Incur a large income tax liability


Problem: You have a client who is in possession of 1,000 acres of farm ground. The farm ground was purchased 10 years ago for $160,000, and is now worth $2,000,000. The client wishes to sell the farm ground and purchase an apartment building of approximately equal value to his farm ground. How would you suggest your client obtain the replacement property without having to incur a large income tax liability?

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Accounting Basics: Incur a large income tax liability
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