The current method of accelerated asset depreciation in the United States is known as the Modified Accelerated Cost Recovery System (MACRS).  MACRS divides all assets into classes which dictate the number of years over which an asset's cost will be recovered.

Mass Asset Exchanges

These types of exchange are also known as LKE Program exchanges.  They are typically utilized when a taxpayer has high volume sales and purchases.  The paperwork associated with high volume exchanges can be minimized by structuring mass asset exchanges under the LKE Program Revenue Procedure, 2003-37.

Master Exchange Agreement

In connection with LKE Program or Mass Asset Exchanges, under IRS Rev. Proc. 200-37, a taxpayer may enter into a single exchange agreement with the qualified intermediary which will have an ongoing effect rather than the necessity of entering into a new exchange agreement in connection with every sale of relinquished assets.

Master Lease

In the context of reverse exchange administration a Master Lease between the Exchange Accommodation Titleholder as Lessor and the taxpayer as Lessee, is often used in order for taxpayer to be able to sublease the property to the actual property tenants. This removes the need for the Exchange Accommodation Titleholder from having any interaction with the property tenants.  If also puts responsibility on the taxpayer to pay for utilities, taxes and insurance.

Mixed Use

Mixed use is the use of a single property for both personal use and also as an investment or for use in a business or trace. An example would be farm land upon which is the farmer's home and the farming acreage.


A debt instrument that is secured by real estate collateral that the borrower is obligated to pay back over a period of time with a predetermined set of payments, which include both the loan and interest.

Mortgage Servicer

An entity that is responsible for the day-to-day management of a mortgage loan account, including collecting and crediting monthly loan payments, and handling your escrow/impound funds.