“I was able to do it all through emails from my home. Andy made the process much less stressful. I was on a deadline and he gone it done for me, no issues at all. Communication was remarkable and always there whether through email or telephone. I give him two thumbs up and wouldn’t change a thing.”
Atlas 1031 Exchange was referred to the taxpayer by Insured Aircraft Title Services in Oklahoma City, Oklahoma to accommodate a 1031 tax deferred aircraft exchange. A Bell helicopter Model 206B was exchanged for Robinson helicopter Model R44II in a forward 1031 exchange. The Internal Revenue Code Section 1031 allows for the federal capital gain and recaptured depreciation tax to be deferred when replacing with a like-kind property effectively resulting in additional operating cash to acquire the replacement aircraft. The tax obligation does not go away rather postponed indefinitely or until the replacement aircraft is sold.
Forward Exchange
In a forward exchange, the old or relinquished aircraft is sold followed by the acquisition of the replacement aircraft within 180 calendar days of the initial closing. The net exchange proceeds were wired to a qualified escrow account requiring dual signatures for disbursement opened under the taxpayer’s tax identification number. When the replacement aircraft was to be closed, the taxpayer signed a disbursement form and submitted to the bank along with a signature from Atlas 1031 Exchange. The funds were wired the same day the disbursement request was submitted.
Taxpayer Experience
What helped the taxpayer trust Atlas 1031 Exchange to facilitate his exchange was “knowing that I was being referred from a reliable source who I was dealing with at the time. Andy was also very knowledgeable and helpful when I spoke with him.”
Eddie Johnson
Mesa, Arizona
