New Appointment Reinforces Accruit Team’s Commitment and Leadership Role in Serving the Internal Revenue Code Section 1031 states that "no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held for productive use in a trade or business or for investment." 1031 Exchange Market
Denver, CO – September 13, 2013 – Accruit, LLC, the nation’s leading provider of qualified intermediary (QI) and 1031 Refers to the "nature or character" of the property and not to its "grade or quality." That is, real property held for investment or the productive use in a trade or business may generally be exchanged on a tax-deferred basis for other real property. Personal property held for investment or the productive use in a trade or business may generally be exchanged on a tax-deferred basis for other personal property, provided the personal property is of "like kind" or "like class." Professional tax advice should be obtained when planning exchanges. Like-Kind Exchange (LKE) program solutions, is pleased to announce that its Senior Managing Director, Steve Chacon, has been appointed Treasurer of the Federation of Exchange Accommodators (FEA) and will serve on its Board of Directors.
The FEA, which was formed in 1989, is the LKE industry’s governing body and the only national trade association organized to represent professionals who conduct LKEs under Internal Revenue Code (IRC). The comprehensive set of tax laws created by the Internal Revenue Service (IRS). This code was enacted as Title 26 of the United States Code by Congress, and is sometimes also referred to as the Internal Revenue Title. The code is organized according to topic, and covers all relevant rules pertaining to income, gift, estate, sales, payroll and excise taxes. Internal Revenue Code Internal Revenue Code §1031, including QIs, their primary tax and legal counsel, and affiliated industries.
Chacon, who holds a CPA and a prestigious Certified Exchange Specialist (CES®) designation and has been an active member of the FEA’s Government Affairs Committee for the past year, is looking forward to his new appointment as Treasurer.
“I was honored to be considered for the appointment and even more honored that I was selected,” said Chacon. “I’m looking forward to working with such a well-respected and experienced team, and contributing as one of their peers.”
Chacon brings over 10 years of industry experience to his new role as FEA Treasurer and believes that his continued involvement on the Government Affairs Committee, which is at the forefront of the FEA’s legislative efforts, further reinforces Accruit’s commitment to the LKE industry.
“Steve continues to be a leading expert in the field, and in our company,” said President and CEO of Accruit, Brent Abrahm, who is also an FEA board member and FEA past-president, “We are pleased to see him on the FEA Executive Board and we’re excited to see what his knowledge will bring to the table.”
“The Accruit team is very passionate about defending its clients’ abilities to do 1031 exchanges and helping them conduct their business in the most efficient manner possible,” said Chacon. My work with the FEA is directly related to our client’s bottom line. By actively engaging with federal and state legislators, we can ensure that this tax-saving strategy remains as a benefit for our clientele.”
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