The Associated Equipment Distributors, the world’s largest trade association for construction equipment distributors, has selected WTP Exchange as its preferred provider for like-kind exchange services for the third year in a row. WTP Exchange is an affiliate company of WTP Advisors, a global tax and business advisory firm, named to the Inc. 5000 list of America’s fastest-growing private company for the third consecutive year.
The Internal Revenue Code Section 1031 states that 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,” said AED president and CEO Toby Mack. “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. WTP Exchange offers a best-in-class LKE program and is a proven choice for AED members.”
AED is based in Washington, D.C., and Oak Brook, Ill. WTP is headquartered in White Plains, N.Y.