Saturday
Mar282009
Saturday, March 28, 2009 at 02:42PM | Staff IRS Rules Cars Are Like-Kind to Light Duty Trucks
The Internal Revenue Service ruled that automobiles ("cars"), light general purpose trucks ("light duty trucks") and other vehicles that share characteristics of both cars and light duty trucks such as crossovers, sport utility vehicles, and minivans are like-kind property for 1031 tax deferred exchange purposes.
The IRS ruling came out in Private Letter Ruling 2009-12004 (IRS PLR 200912004).
