Federally Declared Disaster

Also known as a “Presidentially Declared Disaster”. Defined within the Internal Revenue Code as “any disaster subsequently determined by the President of the United States to warrant assistance by the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.”  The Internal Revenue Service has the sole authority to grant Like-Kind Exchange deadline extensions related to Federally Declared Disasters.

Fee Simple

The greatest possible estate in land, wherein the owner has the right to use it, exclusively possess it, commit waste upon it, dispose of it by deed or will, and take its fruits. A fee simple represents absolute ownership of land, and therefore the owner may do whatever he or she chooses with the land.

Franchise Exchanges

This refers to exchanges involving franchises where the furniture, fixtures, equipment and franchise rights associated with franchise locations being sold are exchanged for like-kind assets located at different franchise locations being acquired.