At the completion of each 1031 exchange, a summary file is forwarded to the Exchangor and designated CPA if requested. The intent is to provide executed 1031 exchange documents including settlement statements and property identification letter to assist with the completion of Internal Revenue Service Form 8824 used to itemize the 1031 exchange details. It is a value add service provided over the years, verifying the intent and facts supporting the intent to affect a 1031 exchange in accordance with the Internal Revenue Service Code 1.1031 exchange rules.
Here is an email received from an Exchangor's CPA:
I see you are also working late; thank you for such a prompt response.
I have prepared returns for 35 years and have reported numerous 1031 Exchange transactions and have worked with a variety of qualified intermediaries, but I must admit that I don't recall ever working with one as thorough and helpful as you have been. I would definitely not hesitate to refer someone to you when the occasion arises.
C. Allen Anderson & Associates, P.C.
C. Allen Anderson, CPA