Like-Kind Exchange Process

Initial LKE Setup

RMS tailors a solution to meet the client's needs. This involves creating a separate Oracle database for each client and initializing the LKE system parameters in accordance with client specifications. The database will reside on a server in our secure data center.

LKE Tax Management Cycle

LKE asset and transaction information is extracted from the client's accounting system. RMS will load the client data into the LKE software where matches are automatically selected. RMS will process the data and provide the requested reports based on the schedule specified by the client. The client can select a monthly, quarterly or annual cycle. The cycle's process also includes backing up the database, and printing the selected standard cycle report set.

Annual LKE Tax Filing Cycle

LKE software annually provides Section 1031 tailored reports and documentation to comply with the IRS, including Form 8824, and supports an audit defense.

Optional Database Archive

Clients may obtain an optional database archive which includes the LKE software and client data. The archive may be used at some future point should an IRS audit require additional information.


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