CHICAGO, Aug. 28, 2013 /PRNewswire/ -- Associated Equipment Distributors (AED), the world's largest trade association for construction equipment distributors, has selected WTP Exchange, for the third year in a row, 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, also recently named to the Inc 5000 list of America's fastest-growing private companies for the third year running.
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.
"The AED takes many factors into consideration when selecting a firm as a Preferred Provider to our members. One of the things that really impressed us about WTP Exchange is the firm's excellent track record with the Internal Revenue Service. WTP proactively approached the IRS National Office and successfully obtained a favorable IRS private letter ruling around their LKE solution," says 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.
"We are looking forward to another successful year working with the AED and its members," says Ron Hodgeman, tax attorney and LKE practice director at WTP Exchange. "After taking bonus depreciation for the last few years, many dealers are left holding rental equipment with little to no tax basis. Our proven solution allows the dealers to routinely replace their current fleet without having to worry about the negative tax consequences."
"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 the third year in a row," says 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, NY, with offices across the Americas, Asia and Europe.
SOURCE WTP Advisors