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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Big Dog who wrote (40924)	3/28/2005 11:13:31 AM
From: kodiak_bull	Read Replies (1) \| Respond to of 206323

Dog, I think Kollmnh would have that answer for you since he's dealt in land development deals for decades. You might want to p.m. der Kmeister. Raw land may be subject to some specific limitations under the Code (1031 exchanges, for example, or something else), but the basic hurdle for any asset to qualify for capital gains treatment is that it be determined to be a capital asset, that is: "An asset held for more than a year that isn't bought or sold in the normal course of business. Capital assets generally include fixed assets, such as land, buildings, equipment and furniture." If you aren't some sort of raw land broker (I have no idea who would be a raw land broker, btw), then it is likely that you have bought the land for investment purposes, which would make it a capital asset. Here's some general information, but as the Big Boys say, consult your Tax Advisor: nyfc.net in.taxes.yahoo.com Kb