This 1031 exchange was a referral from AIC Title Services in Oklahoma City, Oklahoma. The client was exchanging a Cessna 340A and replacing with Cessna 310Q with air. This was a forward exchange where the funds from the disposition were wired to a qualified escrow account and held until needed for the acquisition of the replacement aircraft.
The exchange outcome deferred a portion of the gain given cash was returned at the end of the exchange. Given the exchange was initiated in December, the client elected not to file an extension for their federal income taxes, ending the exchange on April 17th. The full 180 calendar days would have been available with the federal tax extension.
“I found Andy to be extremely cooperative and very responsive. He maintained contact with me throughout the exchange, alerting me of upcoming action steps and making the process hassle free. He did what he said he would do. I appreciate that!”
Stan Turel
Bend, Oregon
