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Simple English definitions for legal terms

like-kind property

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A quick definition of like-kind property:

Like-kind property refers to a type of property that can be used in a 1031 exchange to delay paying taxes on capital gains. Normally, when you sell an investment property, you have to pay taxes on any profit you made. But with a 1031 exchange, you can use the money from selling your property to buy a new property that is similar in type and value, and you won't have to pay taxes on the profit until you sell the new property. The new property has to be chosen within 45 days and purchased within 135 days, and it has to cost the same amount or more than the original property. Only real estate can be used in a 1031 exchange, and personal residences don't qualify.

A more thorough explanation:

Definition: Like-kind property refers to property that meets the requirements of a 1031 exchange, which allows investors to defer capital gains taxes by reinvesting the proceeds from the sale of an investment property into a new, similar investment property.

For example, let's say an investor sells a rental property for $500,000 and has a capital gain of $100,000. Normally, they would owe taxes on that gain. However, if they use the proceeds to purchase another rental property within a certain timeframe, they can defer paying those taxes.

The new property must be considered "like-kind," which means it must be similar in nature and use to the original property. This can include any type of real estate used for investment purposes, such as rental properties, commercial buildings, or undeveloped land.

It's important to note that the new property must be identified within 45 days of the sale of the original property, and the purchase must be completed within 135 days. Additionally, the new property must be of equal or greater value than the original property.

Overall, like-kind property is a valuable tool for investors looking to defer capital gains taxes and reinvest in similar properties.

LIFO accounting | likelihood of confusion

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KnowledgeableRitzyWasp
22:34
kfc or popeyes
KnowledgeableRitzyWasp
22:34
or korean with gochujang
KnowledgeableRitzyWasp
22:35
i might order some gochujang sauce on amazon and cook some air fried chicken breast filets, they’re really good
KnowledgeableRitzyWasp
22:35
just letting you guys know :)
Mohammed
0:14
Where I can find the definition of the false-endowment?
jb2028
11:14
@Mohammed: False-endowment?
reelamsyar
12:05
guys, im making a public speaking with the topic of personal choice in nuisance. Can you give me what to talk about
babybunny
12:47
what does this mean? you get to pick a topic but it has to be about nuisances?
TruthTheX
13:16
Yeah I also don’t know what this means ngl
Obtainingdreams
14:58
Do you think you can use being on the Harvard Wl to ask for more money? Like say you'll withdraw if they give you more?
jb2028
16:14
@Obtainingdreams: Unlikely
jb2028
16:19
If 1 in 10 Harvard waitlistees in their class of 2027 get into HLS (average A % off the HLS waitlist), the school is better served by offering that student more $ than offering the other 9 in 10 more $ than they have to and the one that gets into HLS less than they need to
NaughtyTeenyWeenyPebble
16:32
what do you guys think about the HLS WL? DO you think they're gonna give out a decent amount of A's still?
cclaw
17:15
no
[] ararara
17:38
Thanks JB 🦸‍♀️! For everybody out there stressing law school decisions, hang in there!
HurriedNippyPirate
18:42
What do people think about ND
jb2028
18:42
@NaughtyTeenyWeenyPebble: Looking at last cycle's stats, 16 people logged the date of their HLS waitlist offer and 6 of those were made by 5/19 (the other 10 came later). It's a small sample, and every cycle is different, but it's entirely possible more WL offers are coming
babybunny
18:52
ban me again, for old times’ sake? 😘
NaughtyTeenyWeenyPebble
20:01
I deposited at Columbia but I just want to know if I should start looking for apartments or if I'm going to get an offer from harvard. so stressful
KnowledgeableRitzyWasp
20:02
you kind of have to be ready to drop everything for harvard while going forward with apartments for columbia
Aranet123
20:50
Is it worth writing a second LOCI for HLS?
KnowledgeableRitzyWasp
21:06
you want to write an loci about once a month
[] abbas24
22:33
best tips for studying for Lsat and Applications going into senior year? feel like im so behind but know thats just my mind
[] abbas24
22:34
also tips while having a lower than outstanding gpa? My records show great progression though
jb2028
22:47
1. Spend the time on the LSAT early, if you can hit your target score this summer it will free up lots of time for essays etc. later when things are busy
jb2028
22:50
2. Depending on the schools you're looking at, being at/above LSAT median can be enough. The higher you can get your GPA, the better, but half the class is going to be at/below each median - that's how medians work
jb2028
22:52
If you're above a median (particularly LSAT median) and the other stat isn't way below, numbers alone won't keep you out. Past that point, softs/essays/recs are what gets you in.
jb2028
22:54
YMMV, it will matter what "lower than outstanding" means (3.7? 3.3?)
jb2028
22:59
And what schools you're thinking of
BankruptcyAndRestructuringLawIsCool
2:20
Can't start a fire. You can't start a fire without a spark. This gun's for hire. Even we're just dancing in the dark. You sit around getting older. There's a joke. It's wild and it's on me. I shake this world off my shoulders. Come on, baby, the laugh's on me.
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