CHICAGO, Aug. 28, 2012 /PRNewswire/ -- Associated Equipment Distributors (AED), the world's largest trade association for construction equipment distributors, has selected WTP Exchange, for the second year running, as its Preferred Provider for Like-Kind Exchange (LKE) services. WTP Exchange is an affiliate company of WTP Advisors, an award-winning global tax and business advisory firm.
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.
"With the fiscal cliff fast approaching, our members are interested in strategies that can help them increase cash flow and improve their profitability. An LKE Program is one of the few proven tax solutions that dealers can rely on during these uncertain times," said AED President and CEO Toby Mack. "WTP Exchange offers a best-in-class LKE program, and is a proven choice for AED members."
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.
"It is a privilege to be named AED's only Preferred Provider for LKE services for the second year in a row," said Ron Hodgeman, tax attorney and LKE practice director at WTP Exchange. "With bonus depreciation completely expiring at the end of this year, our proven solution is needed now more than ever. Without an LKE Program, an equipment dealer will likely recognize substantial tax gain every time it sells its used rental equipment."
"WTP Exchange, a leader in this area, has proven expertise across numerous industries, as well as a history of providing cost-effective solutions for its customers. We are confident in our decision to name WTP Exchange as the only Preferred Provider of LKE services to our members for two years running," said Mack.Associated Equipment Distributors (AED) Canada Washington, D.C. 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, NY, with offices across the Americas, Asia and Europe.
SOURCE WTP Advisors