CHICAGO, Sept. 7, 2011 /PRNewswire/ -- Associated Equipment Distributors (AED), the world's largest trade association for construction equipment distributors, has selected WTP Advisors' LKE affiliate, WTP Exchange, as AED's Preferred Provider for Like-Kind Exchange (LKE) services. WTP Advisors is an award-winning global tax and business advisory firm.
WTP Exchange is the only firm in the world to offer a fully-integrated LKE program solution. In addition to its world-class software, which was built on more than 25 years of LKE program experience, WTP Exchange provides LKE tax consulting services, and Qualified Intermediary (QI) services.
"AED is continually pursuing means to enhance our members' business interests and help them improve their profitability. In this economy, distributors rely on tax strategies that impact their bottom lines, and like-kind exchange is a proven strategy that can result in substantial tax savings," said AED President and CEO Toby Mack. "Some of our members have already told us how effective WTP's solution is in the present tax and business environment. After careful consideration, AED finds WTP Exchange to be a top-quality service provider for AED dealers."
Under Internal Revenue Code Section 1031, no gain or loss is recognized when companies sell business property and acquire property that is like-kind. For AED members, this means that dealers that routinely dispose of heavy equipment and vehicles can realize substantial benefits from an LKE Program.
"We are honored to be named AED's only Preferred Provider for LKEs," said Ian Boccaccio, co-founder and partner at WTP Advisors. "AED not only provides critically important information for equipment dealers and manufacturers, but it serves as a trusted and authoritative voice on behalf of the entire construction industry."
"WTP Exchange has an impressive history implementing and managing LKE programs for a variety of industries, so we're confident they will be an exceptional partner for those of our members who choose to pursue an LKE program," said Mack.
Associated Equipment Distributors (AED) is an international trade association representing companies involved in the distribution, rental and support of equipment used in construction, mining, forestry, power generation, agriculture and industrial applications. AED's 500 distributor member companies account for most of the annual sales of construction equipment and related supplies and services in the U.S. and Canada. AED is co-headquartered in Washington, D.C., and Oak Brook, Ill.
WTP Advisors is a leader in tax and business advisory services for a global marketplace. Our highly skilled professionals equipped with years of industry experience, coupled with our cutting-edge technologies, make substantive and long-term differences to an organization's profitability. WTP Advisors is headquartered in White Plains, N.Y., with offices across North America, Asia and Europe. WTP Advisors has received numerous accolades for its burgeoning success, much of which stems from its dedication to client service. Inc. magazine ranked WTP Advisors in the top 15 percent of its fifth annual Inc. 500|5000, an exclusive ranking of the nation's fastest-growing private companies. WTP was also recognized by Fortune magazine in its David vs. Goliath column, which touted WTP's client retention built upon the avoidance of bureaucracy and specialized tax software.
SOURCE WTP Advisors; Associated Equipment Distributors (AED)