Illinois MCLE and National CLE Program Presenter Information

Noel Hara is Vice President and Manager of LandAmerica 1031 Exchange Services. His current responsibilities include management of the sales and production of 1031 Tax-Deferred Exchange qualified intermediary services within the Midwest states. Noel was hired by LandAmerica’s Houston, TX office in May of 2004 to open the Southwest regional offices of LandAmerica 1031 and then relocated to Chicago in March of 2006 to do the same in the Midwest.

1031 Exhanges

The Internal Revenue Code imposes taxes when property is sold or transferred and a gain is realized. According to Section 1031 of the tax code, if a taxpayer adheres to strict code guidelines, then all or a portion of the gains from the disposition of business or investment property can be deferred or reinvested into a new replacement property. These deferred gains, as well as the gains from the new property, are not taxed until the new property is transferred and fails to qualify for tax deferral.

To qualify for tax deferment, the taxpayer must structure the transaction as an exchange of one property for another of "like kind". Since 1921, tax-deferred or “1031” exchanges have evolved from a simple but restrictive two-party swap to today’s highly strategic and sophisticated exchanges. Now possible for taxpayers large or small, 1031 exchanges can only be facilitated with the guidance and specialized services of a Qualified Intermediary, like LandAmerica 1031 Exchange Services.