"Dick Adams" <rdadams[at]panix.com> wrote in message
news:ghkh8p$p4n$1[at]reader1.panix.com...
- quote -

Thanks, I assumed it was something along those lines. After reading about
one such incident around here, I came to the conclusion that you should only
use a big, major bank as a QI since they would have the wherewithal to
provide your funds even if they lost them somehow. Now, I don't think this
is good advice either . . .

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Gil Faver <rowdy'sboss[at]xxyz.com> wrote:

- quote -

Another 1031 Qualified Intermediately has filed for
bankruptcy protection. It seems they invested 1031
funds in auction grade bonds and the auction market
has been suspended or something else.

It seems other 1031 QI's have gone under due to
risky investments of 1031 funds and at least one
due to embezzlement.

The industry is not regulated.

Dick

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Harlan Lunsford" <lunstax[at]bellsouth.net> wrote in message
news:Qwg%k.5460$nD1.5017[at]bignews5.bellsouth.net...
- quote -

anyone care to summarize what is going on? I have enough "free
registrations" as it is.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Bill Brown wrote:
- quote -

(formerly) major city newspaper now on the brink of bankruptcy. Just
THINK of the tax implications of that.

ChEAr$,
Harlan Lunsford, EA n LA

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Bill Brown <brownwp[at]longwood.edu> wrote:

- quote -

http://tinyurl.com/5wg6k8

- quote -

This article is interesting and surprising. I have always
held the belief that commingling funds by a fiduciary was
prima facie evidence of fraud.

While 1031 users may get hit with a tax bill, they will
probably have an offsetting loss from the bankruptcy.
Will Congress deal with this?

Dick

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

The linked article may be of interest to tax pros when advising their
clients about 1031 exchanges.

URL:
http://www.insidebiz.com/ME2/dirmod....9C1D0FB0222E17

Free registration is required to read the article.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >