SAFE HARBOR RULES FOR REVERSE EXCHANGES.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. recently announced safe harbor rules safe harbor rule Antitrust law A federal guideline as to what constitutes antitrust activity, established by the FTC and Justice Dept, after specific legislation–which might be open to misinterpretation–is enacted. Cf Self-referral. for IRC (Internet Relay Chat) Computer conferencing on the Internet. There are hundreds of IRC channels on numerous subjects that are hosted on IRC servers around the world. After joining a channel, your messages are broadcast to everyone listening to that channel. Sec. 1031 exchanges where replacement property is acquired before the relinquished property is transferred. Rev. Proc. 2000-37 states the IRS will not challenge certain aspects of a reverse-Starker exchange if the property is held in a "qualified exchange accommodation arrangement." During the nine years since regulatory guidance for deferred exchanges was promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. , many different methods of reverse like-kind exchanges have been developed. The new Rev. Proc. provides taxpayers with a means of qualifying their transactions by allowing them to treat the accommodating party in certain ''parking transactions'' as the owner of the property. The Rev Proc. is posted on the IRS Web site at: http://ftp.fedworld.gov/pub/irs-drop. |
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