Trading Up, Saving Taxes
- Author: Terry Johnson
- Pub. no.: ASG-32
- Year: 1994
- No. pages: 4
- Price: Single copies free, multiple copies $0.30 US each
- DOI: 10.4027/tust.1994
PDF version: Trading Up, Saving Taxes [full text, 252 KB].
Description
Fishermen who have their heart set on a bigger boat or a different fishery can avoid substantial taxes by trading up instead of selling and buying. This article explains how to defer capital gains taxes on the sale of an old vessel or permit by the exchange of "like-kind property" under Section 1031 of the federal tax code. Reprint of an article in Pacific Fishing, December 1993.
