Maximize the tax benefits allowed under IRS Code Section 1031 and increase your bottom line with Like-Kind Exchange Matching (LKEM). Designed for companies that have significant operations in the retail leasing of personal property, such as vehicles and computers, LKEM allows for the deferment of the recognition of gain on the sale (relinquishment) of leased property.
LKEM helps maximize after-tax profitability through the application of like-kind exchange tax laws.
- Imports data from your production lease accounting application and uses a series of batch processes to perform matching.
- Provides a convenient system to categorize leased equipment based on eligibility as replacement or relinquished property
- Matches vehicles and tracks details of each exchange for the purpose of creating a tax benefit.
- Provides flexibility to match multiple assets in a single transaction in order to maximize gain deferral.
- Allows matching criteria customization and user-defined asset classifications.
- Facilitates assignment of user access at various levels.
- Enables client to determine in-house implementation or outsourcing
LKEM supports the quarterly estimated payment process and the annual income tax return process.
- Calculates MACRS and AMT depreciation for Federal and California requirements.
- Support short-year depreciation.
- Generates necessary reports to be delivered to IRS for annual income tax reporting as well as a full range of useful administrative reports.
- Provides information for quarterly estimated tax payments.
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