Exeter News Wire
William L. Exeter
President and Chief Executive Officer
Exeter 1031 Exchange Services, LLC
FOR IMMEDIATE RELEASE
IRS's Office of Chief Counsel Issues Informational Letter on 1031 Exchange Failures
IRS Letter Discusses Tax Consequences on 1031 Exchanges Failures Due to the QI Failing
June 27, 2008--San Diego, California--The IRS's Office of Chief Counsel issued an informational letter (Letter No. 2008-0021) regarding the income tax consequences of a failed 1031 exchange transaction due to the failure of the Qualified Intermediary also referred to as QI.
The IRS was responding to a inquiry made by Congressman Delahunt of Massachusetts on behalf of his constituents that had lost money through a failed 1031 exchange because their Qualified Intermediary had failed and filed for bankruptcy protection.
You can read the rest of the news release here.