NEWS RELEASE
| September 13, 2003 |
| PROVIDENCE ATTORNEY, CHARLES J. AJOOTIAN AWARDED CERTIFICATION AS FIRST “CERTIFIED EXCHANGE SPECIALIST” TM FROM RHODE ISLAND. Providence, RI – Charles J. Ajootian, President and legal counsel of 1031 Exchange Services, Inc. of Providence has recently been certified by the national Federation of Exchange Accommodators (FEA). He is one of the first of 70 nationally to be awarded the new “Certified Exchange Specialist” TM designation. Mr. Ajootian becomes the first 1031 exchange accommodator from Rhode Island to be awarded the CES TM designation. Rhode Island presently does not have a procedure for certification or recognition of specialization for lawyers. The Federation of Exchange Accommodators (FEA) is a not-for-profit organization that is the Nation’s largest trade organization comprised primarily of tax deferred exchange professionals who specialize in aiding investment and business real estate owners to defer capital gains taxes through Internal Revenue Code Section 1031 exchanges. Mr. Ajootian was recently notified by the FEA that he had successfully passed its inaugural written qualifying examination held in Washington, DC on May 16, 2003. The exam covered an array of exchange-related topics designed to challenge the candidate’s proficiency in dealing with complex tax-deferred exchange issues. In addition to the examination, he has met the standards that the CES TM Certification Council has established for certification, including a minimum of three (3) years of full-time activity as a full-service 1031 exchange accommodator, and a member in good standing of the National Federation of Accommodators. The purpose of the CES tm program is to increase the standards of professionalism of 1031 exchange practitioners, create a standard for the 1031 exchange industry, foster public confidence when selecting an exchange accommodator and reflect an indication of competency. In January 1997, Mr. Ajootian founded 1031 Exchange Services, Inc. as a full-service exchange intermediary company involved in tax-deferred exchanges throughout the United States. Charles J. Ajootian is a graduate of Harvard College and Boston University School of Law and has been a member of the Rhode Island Bar for over 28 years. In December, 1999, his article “Handling the Tax-Deferred Sec. 1031Exchange” was published in the Rhode Island Bar Journal. He is a frequent speaker on the subject of Tax-Deferred Exchanges under IRC Section 1031, and can be contacted to give presentations on the subject to organizations. According to Mr. Ajootian, 1031 real estate exchanges started becoming popular in1991when the federal government implemented Treasury Regulations for exchanges making them safer, easier, and more cost-effective. “I started to plan and execute exchanges in 1997, when the advantages of exchanges started to become apparent in this part of the country” says Ajootian. “By 2001, exchange activity had increased to the point where I decided to limit my practice to just this area.” He further notes “Sellers of real estate who intend to re-invest in real estate, should never pay capital gains taxes. A tax-free exchange under IRC Sec. 1031 may be the easiest way that any taxpayer can save significant tax dollars, literally at the stroke of a pen.” FOR FURTHER INFORMATION CONTACT: Mr. Charles J. Ajootian, Esq. 1031 Exchange Services, Inc. 200 Smith Street Providence, Rhode Island 02908 401-331-0083 e-mail: cja@1031.com www.1031ri.com |
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