Company History :
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1921
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The Revenue Act of 1921 introduced the predecessor to the current form of tax-deferred like-kind exchange; this Act produced Section 202(c) of the IRC and allowed non-like-kind property and securities to be exchanged by investors; the exception was in cases of properties that had what is referred to as a “readily realizable market value.” However, this aspect of the Revenue Act of 1921 was later overwritten and modified by the Revenue Act of 1924, and after that the Revenue Act of 1928; the Board of Tax Appeals approved the creation of tax-deferred like-kind exchanges in 1935, adding aspects such as Qualified Intermediaries; the previously-established “cash in lieu of” clause was retained so that tax-deferred like-kind exchange transactions would not be affected.
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1970
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The STARKER family sold their timber land in the Pacific Northwest to Weyerhauser Company. When they sold the property they crafted a trust agreement wherein the EXCHANGE PROCEEDS would be held by the buyer, Weyerhauser, in a separate bank account. The terms of the trust provided that Weyerhauser would use the funds to purchase REPLACMENT PROPERTY for the Starker family and for no other purpose. The trust agreement limited the Starker family access to the funds except for the purpose of buying replacement property. When the IRS saw this, it denied 1031 tax deferral to the Starker family. The IRS argued that 1031 exchange meant the swap of property between two parties. The IRS could see that if property could be sold to one person and bought from another, in a 1031 exchange, then the application of the law would become much more wide spread. Since the job of the IRS is to raise taxes it fought hard against the Starker’s trust arrangement. In a monumental and far reaching decision the tax court ruled in favor of the Starker family and against the IRS. To this day, in a tribute to this family, 1031 exchanges are often still called “Starker Exchanges.”
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1984
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The outcome of the Starker Family case created the need for regulations in the industry over future delayed tax-deferred like-kind exchanges; as a part of the Deficit Reduction Act of 1984, the U.S. government added the 45 calendar day Identification Deadline and the 180 calendar day Exchange Period, creating the rules that currently govern modern delayed tax-deferred like-kind exchanges.
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1996
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Thomas Hinson began working in the title and escrow business. Based in Dallas, “Tommy” was a certified escrow officer who covered a major account for the company which included managing transactions throughout Maryland, Virginia, Florida and Texas.
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2003
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Tommy was transferred to the West Coast to establish relationships with a newly acquired company and to help set up operations in California, Arizona, Nevada, and New Mexico.
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2008
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Tommy acquired an independent escrow company located in San Diego, California with 2 employees and one office.
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2011
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Snap Closing Services, LLC was started and used for various consulting matters related to real estate.
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2013
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Tommy sold his independent escrow company to a competitor with 27 employees and 3 total offices.
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2015
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Tommy with the help of his partners started marketing Snap Closing Services, LLC, doing business as Investors 1031 Exchange.
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2017
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Investors 1031 Exchange, Inc. was incorporated