Zions Bank’s Mike Anderson named president of the Federation of Exchange Accommodators
National trade association represents professionals who conduct like-kind exchanges under Internal Revenue Code 1031.
Mike Anderson, senior vice president and director of Zions Bank’s 1031 Exchange Services, has been named president of the Federation of Exchange Accommodators, a national trade association organized to represent professionals who conduct like-kind exchanges under Internal Revenue Code 1031.
Members include qualified intermediaries, their primary tax and legal counsel and affiliated industries. He received this appointment during the organization’s annual convention in Kansas City, Sept. 12-14.
A tax-deferred exchange under Section 1031 of the Internal Revenue Service Code allows for the sale of investment properties and the acquisition of “like-kind” properties while deferring federal — and possibly state — capital gains taxes. An independent party must act as a qualified intermediary to hold funds between the sale of the relinquished property and the purchase of the replacement property.
“In my role as president of the FEA, I’m optimistic that our industry can help more people understand their options for changing property investments and growing their wealth without cashing out and potentially paying taxes unnecessarily,” said Anderson.
Under Anderson’s leadership, Zions Bank has completed exchanges in real estate, aircraft, radio equipment, oil and gas subsurface rights, office buildings, medical offices, land, duplexes, condos, and rental homes throughout the country — from Utah and Idaho to New York and Alabama.
The bank offers FDIC insurance up to $250,000 on deposits and has additional private professional liability and fidelity bond coverage to protect customers in almost every transaction.
More information is available on our website.