Some spelling errors were discovered after this newsletter was initially sent, please enjoy the corrected copy of the newsletter. |
|
Welcome New Board Member – Amanda Schmunk |
Amanda Schmunk, originally from Colorado, grew up in Sioux Falls, South Dakota. She went to South Dakota State University (Go Jacks!) for her Bachelor’s degree, graduating in 2015, and then attended the University of South Dakota School of Law, graduating in 2018. She started working in the 1031 industry right away, and is currently the Vice President of Homestead Escrow and Exchange Company. She and her husband, Joe, have a Bluetick Coonhound named "Dutch" and together they love to travel and spend time with their families. |
|
|
Congratulations to Five New CES® Designees! |
|
|
Jana Bosley, CES®
FirstBank 1031 Corporation
1707 N Main Street, Longmont, CO
|
|
Ariel Messian, CES®
Peak 1031 Exchange, Inc.
Woodland Hills, CA 91367
|
|
|
Faith Graf, CES®
Legal 1031 Exchange Services, LLC
Melville, NY 11747
|
|
Michaela S. Schilling, CES®
Investors Title Exchange Corporation
Chapel Hill, NC 27514
|
|
|
Carol A. Vining, CES®
Maine Exchange Services, LLC
Portland, ME
|
|
|
|
45 Day and 180 Day Postponements for Disaster Areas in West Virginia |
The IRS has issued postponements of the 45-day and 180-day deadlines as follows: Boone, Cabell, Kanawha, Lincoln, Logan, Mingo, and Wayne counties for storms that began on February 27, 2021.
The Disaster Date is in bold above. (Note that some disasters occur on a single date; others, such as flooding, occur over a period of days and the Disaster Date above is preceded by beginning or began.)
The Covered Disaster Area is the counties or parishes listed above. [Please check the IRS disaster website periodically at the address listed below for updates because the FEA does not send out notices for each disaster or for counties added to ongoing disaster extensions.]
|
|
|
FEA is continuing to mount an aggressive Section 1031 advocacy campaign in response to President Biden’s proposed $500,000 cap on deferred gain from like-kind exchanges as a means to pay for his American Families Plan. On May 28, the president released his FY2022 budget proposal. The proposal includes “the deferral of gain up to an aggregate amount of $500,000 for each taxpayer ($1 million in the case of married individuals filing a joint return) each year for real property exchanges that are like-kind.” The proposal also states it “would be effective for exchanges completed in taxable years beginning after December 31, 2021.” |
|
|
IRS CCA 202118016 – “Monetized Installment Sale” Transactions
|
By: Lee David Medinets, Esq., CES®
Taxpayers, their attorneys and their accountants work diligently to find creative alternatives to IRC § 1031 exchanges that achieve the benefit of selling appreciated property without paying capital gains taxes. One method that has been highly promoted in the last few years has been the monetized installment sale transaction. IRS Chief Counsel Advisory 202118016, 2021 WL 1854328, which appears to have been originally drafted on October 31, 2019 and publicly released on May 7, 2021, addresses whether a monetized installment sale transaction is a viable tax strategy.
|
|
|
Revolution X (Affiliate)
Bryan R. Cogliano, CFP / Benjamin C. Gateman / Elaine Greet
Berwyn, PA
|
|
|
Luther Burbank Savings
514 Via de la Valle, Suite 203
Solana Beach, CA 92075
(858) 436-1830
|
|
190 Willis Avenue Mineola
Mineola, NY 11501
(516) 747-0300
|
|
FEA thanks our Affiliate Members for their support of our FEA members and the 1031 exchange industry. In return, FEA members are encouraged to support our Affiliate Members. |
|
|
1031 Investment Services LLC
(845) 534-6818
Axos Bank
(858) 732-1381
BankUnited
(914) 305-9428
Budget Mortgage Corp.
(410) 458-5747
Capital One
(631) 304-3061
Capital Square 1031
(804) 290-7900 Ext 132
Clark Wealth Strategies, Inc.
(402) 504-3531
Colorado Financial Service Corporation
(303) 962-7267
Customers Bank, CB Private & Commercial BKNG-NY
(212) 843-2488
Effective 1031 Planning
(888) 251-3004
Enterprise Bank & Trust
(760) 550-2030
ExchangeRight Real Estate, LLC
(855) 317-4448
First Foundation Bank
(949) 468-8559
Four Spring Capital Trust
(732) 749-7339
Independent Financial
(469) 301-2791
Inland Real Estate Group
(630) 218-4953
Kay Properties & Investments, LLC
(310) 404-7297
Lockton Insurance Brokers, LLC
(415) 568-4106
Luther Burbank Savings
(858) 436-1830
|
|
Meltzer, Lippe, Goldstein & Breitstone, LLP
(516) 747-0300
Mercer 1031 Consulting, LLC
(866) 773-1031
Millwork Commercial
(801) 899-1943
Montego Minerals
(940) 395-4750
MNM Partners, LLC
(408) 221-3077
MUFG Union Bank, N.A.
(312) 601-3956
Nano Banc
(858) 880-5900
NexTrend Securities Inc.
(972) 661-1283
Northern Bank and Trust
(781) 569-1852
Passco Companies, LLC
(949) 263-7904
Peregrine 1031 Energy Partners
(214) 483-1997
Platform Ventures
(803) 464-4263
Realized Holdings LLC
(512) 827-3651
Robbins May & Rich, LLP
(910) 692-4900
Signature Bank
(646) 822-1946
Stan Johnson Company
(646) 778-5560
Syndicated Equities
(312) 640-9028
Tangible Wealth Solutions
(720) 996-1794
TriState Capital Bank
(412) 304-0464
Umpqua Bank
(818) 254-3492
|
|
|
From the FEA Executive Director's Desk |
|
|
Call for Nominations for the FEA Board of Directors
Please note: FEA is looking for candidates from regular member companies only. The affiliate member seat is currently filled.
IMPORTANT FACTS ABOUT BOARD SERVICE
- Candidates must be an employee of an FEA member in good standing.
- Directors are elected for a three-year term and may serve two three-year terms consecutively.
- The Board consists of 15 directors made up of a cross-section of various company sizes and types of service; geographic and gender representation. It is most desirable if the candidate has experience serving on at least on FEA Committee.
- There are at least six board meetings per year. One of these meetings is held in-person in conjunction with the Annual Conference. The other meetings will be held via conference call on the second Tuesday every other month.
- The Board term begins October 1, 2021. Board members are elected via ballot and ratified at the Annual Membership Meeting held during the Annual Conference.
-
Orientation and review of board expectations, is conducted in late October.
-
All applications along with a recent photo & bio are due by end of day June 15, 2021.
|
|
|
Do you know......FEA's History? You can also read about the past presidents and past award recipients here.
|
|
|
1031 – A Century of Growth
2021 Annual Conference
|
Though we had a great virtual conference in 2020 that offered the same high-quality education and continuing education credits as a live event, we missed interacting with you at receptions full of music, food and laughter. We missed discussing what we learned during sessions at the networking breaks. We missed visiting with our sponsors and learning more about their products and services. We missed the live event! |
|
|
New Threats to Section 1031 Like-Kind Exchanges |
|
The FEA 1031PAC contributes to Members of Congress of both political parties. The FEA 1031PAC is funded by eligible individual employees. To become eligible, individuals must be employed by FEA member companies that have filed a Permission to Solicit form. A Permission to Solicit form is required by the Federal Election Commission before FEA can solicit eligible employees of member companies.
Member companies are only permitted to grant one trade association permission to solicit their employees per calendar year. Contact Lynn Harkin at director@1031.org for more information.
FEA Member Key Contacts can find a Permission to Solicit Form here.
|
|
Federation of Exchange Accommodators
|
|
|
|
|
|
|
|
