The taxable amount of other property received by a company as part of a nontaxable like-kind exchange of real estate was slashed in a California Office of Tax Appeals opinion released Monday.
EWV LLC rolled the proceeds from the $13.4 million sale of a property in Pasadena, Calif., into its $54.5 million purchase of an office park in Renton, Wash. A three-judge OTA panel reduced the Franchise Tax Board’s calculation of $5.53 million in taxable boot related to the sale to $880,000 after removing amounts held in escrow for tenant and capital improvements to the new property.
The federal tax ...
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