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October 2016 » Selecting a Qualified Intermediary...
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Richard Ray, PhD, CPA, and Nicholas C. Lynch, PhD
In BriefUnder Internal Revenue Code (IRC) section 1031, direct swaps can be difficult to accomplish because the parties may not each have something the other wants. To facilitate exchanges, IRC section 1031 allows taxpayers the use of a qualified intermediary (QI) to avoid the difficulties of locating direct swaps. This article discusses the rules under section 1031 surrounding the QI, as well as the role of the QI, federal and state oversight of the QI industry, and guidance for CPA advisors in the selection of a QI.
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