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For additional information, see the IRS instructions for Form 8824 (http://www.irs.gov/pub/irs-pdf/f8824.pdf) or T.D. 9115 - Depreciation of MACRS Property That is Acquired in a Like-kind Exchange or As a Result of an Involuntary Conversion.
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Entering Like-Kind Exchanges
SureFire calculates the basis of the new asset if the box is selected to elect out of the regulations listed under TD 9115. A new Depreciation worksheet should be created to record the basis of the new asset.
For additional information, see the IRS instructions for Form 8824 (http://www.irs.gov/pub/irs-pdf/f8824.pdf) or T.D. 9115 - Depreciation of MACRS Property That is Acquired in a Like-kind Exchange or As a Result of an Involuntary Conversion.
Tags: federal,form