Refer to the Ethics & Equity information reflected on page 13-25 of the textbook. Prepare a discussion board post commenting on whether the IRS should accept Randalls attempt to comply. Your discussion will include references to outside information as necessary. You should also respond to two other discussion board responses.

Topic: Week 12 Discussion Boa x C Get Homework Help With Che X C Chegg eReader GRefer to "The Big Picture" at th x GRefer to the "Ethics & Equity" + C chegg.com/reader/9780357109700/610/ Search keywords, chapter or page # a Identification Period 0 45 Days 180 Days Ciri Exchange Period: 180-Day Maximum ETHICS & EQUITY A Delayed 1031 Like-Kind Exchange: If at First You Don't Succeed, Try Again Randall owns an office building (adjusted basis of $250,000) that he has been renting to a group of physicians. During negotiations over a new seven-year lease, the physicians offer to purchase the building for $900,000. Randall accepts the offer with the stipulation that the sale be structured as a delayed $ 1031 transaction. Consequently, the sales proceeds are paid to a qualified third-party intermediary on the closing date of September 30, 2019. On October 2, 2019, Randall properly identifies an office building that he would like to acquire. Unfortunately, on November 10, 2019, the property Randall selected is withdrawn from the market. Working with the intermediary, on November 12, 2019, Randall identifies another office build- ing that meets his requirements. The purchase of this property closes on December 15, 2019, and the title is transferred to Randall Randall treats the transaction as a like-kind exchange. Even though the original office building identified was not acquired, Randall concludes that in substance, he has satis- fied the 45-day rule. He identified the acquired office building as soon as the negotiations ceased on his first choice. Should the IRS accept Randall's attempt to comply? 13-4C Boot It is unusual to find like-kind transactions where the value of the property given up is exactly equal to the value of the property received. In most situations, one party normally provides some other property (e.g., cash) to even out the exchange. When a taxpayer in a like-kind exchange gives or receives some property that is not like-kind property, gain or loss recognition may occur. Property that is not like-kind, including cach ie referred to as haat Although the term hent does not annear in the Code Topic: Week 12 Discussion Boa x C Get Homework Help With Che X C Chegg eReader GRefer to "The Big Picture" at th x GRefer to the "Ethics & Equity" + C chegg.com/reader/9780357109700/610/ Search keywords, chapter or page # a Identification Period 0 45 Days 180 Days Ciri Exchange Period: 180-Day Maximum ETHICS & EQUITY A Delayed 1031 Like-Kind Exchange: If at First You Don't Succeed, Try Again Randall owns an office building (adjusted basis of $250,000) that he has been renting to a group of physicians. During negotiations over a new seven-year lease, the physicians offer to purchase the building for $900,000. Randall accepts the offer with the stipulation that the sale be structured as a delayed $ 1031 transaction. Consequently, the sales proceeds are paid to a qualified third-party intermediary on the closing date of September 30, 2019. On October 2, 2019, Randall properly identifies an office building that he would like to acquire. Unfortunately, on November 10, 2019, the property Randall selected is withdrawn from the market. Working with the intermediary, on November 12, 2019, Randall identifies another office build- ing that meets his requirements. The purchase of this property closes on December 15, 2019, and the title is transferred to Randall Randall treats the transaction as a like-kind exchange. Even though the original office building identified was not acquired, Randall concludes that in substance, he has satis- fied the 45-day rule. He identified the acquired office building as soon as the negotiations ceased on his first choice. Should the IRS accept Randall's attempt to comply? 13-4C Boot It is unusual to find like-kind transactions where the value of the property given up is exactly equal to the value of the property received. In most situations, one party normally provides some other property (e.g., cash) to even out the exchange. When a taxpayer in a like-kind exchange gives or receives some property that is not like-kind property, gain or loss recognition may occur. Property that is not like-kind, including cach ie referred to as haat Although the term hent does not annear in the Code