is to enable investors to pool their money and place it under professional investment management. ... For other senses of this word, see interest (disambiguation). ... For other uses, see Bank (disambiguation). ... This article does not cite any references or sources. ...

Russia

The capital gains tax in Russia is 13% for tax residents and 30% for non-residents. A tax resident is any individual residing in the Russian Federation for more than 183 days in the past year.

Singapore

There is no capital gains tax in Singapore.

Sweden

The capital gains tax in Sweden is 30% on realized capital income.

Switzerland

There is no capital gains tax in Switzerland for residents. Corporate capital gains are taxed as ordinary income. Capital gains tax is charged to individuals on the sale of property. Residency is the act of establishing or maintaining a residence in a given place. ...

Thailand

There is no separate capital gains tax in Thailand. All earned income from capital gains is taxed the same as regular income.[1] However, if individual earns capital gain from security in the Stock Exchange of Thailand, it is exempted from personal income tax.

United Kingdom

All individuals are exempt from CGT up to a specified amount of capital gains per year. For the 2006/7 tax year this "annual exemption" is £8,800. Gordon Brown's budget of 21st March 2007 raised this to £9,200 for the 2007/8 tax year.

Individuals who are resident or ordinarily resident in the United Kingdom (and trustees of various trusts) are subject to a capital gains tax, with exceptions for, for example, principal private residences, holdings in ISAs or gilts. Every individual has an annual capital gains tax allowance: gains below the allowance are exempt from tax, and capital losses can be set against capital gains in other holdings before taxation. Individuals pay capital gains tax at their highest marginal rate of income tax (0%, 10%, 20% or 40% in the tax year 2004/5) but since 6 April 1998 have been able to claim a taper relief which reduces the amount of a gain that is subject to capital gains tax (reducing the effective rate of tax), depending on whether the asset is a "business asset" or a "non-business asset" and the length of the period of ownership. Taper relief replaces indexation allowance for individuals, which can still be claimed for assets held prior to 6 April 1998 from the date of purchase until that date. An Individual Savings Account (ISA) is a financial product available in the United Kingdom, designed for the purpose of investment and savings with a favourable tax status. ... Gilts are bonds issued by the UK Government. ... A fiscal year or financial year is a 12-month period used for calculating annual (yearly) financial reports in businesses and other organizations. ... is the 96th day of the year (97th in leap years) in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ... is the 96th day of the year (97th in leap years) in the Gregorian calendar. ... Year 1998 (MCMXCVIII) was a common year starting on Thursday (link will display full 1998 Gregorian calendar). ...

A taxpayer is exempt from CGT on his/her principal private residence. Certain other gains are allowed to be rolled over upon re-investment. Investments in some start up enterprises are also exempt from CGT. The sale of a family business can be exempt from CGT upon retirement.

Companies are subject to corporation tax on their "chargeable gains" (the amounts of which are calculated along the lines of capital gains tax). Companies cannot claim taper relief, but can claim an indexation allowance to offset the effect of inflation. A corporate substantial shareholdings exemption was introduced on 1 April 2002 for holdings of 10% or more of the shares in another company (30% or more for shares held by a life assurance company's long-term insurance fund). This is effectively a form of UK participation exemption. Almost all of the corporation tax raised on chargeable gains is paid by life assurance companies taxed on the I minus E basis. Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        Corporation tax is a tax levied in the United Kingdom on the profits made by companies and associations that are resident for tax purposes, and on the profits of permanent establishments of non-UK resident... The substantial shareholdings exemption is an exemption from assessment of capital gains under corporation tax applicable to United Kingdom companies. ... is the 91st day of the year (92nd in leap years) in the Gregorian calendar. ... Also see: 2002 (number). ... It has been suggested that this article or section be merged into Life insurance. ...

The rules governing the taxation of capital gains in the United Kingdom for individuals and companies are contained in the Taxation of Chargeable Gains Act 1992. This article or section is in need of attention from an expert on the subject. ...

In the Chancellor's October 2007 Autumn Statement the intention was announced that as of April 2008, taper relief will cease, an individual's annual exemption will continue and a single rate of capital gains tax at 18% will be applied to taxable gains. This single rate will replace the present use for CGT purposes, of an individual's marginal rate of tax (Income Tax).

United States

Main article: Capital gains tax in the United States

In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income, but the tax rate for individuals is lower on "long-term capital gains," which are gains on assets that had been held for over one year before being sold. The tax rate on long-term gains was reduced in 2003 to 15%, or to 5% for individuals in the lowest two income tax brackets (See progressive tax). Short-term capital gains are taxed at a higher rate: the ordinary income tax rate. The reduced 15% tax rate on eligible dividends and capital gains, previously scheduled to expire in 2008, has been extended through 2010 as a result of the Tax Reconciliation Act signed into law by President Bush on May 17, 2006. In 2011 these reduced tax rates will "sunset," or revert to the rates in effect before 2003, which were generally 20%. Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        In the United States, individuals and corporations pay income tax on the net total of all their capital gains just as they do on other sorts of income, but the tax rate for individuals is... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A progressive tax is a tax imposed so that the effective... Under the United States Internal Revenue Code, the type of income is defined by its character. ... In public policy, a sunset provision or sunset clause is a provision in a statute or regulation that terminates or repeals all or portions of the law after a specific date, unless further legislative action is taken to extend it. ...

The IRS allows for individuals to defer capital gains taxes with tax planning strategies such as the Structured sale (Ensured Installment Sale), charitable trust (CRT), installment sale, private annuity trust, and a 1031 exchange. The United States is unlike other countries in that its citizens are subject to U.S. tax on their worldwide income no matter where in the world they reside. U.S. citizens therefore find it difficult to take advantage of personal tax havens. Although there are some offshore bank accounts that advertise as tax havens, U.S. law requires reporting of income from those accounts and failure to do so constitutes tax evasion. IRS is short for U.S. Internal Revenue Service short for Indian Revenue Service short for Independent rear suspension, used in automobiles. ... A structured sale is a special type of installment sale pursuant to Internal Revenue Code Section 453. ... A charitable trust is a trust established for charitable purposes. ... A private annuity trust (PAT) enables the owner(s) of highly appreciated assets, such as real estate, a business, collectables or an investment portfolio, to be sold without incurring current taxation. ... It has been suggested that this article or section be merged with Internal Revenue Code section 1031. ... A tax haven is a place where certain taxes are levied at a low rate or not at all. ... This article contrasts tax evasion, tax avoidance, tax resistance and tax mitigation. ...

Deferring or reducing capital gains tax

Capital gains tax can be deferred or reduced if a seller utilizes the proper sales method and/or deferral technique. There are many sales techniques and methods out there, each of which have their benefits and drawbacks. See some ways to defer and/or reduce capital gains tax below.

• (US only) Deferred Sales Trust- Allows the seller of property to defer capital gains tax due at the time of sale over a period of time.
• (US only) 1031 exchange - Defer tax by exchanging for "like kind" property. Pay capital gains when it is realized.
• (US only) Structured sale annuity (aka Ensured Installment Sale) - Defer and reduce capital gains tax while gaining safety and a stream of guaranteed income.

• Charitable trust - Defer and reduce capital gains by giving equity to a charity.
• Installment Sale - Defer capital gains by taking payments from a buyer over a period of years. No protection from buyer default.
• (US Only) [Self Directed Installment Sale (SDIS) http://www.nafep.com/sdis/self_directed_installment_sale.htm]- Allows for the deferral of capital gains taxes while removing the risks from buyer default under a traditional installment sale
• (US only)(historical) Private annuity trust - No longer a valid tax deferral tool.

It has been suggested that this article or section be merged with Internal Revenue Code section 1031. ... A structured sale is a special type of installment sale pursuant to Internal Revenue Code Section 453. ... A charitable trust is a trust established for charitable purposes. ... A private annuity trust (PAT) enables the owner(s) of highly appreciated assets, such as real estate, a business, collectables or an investment portfolio, to be sold without incurring current taxation. ...

References

1. ^ CRA. IT-120R6 Principal Residence
2. ^ VERO Taxation of Stock Options
3. ^ Indian Gov Capital Gains Tax Calculator

External links

• The Labyrinth of Capital Gains Tax Policy: A Guide for the Perplexed (1999), Brookings Institution Press.

• Deloitte Tax Country Guides

• [2] Alan Reynolds, Capital Gains Tax: Analysis of Reform Options for Australia] (1999), Australian Stock Exchange.

• IRS "Like Kind Exchanges Tax Tips"