|
|
|
|
|
September 2008 | Volume 1 · Number 4
Certain items are password protected for active ATG members only. If you are an active member and need your ID and password access, please contact Suzy Auteberry, 217.403.0130. Not an ATG member? Apply today! |
| Update from ATG Trust Company
FREE MCLE TRAINING FOR ATG TRUST MEMBERS
Many states require continuing legal education for its practicing attorneys. We, in concert with ATG Legal Education, sponsor several MCLE-qualified seminars each year. As one of the many good reasons to become a member of ATG Trust Company, the ATG Trust programs are free to our active members... read more
Interested in becoming a member of ATG Trust? Click here.
STARKER EXCHANGES AND THE LAW OF UNINTENDED CONSEQUENCES
In theory, a Section 1031 Exchange is very simple. It is the nuances that make them interesting and Congress just gave us another one, apparently unintentionally, with the Housing Assistance Act of 2008.
One of the most common uses of a Section 1031 Exchange is for transactions in commercial real estate. The notion is that a seller with either capital gain or depreciation recapture tax consequences desires to defer those taxes and engages in a "like kind exchange" as set out in Section 1031 of the Internal Revenue Code. Within the rigid time frames allowed (45 days to identify replacement property and 180 days to close on the property) the seller exchanges one property for the other. As long as the replacement property (also mindful of the effects of financing the transaction) is of a value equal to or greater than the relinquished property, tax consequences can be deferred.
With the new Act, it gets more complicated if the taxpayer sells property that has been converted between residential and non-residential usage. Read Amendment to Section 121 May Affect 1031 Exchange Planning (under Trust and Estate Planning News below) for a look at how this change can affect the taxpayer.
Robert Lopardo
President
ATG Trust Company is a premier provider of Section 1031 Exchange services and is here to help you with all your trust, estate, investment and Section 1031 Exchange needs. Contact us (info@atgtrust.com or 877.674.7878) or visit www.atgtrust.com for more information. |
| ATTORNEYS | Practice Notes
REAL ESTATE AND TITLE INSURANCE NEWS
Illinois Supreme Court Proposes New Ethics Rules - In response to concerns regarding the disparities among the individual states' ethics rules, the ISBA and the Chicago Bar Association began compiling potential rule changes... read more
TRUST AND ESTATE PLANNING NEWS
Section 1031 "Starker" Exchanges and the Law of Unintended Consequences - A modification to the Section 121 exclusion of gain on the sale of a primary residence in The Housing Assistance Tax Act of 2008 may affect taxpayers who exchange into a residential property then convert the property to a personal residence at a later date... read more
CASENOTES
Illinois
Merger Doctrine
Czarobski v Lata | Mutual mistake and fraud are valid exceptions to the doctrine of merger... read more
Indiana
Lis Pendens
Clarkson v Neff | Where essentially identical Circuit and Superior Court suits are files and consolidated, a lis pendens may be "piggy-backed" from one case to the other... read more
Wisconsin
Contracts
S & C Bank v Wisconsin Community Bank | Economic loss doctrine precluded recovery in tort for misrepresentations in the course of a sale of loans from one lender to another... read more |
ATG MEMBERS | Underwriters' Bulletin
This section provides updated procedural and underwriting information. If you keep hard copies of our Member Handbooks in your office, print this information for insertion.
Omitted Mortgagor - Whoever Owns Property Must Unconditionally Execute the Mortgage | ATG agents are responsible for examining mortgages to make sure they are insurable... read more
PROCEDURAL UPDATE
ATTN: Chicago-Area Members: Effective immediately, Cook County requires that an original death certificate must accompany the Joint Tenancy Affidavit - ATG Form 3007 (see Affidavits and Indemnity Forms). The County no longer accepts copies of the death certificate as an attachment. |
EVENTS | ATG Hosts Top Members at Busch Stadium
ATG hosted top member for an afternoon CLE program followed by dinner and a great game of baseball at Busch Stadium in St. Louis where the Cardinals faced the Chicago Cubs, Wednesday, September 10, 2008... read more
 Greg Miely (second from left) , ATG Senior Underwriting Attorney and Corporate Counsel, with ATG top member Bill Strang (Jerseyville, Ill.). Also shown are Bill's son Dan and wife Gloria. | |
|
|
WHAT'S NEW | CLE, Trust Services
CLE in Your Office - Earn CLE any time with ATG Legal Ed OnDemand, recorded programs available 24-7. See our Quick List of programs and easy registration... Learn more
 Visit the ATG Trust Website -On our site we provide comprehensive information about ATG Trust, the services we provide lawyers and the clients they serve, and much more. Use our flyer to find your way around... Learn more |
Attorneys' Title Guaranty Fund, Inc. (ATG) and subsidiaries provide services for member attorneys and their real estate clients. ATG also works with lenders, Realtors, and other parties to ensure that each real estate transaction is completed in a professional and hassle-free manner. Contact us today! 800.252.0402. |
|
|
