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#2189737 - 08/20/18 03:15 PM BO/1031 Exchange Accounts
mdog76 Offline
Platinum Poster
Joined: Jan 2007
Posts: 645
How are people handling beneficial ownership for a 1031 exchange account? Does it even qualify for beneficial ownership?

Thank you.

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#2189745 - 08/20/18 03:47 PM Re: BO/1031 Exchange Accounts mdog76
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 4,192
New York City
Who is the LEC in this example? Is it a title company?
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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#2189753 - 08/20/18 04:15 PM Re: BO/1031 Exchange Accounts mdog76
mdog76 Offline
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Joined: Jan 2007
Posts: 645
Yes it is. They are all ran through the same title company.

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#2189808 - 08/20/18 07:14 PM Re: BO/1031 Exchange Accounts mdog76
Buddy the Elf Offline
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Buddy the Elf
Joined: May 2002
Posts: 972
first lily pad on the right
We are getting BO info on the title company.
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CAMS

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#2189865 - 08/21/18 01:20 PM Re: BO/1031 Exchange Accounts mdog76
Pat Patriot Act Offline
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Pat Patriot Act
Joined: Apr 2009
Posts: 450
Nothing about this type of entity is inherently exempt from BOIP. So unless they hit another one of the exemption types, you're required to get that information.
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CFE, CAMS

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#2189867 - 08/21/18 01:25 PM Re: BO/1031 Exchange Accounts mdog76
ACBbank Offline
Power Poster
ACBbank
Joined: Jul 2006
Posts: 4,192
New York City
We would also get BO information on the title company. Take a look at the "Intermediated Account Relationship" section in the link below.

https://www.gpo.gov/fdsys/pkg/FR-2016-05-11/pdf/2016-10567.pdf
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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