Accruit EVP Max Hansen charts the evolution and passage of the 2017 Tax Reform Act and its impact on property exchanges under Section 1031 of the 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 in a program conducted by Northwest Farm Credit Services for its loan officers at Fairmont Hot Springs Resort near Anaconda, Montana. Max will also discuss the current state of real property exchanges and some of the recurrent issues faced by ag lenders and their customers.
Northwest Farm Credit Services (Northwest FCS) is a financial cooperative providing financing and related services to farmers, ranchers, agribusinesses, commercial fishermen, timber producers, rural homeowners and crop insurance customers through 44 branch offices in Montana, Idaho, Oregon, Washington and Alaska. Northwest FCS is a member of the Farm Credit System that supports agriculture and rural communities with reliable, consistent credit and financial services.
In his previous role as President and CEO of American Equity The transfer of the relinquished property to the Qualified Intermediary, and the receipt of the replacement property from the Qualified Intermediary is considered an exchange. To be compliant with IRC Section 1031, the transaction must be properly structured, rather than being a sale to one party followed by a purchase from another party. Exchange , Max worked with Northwest FCS customers as they use 1031 exchanges to expand and diversify their operations. Max and the Accruit organization look forward to a continuing collaboration with Northwest FCS and its customers.