645G.040 - “Exchange facilitator” defined.
645G.040 “Exchange facilitator” defined.
1. “Exchange facilitator” means a person who, for compensation of any kind, acts as:
(a) A qualified intermediary as defined in 26 C.F.R. § 1.1031(k)-1(g)(4) for a client whose relinquished property is located in this State; or
(b) An exchange accommodation titleholder, as that term is defined in Revenue Procedure 2000-37, who holds title to property located in this State.
2. The term includes any person who:
(a) Maintains an office in this State for the purpose of soliciting business as an exchange facilitator; or
(b) Advertises or holds himself or herself out as prepared to facilitate a tax-deferred exchange of property in this State by acting as the custodian of money or other property.
3. The term does not include:
(a) A taxpayer or disqualified person, as those terms are defined in 26 C.F.R. § 1.1031(k)-1(k), who is seeking to qualify for nonrecognition pursuant to 26 U.S.C. § 1031;
(b) A financial institution when acting solely as a depository for funds used in a tax-deferred exchange of property;
(c) A person who advertises for and teaches seminars or classes, or otherwise gives presentations to attorneys, accountants, real estate professionals, tax professionals or other professionals with the primary purpose of teaching such professionals about tax-deferred exchanges or training such professionals to act as exchange facilitators; or
(d) A qualified intermediary, as defined in 26 C.F.R. § 1.1031(k)-1(g)(4), who holds exchange funds received from the disposition of relinquished property located outside this State.
(Added to NRS by 1993, 2019; A 1995, 994; 1997, 2167; 1999, 1539; 2005, 2807; 2007, 3115)—(Substituted in revision for NRS 645.606)