“We were looking for the personal attention we were having trouble getting from the larger companies. I interviewed several companies and was looking for a person that was diligent and answered the phone when we called. I found Atlas 1031 through a web search on the Internet.”
Irving Materials, Inc. (IMI) is the largest private producer of concrete in the United States operating 150 plants supplying building materials throughout the Midwestern and Southern United States. IMI Secretary/Treasurer Shawn Burgess was looking for a local Qualified Intermediary with experience and knowledge to accommodate 1031 tax deferred exchanges for their real and personal property.
Owners of heavy road construction equipment often utilize 1031 tax deferred exchanges to defer the recaptured depreciation taxes when selling and replacing with like-kind equipment. The benefit is additional operating cash given the tax that would otherwise be paid is deferred indefinitely or until the replacement property is sold when another 1031 exchange can be initiated.
When asked what helped him trust Atlas 1031, Shawn replied “I trusted the professional accreditation and references Andy provided us. We brought a reasonable level of knowledge of exchanges with us but Andy thoroughly explained the process and how things would work. Shawn suggested when asked what should be improved to ‘keep doing what you’re doing.'”
To date IMI has exchanged road construction equipment including equipment sold at Smock Auctions in Indianapolis, Indiana and real property holdings.
