Call for Nominations - FEA Board of Directors
|
|
|
The FEA is now accepting applications for Board of Director positions for the three-year term beginning in 2020-2021.
Consider volunteering your time to assist the §1031 industry through service on the FEA Board of Directors. We are seeking Board applicants who...
|
|
|
GAC Update:
Biden Presidential Campaign, Think Tanks Target Section 1031
|
A recent analysis by the Urban Institute-Brookings Tax Policy Center of presidential candidate and former Vice President Joe Biden’s tax plan has taken aim at Section 1031. The Tax Policy Center based its analysis of the Biden tax plan on the assumption that the campaign’s proposal to “eliminate certain tax preferences for the real estate industry” includes the repeal of like-kind exchanges.
|
|
|
Tax Update: GLUCK V C.I.R. (T.C. Memo. 2020-66) (May 26, 2020).
|
In 2012, the taxpayer exchanged into replacement property that was described as a 25% interest in an apartment building. It is not clear from the facts if legal title to the apartment building was in fact held as a tenancy-in-common (TIC), but the purchase agreement described it as a TIC. The prior owners of the apartment building had entered into a written TIC agreement in 1992. However, they had been filing an IRS Form 1065 partnership return for the property since at least 1967 under the name “Greenberg & Portnoy” (G&P). A partnership tax return was also filed for 2012 by G&P, the year of the taxpayer’s acquisition of his interest. The 2012 Form 1065 reported that G&P owned of 100% of the building, and the taxpayer was issued a K-1 for a partnership interest. The taxpayer ignored the K-1 and filed an IRS Form 8824 with his 2012 IRS Form 1040, representing that he had acquired a direct percentage interest in the apartment building as replacement property in his exchange.
|
|
|
FEA Annual Conference 2020 Update
|
FEA remains true to its members and mission and is staying informed about the ongoing situation. We are in communication with the Palmer House in Chicago and our FEA Leadership Team. The FEA Conference Planning Committee is committed to providing continuing education hours to its members in 2020.
Updates about the 2020 FEA Annual Conference will be available mid-June on its website at www.1031.org. If additional details emerge before then, we will email our membership.
For updates about COVID-19, we recommend you go to the direct source of information like the Centers for Disease Control (CDC)
www.cdc.gov
, the World Health Organization (WHO)
www.who.int/
, and your local health organization and governmental entities. As always, don't hesitate to reach out if you have any questions. Denise Hoffman, CMP, Event Management Professional
meetings@1031.org
.
|
|
|
The CES® Council is diligently monitoring the current situation and the ever- changing guidance as it pertains to travel and the ability to administer the CES® exam. At this time, the CES® Council still has plans to administer the exam on September 23, 2020 in some capacity and is excepting applications. Learn more about how you can become a Certified Exchange Specialist® on the CES® website at www.1031ces.org. The CES® Council will send out information should any changes to the exam occur.
|
|
|
Educational Article Provided by FEA Affiliate Member NexTrend Securities Inc
|
How DSTs Can Help the Exchange Accommodator During the COVID-19 Pandemic
Many clients during this unprecedented COVID-19 pandemic are having problems identifying and closing replacement properties. Problems include having their deals fall apart, buyers backing out, banks not loaning money and the inability to properly inspect properties. How much of this will be resolved by the IRS 1031extended deadline of July 15, 2020?
|
|
|
 |
1031 Financial
321 West 44th Street, Suite 200
New York, NY 10036
(917) 887-0166 by appt.
|
|
|
|
Realized Holdings, Inc.
111 Congress Avenue Suite 1000
Austin, TX 78701
(877) 797-1031
|
|
|
|
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
Alma Bank
(718) 663-5335
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
ExchangeRight Real Estate, LLC
(855) 317-4448
First Foundation Bank
(949) 468-8559
Four Spring Capital Trust
(732) 749-7339
Independent Bank of Texas
(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
Millwork Commercial
(801) 899-1943
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
Realized Holdings LLC
(512) 827-3651
Robbins May & Rich, LLP
(910) 692-4900
Seacoast Commerce Bank
(760) 550-2030
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
Wilmington Trust
(302) 636-6019
|
|
|
Greetings from Carol Hayden, Al Caporale and Toija Beutler – heading up the Membership Committee!
As we have followed up with non-renewing regular members…while they value membership in, and the important work of, the FEA…they have told us that they document just a few exchanges each year and the dues were cost prohibitive for their small operation. After much discussion the Board recently voted to set dues for smaller QIs, defined as two or fewer full-time equivalent staff, at the $2,000 first time member rate.
We are hoping this new rate will bring former members back. There is strength in numbers and we are going to need everyone working together as we look beyond the elections.
|
|
|
FEC Exchange Services, LLC
West Palm Beach, FL
(Regular)
|
|
MNM Partners, LLC
Redwood City, CA
(Affiliate)
|
|
From the FEA Executive Director's Desk
|
|
|
Your FEA Board of Directors has been working hard on the association’s governance, policies and practices. A new Code of Conduct Policy was approved at the May board meeting. FEA is committed to providing a safe, productive, and welcoming environment for all meeting participants and FEA staff. All participants, including, but not limited to, attendees, speakers, volunteers, exhibitors, FEA staff, service providers, guests and others are expected to abide by this Meeting Safety and Responsibility Policy and Code of Conduct Policy Against Discrimination and Harassment (“Policy”). This Policy applies to all FEA meeting-related events, including those sponsored by organizations other than FEA but held in conjunction with FEA events, in public or private facilities.
|
|
|
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
|
|
|
|
|
|
|
|
