Under Section 1031 of the Federal tax code, investors selling real estate assets at a profit can defer their capital gains taxes as long as they identify another property of equal or greater value within 45 days and use the sale proceeds to buy that property within six months. A qualified intermediary has to hold the money during that period, and that's where Madison Exchange comes in.
John Martinico, formerly president of P.Q. Consulting and earlier with Fidelity National Title Insurance, will direct Madison Exchange on a day-to-day basis.
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