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Heritage of Western Australia Act 1990, Section 33(1)GRANT AGREEMENTHeritage Council of Western Australia and GranteeHeritage Grants Program YEAR1 Grantee initials: Granter initials: This Grant Agreement

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What is section 331?

Section 331 deals with the reporting of gain or loss on the exchange of property that is not solely in kind.

Who is required to file section 331?

Any individual or entity that has engaged in an exchange of property not solely in kind is required to file section 331.

How to fill out section 331?

To fill out section 331, the taxpayer must report the fair market value of the property received, the adjusted basis of the property given up, and any gain or loss realized on the exchange.

What is the purpose of section 331?

The purpose of section 331 is to ensure that gains or losses from exchanges of property not solely in kind are properly reported and taxed.

What information must be reported on section 331?

Information such as the fair market value of the property received, the adjusted basis of the property given up, and any gain or loss realized on the exchange must be reported on section 331.

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