A 1031 Exchange, also known as a tax-deferred exchange or Starker Exchange, relies on Section 1031 of the U.S. Internal Revenue Code that affords significant tax advantages to owners of commercial property and residential investment real estate owners.
By using the services of a qualified intermediary like Towne 1031 Exchange, real estate investors who plan to sell or relinquish their investment property can reinvest proceeds from that property and acquire a replacement property, within certain time limitations and by following all other 1031 regulations.
Instead of paying capital gains taxes and depreciation recapture taxes at the time of the sale of an investment property, investors can defer their tax obligations by acquiring other investment real estate and using a qualified intermediary to complete their exchange.
Ute Heidenreich serves as President of Towne 1031 Exchange, LLC, a wholly owned subsidiary of TowneBank, where she also is an Executive Vice President and General Counsel. Ute, a native of Germany, is a graduate of the Marshall Wythe School of Law and holds a B.A. from the College of William and Mary. Prior to joining TowneBank in 2008, Ute was an associate at McGuire Woods and served as branch counsel of LandAmerica/Lawyers Title Insurance. She is a frequent presenter on tax deferred exchanges. Ute is a board member of the CIVIC Leadership Institute (Class of 2015) and of the Hampton Roads Chapter of LISC , a national non-profit providing financing and support for community development. She previously served as the board chair of Opportunity, Inc., Hampton Roads’ workforce development organization, from July 2013 to June 2015. Ute was selected by her peers to Virginia Business Magazine’s Legal Elite, Corporate Counsel, for each year since the category was added in 2015.
Pre-Registration is Required
Registration/Check-In begins at 6:30 pm. The meeting starts promptly at 7:00 pm, please plan to arrive early!
Admission is free for members; $25 for guests (If a guest joins TRIG within 30 days the guest fee can be applied to the membership.)
ATTENDANCE IS CAPPED AT 125, pre-registration is now required for all events.
As always, the meeting will begin promptly at 7:00 pm. We hope to see you there!
