Today our sister website, Tax-Charts.com, published a free flowchart regarding Code §357 and the assumption of liabilities in Code §351 or §361 exchanges. The flowchart determines when the assumption of liabilities in such exchanges is treated as "boot."
There are now ten free flowcharts available at Tax-Charts.com:
- Section 83: Rev. Proc 93-27 Taxation of Profits Interest
- Section 302: Distribution in Redemption of Stock
- Section 351 Exchange: Transfer to Corporation Controlled by Transferor(s)
- Section 351(g): Nonqualified Preferred Stock
- Section 357: Assumption of Liabilities in Certain Exchanges
- Section 736: Payments to a Retiring Partner or a Deceased Partner's Successor in Interest
- Section 894: Limitation on Benefits: Mexico-U.S. Income Tax Treaty
- Section 1298(f) Annual PFIC Reporting Requirements
- Section 7701: Rev. Proc. 2009-41 - Relief for Late Entity Classification Elections
- Attorney-Client Privilege
