DUTIES OF A QUALIFIED INTERMEDIARY » EXCHANGE SERVICES

DUTIES OF A QUALIFIED INTERMEDIARY

The duties, responsibilities and challenges involved with operating a Qualified Intermediary business include:

• A thorough familiarity and knowledge of the regulations
• Ability to provide documentation in compliance with the regulations
• An understanding of all of the elements of the Exchange
• Knowledge and ability to perform in compliance with the Exchange agreement and the regulations.
  In addition, the Qualified Intermediary must:

In addition, the Qualified Intermediary must:

• Preserve the integrity of the Exchange through preparation of proper documentation and complete the Exchange in compliance with the regulations.
• Make sure the Safe Harbors, if used, are not violated and therefore cease to apply.
• Interpret and apply the regulations to complex transactional issues.
• Provide proper and accurate accounting to the taxpayer.
• Respond to the short time constraints prevalent in Exchanges.
• Manage the Exchange funds in a prudent, safe manner that incorporates sound business practices.