On Friday, March 30, Accruit's Martin Edwards and Jordan Born joined other members of the Federation of Exchange Same as intermediary, facilitator, or Qualified Intermediary. The party who facilitates a tax-deferred exchange by acquiring and selling property in an exchange to aid the taxpayer in complying with Section 1031 and all applicable rules. Accommodator s (FEA) in a meeting with Rep. Raja Krishnamoorthi (D-IL-8) to discuss 1031 like-kind exchanges and their value to economy.
Like-kind exchanges have persisted in the tax code for nearly 100 years because of their benefits to the United States economy and to the local economies in which they are transacted. Economic studies by Ernst & Young and Ling & Petrova underscore the potential negatives to the economy of the repeal of Section 1031.
Rep. Krishnamoorthi, who met with the FEA members in his Schaumburg, IL district office, expressed his belief that there is currently broad bipartisan support for like-kind exchanges in Congress.