The AED- and AEM-backed Start Us Up USA campaign, which we noted on the 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 Blog last week, will stage a massive demonstration on the National Mall in Washington, DC this Wednesday to call lawmakers' attention to the state of the heavy equipment and construction industries, which the organization says are in a full-blown depression. According to a joint AED/AEM/Start Us Up USA release:
To make their point, equipment dealers, manufacturing representatives, labor leaders and others will stage a rally of the Start Us Up USA! campaign on the National Mall against a backdrop of idle construction equipment and surrounded by a sea of 5,500 orange flags - each one representing 100 jobs already lost in this industry. The equipment caravan, displaying Start Us Up USA! banners and waving orange flags, will parade the major streets surrounding the National Mall and Capitol Hill throughout mid-day after cruising past the campaign rally in progress.
WHY: Scarcity of new federal funding for transportation improvements is contributing to a deep depression and significant job loss in the construction equipment industry. In fact, eight percent - or two out of every 25 jobs lost since the start of the recession - can be traced to this ailing industry. The current law that funds the majority of our nation's transportation investments is just days from expiring on October 31, and Congress and the administration have yet to move on a new multi-year reauthorization bill. Leaders in the Start Us Up USA! campaign are calling for enactment of a new transportation bill before the spring construction season begins in early 2010.
For more information contact Charlotte Seigler (202.289.2001 or firstname.lastname@example.org) or visit the Start Us Up USA Web site.