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The Starting Place: The Simple Explanation of a 1031 Deferred Exchange

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By Dal Houston

While many exchanges are complex, the explanation for how a deferred exchange works is a simple one.

Tax Consequences

The first element of an exchange to understand is the tax consequences of the sale of a business, investment and/or productive piece of real estate. There are two aspects that can trigger a tax consequence for the taxpayer.

The first type of taxable event occurs when the present sales value of the property is more than the taxpayer’s initial purchase price. This difference is a capital gain, which is subject to capital gains tax. The second type of taxable event is depreciation recapture, which is when the present sales value of the property exceeds the taxpayer’s adjusted basis in the property. The adjusted basis is the taxpayer’s initial purchase price, with adjustments made from depreciation deductions where the taxpayer has taken on the improvements and additions to the property. It is important to note that depreciation recapture is taxed at the taxpayer’s ordinary tax rate. Obviously, many sales involve both depreciation recapture and capital gains.

To read more, pick up a copy of the November issue of NTFR magazine. To subscribe by mail, call 940-872-5922.

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Country Lifestyles

On the Road with Dave Alexander

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As 2024 begins to unfold and you find yourself looking for something fun to do, why not turn to one of the finest entertainment venues in Cooke County? That would be Butterfield Stage. That’s right, audiences have been entertained by the Butterfield Stage Players for more than 40 years. This wonderful community theater was formed back in 1979 when a few local residents decided to embark on creating a community theater. I believe the best entertainment is live entertainment. So don’t find yourself shut in with an old Hallmark movie or old reruns this year.

To read more, pick up a copy of the February 2024 issue of NTFR magazine.

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Country Lifestyles

Lacey’s Pantry: Grilled Cheese & Tomato Soup Bake

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By Lacey Vilhauer

Ingredients:
3 ounces reduced-fat cream cheese
1 ½ tsp dried basil, divided
12 slices Italian, sourdough or rye bread
6 slices mozzarella cheese
6 Tbsp butter, softened
½ cup tomato paste
1 garlic clove, minced
¼ tsp salt
¼ tsp pepper
1 ¾ cup 2% milk
2 large eggs
1 cup shredded Italian cheese

Directions:
Preheat the oven to 350 degrees. In a small bowl, mix cream cheese and 1 tsp basil until blended and spread onto 6 bread slices. Top with slices of mozzarella cheese and remaining bread slices. Butter exterior of all 12 bread slices. Arrange sandwiches in a greased 9×13 baking dish with at least 2-inch sides. Set aside.

To read more, pick up a copy of the February 2024 issue of NTFR magazine. To subscribe by mail, call 940-872-5922.

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Country Lifestyles

Agriculture’s Ties to Valentine’s Days

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By Dani Blackburn

February 14 has become known as the day of love, celebrated each year with loved ones exchanging roses, chocolate and gifts over candlelight dinners all in the name of St. Valentine. The true origin of the holiday remains a mystery but stems from both Christian and Roman backgrounds.

Today, the holiday pours millions of dollars into the country’s economy. While some tout it as nothing but a commercialized holiday for big business, the numbers prove it provides an economic boost. According to the National Retail Federation, consumers in the United States spent a whopping $25.9 billion on Valentine’s Day in 2023, the highest number reported since 2004.

Consumers were expected to spend an average of $192.80, but they were not only buying for significant others. They also shopped for friends, children’s classmates, teachers, coworkers, and more to make the day special for those they cared about, and none of it would be possible without agriculture.

To read more, pick up a copy of the February 2024 issue of NTFR magazine. To subscribe by mail, call 940-872-5922.

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