qualified intermediary


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qualified intermediary

A person or entity permitted to hold funds in a 1031 exchange, which is a vehicle for selling a property and buying a replacement property, thereby deferring payment of taxes until sale of the second property. Anyone may be a qualified intermediary as long as that person does not fit the description of a disqualified person.Disqualified persons are those who are the agent of the taxpayer at the time of the exchange or who acted as an agent for the seller at any time in the 2 years prior to the exchange.See 1031 exchange for the mechanics of the transaction.

References in periodicals archive ?
After rejecting several properties in its attempt to find suitable like-kind property and with the closing date drawing near, Ocmulgee Fields assigned its rights to sell Wesleyan Station to Security Bank, a qualified intermediary, which in turn sold the property to the trusts.
Assign his or her rights to an underlying real estate sales contract to the qualified intermediary,
Under agency limitations, a qualified intermediary may not be the taxpayer or a related party who falls within the definition of a "disqualified person.
Harry carefully identified his replacement property and sent the Qualified Intermediary an identification notice within the 45 calendar day period reguired by the regulations.
2000-37 is similar to a qualified intermediary within the meaning of Treas.
In accordance with section 1031 a taxpayer must appoint a Qualified Intermediary on such transactions in order to appropriately comply with the tax code.
Organizations need a blend of the right software, tax expertise and a qualified intermediary (QI) in order to institute a LKE program that will help them realize the biggest savings.
A qualified intermediary (QI) is a foreign financial intermediary (or foreign branch of a U.
The like-kind exchange process requires the participation of a Qualified Intermediary and an escrow agent.
The most important aspect of an LKE program is the use of a qualified intermediary (QI) in the sales and purchasing process.
The revenue procedure used an example of a taxpayer selling low-basis relinquished property through a qualified intermediary to an unrelated third party and then buying high-basis property through an intermediary from a related party.
One of the Nation's Leading Providers of 1031 Qualified Intermediary Services Now Operates Under a New Name

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