Discussion:1031 Oil and Gas Partnership Exchange
From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Advanced Tax Questions --> 1031 Oil and Gas Partnership Exchange
Discussion Forum Index --> Tax Questions --> 1031 Oil and Gas Partnership Exchange
Spinner1020 (talk|edits) said: | 16 June 2008 |
| A client wishes to exchange an working interest in an underperforming well from an oil and gas partnership with two 0.25% working interest in two other wells and was told by the Oklahoma company that in addition to the tax-free exchange, he "may be able to charge off the remaining basis in the well he is removing". Can someone please explain this to me? I thought in a 1031 exchange that the basis of what you are giving up transfers over to the property you are acquiring. I have done some basic research and see that you can do a 1031 exchange for oil and gas properties so long as the production payment is not separated from the rest of the transaction. This is not something I am used to seeing in Boston! | |
To join in on this discussion, you must first
log in.
