First Nations Tax Deferred Exchange Corp.
Bank of Bourbonnais has teamed up with First Nations Tax Deferred Exchange Corp.
to offer qualified intermediary services for IRS Section 1031 Exchanges.
Generally, gains from exchanges of real and personal property are recognized for tax purposes. However, some types of exchanges do not give rise to taxable gain or deductible loss where there is an exchange for qualified like-kind property. Under the Internal Revenue Code (IRC) Section 1031 (the Code), no gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like-kind which is to be held either for productive use in a trade or business for investment, as long as the taxpayer is not in the actual or constructive receipt of money or other property before the taxpayer received like-kind replacement property.
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First Nations Tax Deferred Exchange Corp.’s primary business is to facilitate tax-deferred exchanges by entering into an Exchange Agreement with taxpayers. We hold the cash from the sale of relinquished property in a qualified escrow account established by First Nations Tax Deferred Exchange Corp., the taxpayer and Bank of Bourbonnais until the replacement property is acquired.