As used in this chapter, unless the context requires a different meaning:
"Affiliated with" means that a person directly, or indirectly through oneor more intermediaries, controls, or is controlled by, or is under commoncontrol with the other specified person.
"Commingle" means to mix together exchange funds with operating and othernonexchange funds belonging to or under control of the exchange facilitatorin such a manner that a client's exchange funds cannot be distinguished fromoperating or other nonexchange funds belonging to or under control of theexchange facilitator.
"Exchange Accommodation Titleholder" or "EAT" has the same meaningascribed thereto in IRS Revenue Procedure 2000-37.
"Exchange client" means the taxpayer with whom the exchange facilitatorenters into an agreement described in subdivision 1 of the definition ofexchange facilitator.
"Exchange facilitator" means a person that:
1. For a fee facilitates an exchange of like-kind property by entering intoan agreement with a taxpayer:
a. By which the exchange facilitator acquires from said taxpayer thecontractual rights to sell said taxpayer's relinquished property located inthe Commonwealth and transfer a replacement property to said taxpayer as aqualified intermediary as that term is defined under Treasury Regulation §1.1031(k)-1(g) (4);
b. To take title to a property located in the Commonwealth as an ExchangeAccommodation Titleholder; or
c. To act as a qualified trustee or qualified escrow holder as those termsare defined under Treasury Regulation § 1.1031(k)-1(g) (3), except asotherwise provided in this definition; or
2. Maintains an office in the Commonwealth for the purpose of solicitingbusiness as an exchange facilitator.
"Exchange facilitator" shall not include (i) the taxpayer or disqualifiedperson as that term is defined under Treasury Regulation § 1.1031(k)-1(k)seeking to qualify for the nonrecognition provisions of Internal Revenue Code§ 1031; (ii) any financial institution as defined herein or any titleinsurance company, underwritten title company, or escrow company that ismerely acting as a depository for exchange funds or that is acting solely asa qualified escrow holder or qualified trustee as those terms are definedunder Treasury Regulation § 1.1031(k)-1(g) (3), and is not otherwisefacilitating exchanges as defined herein; (iii) a person who advertises forand teaches seminars or classes or otherwise gives presentations toattorneys, accountants, real estate professionals, tax professionals, orother professionals where the primary purpose is to teach the professionalsabout tax deferred exchanges or train them to act as exchange facilitators;or (iv) an entity that is wholly owned by an exchange facilitator or that iswholly owned by the same person as the exchange facilitator and is used bysuch entity to facilitate exchanges or to take title to property in theCommonwealth as an EAT.
"Exchange funds" means the funds received by the exchange facilitator fromor on behalf of the exchange client for the purpose of facilitating anexchange of like-kind property.
"Fee" means, for purposes of subdivision 1 of the definition of exchangefacilitator, compensation of any nature, direct or indirect, monetary orin-kind, that is received by a person or a related person as described inInternal Revenue Code § 267(b) or 707(b) for any services relating to orincidental to the exchange of like-kind property under Internal Revenue Code§ 1031.
"Financial institution" means any bank, credit union, savings and loanassociation, savings bank, or trust company chartered under the laws of theCommonwealth or the United States whose accounts are insured by the fullfaith and credit of the United States of America, the Federal DepositInsurance Corporation, the National Credit Union Share Insurance Fund, orother similar or successor programs and any direct or indirect subsidiary ofsuch bank, credit union, savings and loan association, savings bank, or trustcompany.
"Person" means, in addition to the singular, persons, groups of persons,cooperative associations, limited liability companies, firms, partnerships,corporations, or other legal entities and includes the agents and employeesof any such person.
As used in this chapter, unless the context requires a different meaning:
"Affiliated with" means that a person directly, or indirectly through oneor more intermediaries, controls, or is controlled by, or is under commoncontrol with the other specified person.
"Commingle" means to mix together exchange funds with operating and othernonexchange funds belonging to or under control of the exchange facilitatorin such a manner that a client's exchange funds cannot be distinguished fromoperating or other nonexchange funds belonging to or under control of theexchange facilitator.
"Exchange Accommodation Titleholder" or "EAT" has the same meaningascribed thereto in IRS Revenue Procedure 2000-37.
"Exchange client" means the taxpayer with whom the exchange facilitatorenters into an agreement described in subdivision 1 of the definition ofexchange facilitator.
"Exchange facilitator" means a person that:
1. For a fee facilitates an exchange of like-kind property by entering intoan agreement with a taxpayer:
a. By which the exchange facilitator acquires from said taxpayer thecontractual rights to sell said taxpayer's relinquished property located inthe Commonwealth and transfer a replacement property to said taxpayer as aqualified intermediary as that term is defined under Treasury Regulation §1.1031(k)-1(g) (4);
b. To take title to a property located in the Commonwealth as an ExchangeAccommodation Titleholder; or
c. To act as a qualified trustee or qualified escrow holder as those termsare defined under Treasury Regulation § 1.1031(k)-1(g) (3), except asotherwise provided in this definition; or
2. Maintains an office in the Commonwealth for the purpose of solicitingbusiness as an exchange facilitator.
"Exchange facilitator" shall not include (i) the taxpayer or disqualifiedperson as that term is defined under Treasury Regulation § 1.1031(k)-1(k)seeking to qualify for the nonrecognition provisions of Internal Revenue Code§ 1031; (ii) any financial institution as defined herein or any titleinsurance company, underwritten title company, or escrow company that ismerely acting as a depository for exchange funds or that is acting solely asa qualified escrow holder or qualified trustee as those terms are definedunder Treasury Regulation § 1.1031(k)-1(g) (3), and is not otherwisefacilitating exchanges as defined herein; (iii) a person who advertises forand teaches seminars or classes or otherwise gives presentations toattorneys, accountants, real estate professionals, tax professionals, orother professionals where the primary purpose is to teach the professionalsabout tax deferred exchanges or train them to act as exchange facilitators;or (iv) an entity that is wholly owned by an exchange facilitator or that iswholly owned by the same person as the exchange facilitator and is used bysuch entity to facilitate exchanges or to take title to property in theCommonwealth as an EAT.
"Exchange funds" means the funds received by the exchange facilitator fromor on behalf of the exchange client for the purpose of facilitating anexchange of like-kind property.
"Fee" means, for purposes of subdivision 1 of the definition of exchangefacilitator, compensation of any nature, direct or indirect, monetary orin-kind, that is received by a person or a related person as described inInternal Revenue Code § 267(b) or 707(b) for any services relating to orincidental to the exchange of like-kind property under Internal Revenue Code§ 1031.
"Financial institution" means any bank, credit union, savings and loanassociation, savings bank, or trust company chartered under the laws of theCommonwealth or the United States whose accounts are insured by the fullfaith and credit of the United States of America, the Federal DepositInsurance Corporation, the National Credit Union Share Insurance Fund, orother similar or successor programs and any direct or indirect subsidiary ofsuch bank, credit union, savings and loan association, savings bank, or trustcompany.
"Person" means, in addition to the singular, persons, groups of persons,cooperative associations, limited liability companies, firms, partnerships,corporations, or other legal entities and includes the agents and employeesof any such person.
As used in this chapter, unless the context requires a different meaning:
"Affiliated with" means that a person directly, or indirectly through oneor more intermediaries, controls, or is controlled by, or is under commoncontrol with the other specified person.
"Commingle" means to mix together exchange funds with operating and othernonexchange funds belonging to or under control of the exchange facilitatorin such a manner that a client's exchange funds cannot be distinguished fromoperating or other nonexchange funds belonging to or under control of theexchange facilitator.
"Exchange Accommodation Titleholder" or "EAT" has the same meaningascribed thereto in IRS Revenue Procedure 2000-37.
"Exchange client" means the taxpayer with whom the exchange facilitatorenters into an agreement described in subdivision 1 of the definition ofexchange facilitator.
"Exchange facilitator" means a person that:
1. For a fee facilitates an exchange of like-kind property by entering intoan agreement with a taxpayer:
a. By which the exchange facilitator acquires from said taxpayer thecontractual rights to sell said taxpayer's relinquished property located inthe Commonwealth and transfer a replacement property to said taxpayer as aqualified intermediary as that term is defined under Treasury Regulation §1.1031(k)-1(g) (4);
b. To take title to a property located in the Commonwealth as an ExchangeAccommodation Titleholder; or
c. To act as a qualified trustee or qualified escrow holder as those termsare defined under Treasury Regulation § 1.1031(k)-1(g) (3), except asotherwise provided in this definition; or
2. Maintains an office in the Commonwealth for the purpose of solicitingbusiness as an exchange facilitator.
"Exchange facilitator" shall not include (i) the taxpayer or disqualifiedperson as that term is defined under Treasury Regulation § 1.1031(k)-1(k)seeking to qualify for the nonrecognition provisions of Internal Revenue Code§ 1031; (ii) any financial institution as defined herein or any titleinsurance company, underwritten title company, or escrow company that ismerely acting as a depository for exchange funds or that is acting solely asa qualified escrow holder or qualified trustee as those terms are definedunder Treasury Regulation § 1.1031(k)-1(g) (3), and is not otherwisefacilitating exchanges as defined herein; (iii) a person who advertises forand teaches seminars or classes or otherwise gives presentations toattorneys, accountants, real estate professionals, tax professionals, orother professionals where the primary purpose is to teach the professionalsabout tax deferred exchanges or train them to act as exchange facilitators;or (iv) an entity that is wholly owned by an exchange facilitator or that iswholly owned by the same person as the exchange facilitator and is used bysuch entity to facilitate exchanges or to take title to property in theCommonwealth as an EAT.
"Exchange funds" means the funds received by the exchange facilitator fromor on behalf of the exchange client for the purpose of facilitating anexchange of like-kind property.
"Fee" means, for purposes of subdivision 1 of the definition of exchangefacilitator, compensation of any nature, direct or indirect, monetary orin-kind, that is received by a person or a related person as described inInternal Revenue Code § 267(b) or 707(b) for any services relating to orincidental to the exchange of like-kind property under Internal Revenue Code§ 1031.
"Financial institution" means any bank, credit union, savings and loanassociation, savings bank, or trust company chartered under the laws of theCommonwealth or the United States whose accounts are insured by the fullfaith and credit of the United States of America, the Federal DepositInsurance Corporation, the National Credit Union Share Insurance Fund, orother similar or successor programs and any direct or indirect subsidiary ofsuch bank, credit union, savings and loan association, savings bank, or trustcompany.
"Person" means, in addition to the singular, persons, groups of persons,cooperative associations, limited liability companies, firms, partnerships,corporations, or other legal entities and includes the agents and employeesof any such person.
