Trading Up, Saving Taxes

Trading Up, Saving Taxes

Terry Johnson

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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.

This is part of the Alaska Sea Gram series.

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