Fund Members

FLORIDA EXCHANGE

Fund Members

Fund Members are attorney/agents of Attorneys' Title Insurance Fund, Inc. and are uniquely qualified to assist clients in completing real estate transactions. Fund Members provide important preparation, analysis, guidance and support to their clients who own property held for investment or in a trade or business and who may be considering using the property in a like-kind exchange under IRC §1031.

In concert with Florida Exchange (which provides the like-kind exchange documentation and Qualified Intermediary services) and Attorneys' Title (which provides escrow services through its Escrow Operations Department and title insurance through its agents and underwriters), Fund Members are able to advise clients and coordinate the exchange process from beginning to end.

The following are preliminary issues to investigate and discuss when evaluating real property transactions for a like-kind exchange. The earlier that a land owner consults with a Fund Member, the more likely it will be that the strict regulations governing exchanges can be satisfied.

Issues:

	Is the property being sold (the "Relinquished Property") currently "held" for investment or for use in a trade or business?
	Will the Exchanger realize a taxable gain on the sale of the Relinquished Property?
	Does the owner (the "Exchanger") intend to hold the property to be acquired (the "Replacement Property") for either of the same purposes?
	Can the taxable gain on sale be deferred via a like-kind exchange?
	Does the Exchanger intend to "take back paper" (Seller financing) from the Buyer of the Relinquished Property?
	Has the Exchanger found property of a like-kind that can be acquired as Replacement Property in an exchange?
	Is the Exchanger prepared to put the entire cash proceeds from the sale of the Relinquished Property into the acquisition of the Replacement Property?
	Is the Exchanger a partnership and, if so, are all of the partners willing to participate in the exchange?
	Is the Buyer of the Relinquished Property or the Seller of any Replacement Property "related" to the Exchanger?
	Is the exchange transaction more likely to be a simultaneous, deferred, build to suit or reverse exchange?

Florida Exchange assists Fund Members in the analysis of the information gathered and in determining whether the owner can qualify the transactions for treatment as a like-kind exchange. For those who qualify under the IRS regulations, Florida Exchange assists in structuring the exchange and acts as the Qualified Intermediary.

Persons interested in like-kind exchanges should always seek tax advice.

The information contained in these web pages is not intended to be, and should not be considered or relied upon as, legal, tax or accounting advice. These web pages are only intended to be a general treatment of the subject matter and the reader agrees, by accessing these pages, that neither Florida Exchange nor any other person or entity shall have any liability arising from the information presented. Each reader who does not agree with the foregoing release of liability is directed to exit these web pages immediately.

The general information provided in these web pages is subject to exceptions, additions, interpretation, and changes to the statutes, regulations and case law, by Congress, the courts, and the Internal Revenue Service. The general information provided in these web pages is also subject to facts that are specific to each reader and which are therefore clearly outside the scope of these pages.

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                                             Copyright © 2008 FEC SERVICES, LLC. All rights reserved.
                                             Last modified: 08/19/2008