The Internal Revenue Service recently introduced the Tax Exempt Organization Search (TEOS), a new online tool on IRS.gov designed to provide faster, easier access to publicly available information about exempt organizations. It replaces EO Select Check, a more limited tool available since 2012 that focused primarily on providing information on an organization’s tax-exempt status.
"This new tool provides taxpayers an easy way to get information about charitable organizations," said Acting IRS Commissioner David Kautter. "Tax-exempt organizations play a critical role in our nation, and this will provide greater insight for people considering donations." By ensuring the entity you want to donate to is a qualified charitable organization, you are making sure your gift is allowed as a charitable deduction.
Typically when property is sold any gain must be reported as taxable income. IRS Code Section 1031 allows for the deferral of tax of gain on sale of property by so-called like-kind exchanges, also known as 1031 exchanges. They work under the simple premise implied by the name: property is exchanged for like-kind property, and when all the rules are followed any gain that would have been taxable is deferred.
The deferral is allowed because the basis in the newly acquired property is reduced by the amount of gain recognized. Thus, the gain is eventually recognized when the new property is sold, because the decreased basis increases the amount of gain on sale (unless, somehow, the gain is deferred again by another like-kind exchange).
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