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SC MN | Only real property qualifies for 1031 exchange. Confinement hog buildings and cattle are section 1245 (depreciable) property and neither are treated as real property. Both are subject to depreciation recapture, which is taxed as ordinary income.
A CPA opinion is no substitute for tax authority. If they give you incorrect advice and you rely upon it you are responsible for the tax, penalty, and interest that results from an audit. | |
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1031 Exchange of Livestock
