A Qualified Intermediary of 1031 tax deferred exchanges was instituted by the Internal Revenue Service and Department of Treasury in 1991 as one of four safe harbors to eliminate problems associated with taxpayers having access or control to their exchange proceeds. “A Qualified Intermediary under Safe Harbor No. 3 is not considered the agent of the taxpayer for purposes of a tax-deferred exchange. The taxpayer’s transfer of relinquished property and subsequent receipt of like-kind property is treated as an exchange and the determination of whether or not the taxpayer is in actual or constructive receipt of money or other property before the taxpayer actually receives like-kind replacement property is made as if the QI is not the agent of the taxpayer.” 
In late September, Atlas 1031 Exchange provided a continuing education class on the basic and advanced issues of 1031 exchanges at the Indiana Land Title Association’s (ILTA) annual convention. Title professionals and members of the association met for two days in Fort Wayne, Indiana to participate in continuing education programs and discuss trends in Indiana’s economy and the way these impact the state’s title industry.