to spend $150 billion over the next decade to promote energy from the sun, wind and other renewable sources as well as energy conservation. Plans include raising vehicle fuel-economy standards and subsidizing consumer purchases of plug-in hybrids. Obama wants to weatherize 1 million homes annually and upgrade the nation's creaky electrical grid. His team has talked of providing tax credits and loan guarantees to clean-energy companies.
His goals: create 5 million new jobs repowering America over 10 years; assert U.S. leadership on global climate change; and wean the U.S. from its dependence on imported petroleum.
Accruit is seeing more and more California construction companies utilizing 1031 exchanges to sell off old equipment. These outdated assets don't meet California's strict new emissions laws so companies are buying new, greener replacement equipment.Everyone agrees that going green is good for the environment, but the cost of doing so can take a bite out of a company's bottom line. For example, if a demolition company sells just one fully depreciated loader for $60,000, they're going to owe the IRS approximately $21,000 in taxes.
There are a number of ways in which a software-based process helps you, and addressing them all at once might be too much for one sitting. So let's call this part one of a series.
Multiple states have recently passed laws regulating Qualified Intermediaries, and we've now made the text of these bills available for download.
If you've done a 1031 real estate like-kind exchange you know that the "like-kind" definition simply means investment real estate for investment real estate. For example, you can exchange a condo for a duplex, or a duplex for an apartment building, or a single family residence for bare land - you get the picture. But when it comes to "personal property" (the IRC term for tangible, non-real estate assets) the restrictions on what determines like-kind property narrow and can sometimes be a pain in the neck. For example, if you sell a light duty truck you can't replace it with a car, or can you?