My question concerns when someone receives payment from a utility company in exchange for running power lines across the owners land. The land in question is a farm. As I understand it, this is a capital gain and the basis would be the basis for that portion of the land included in the easement. I that correct? Also, is it possible to use the proceeds to buy additional farm land and treat this as a Like- Kind Exchange? If so, do the proceeds need to be deposited with an intermediary or can they simply hold the funds until the purchase is complete? Thanks!
- posted
16 years ago
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