<h2>1031 Exchange Eligible Ag Land in America</h2>

<p>By definition, all Ag land is eligible for a 1031 exchange. Ag land includes pastureland, cropland, woodland, other land types and any improvements situated on or appurtenances to the land. In 2022, Ag land in the United States totaled 893 million acres, a decrease of 22 million acres from 2012. Total Ag land decreased 14.5 million acres from 2012 to 2017, double the rate of decrease compared to the previous 5-year period in which Ag land decreased 7.5 million acres from 2007 to 2012.</p>

<p>With an average price per acre over the 10-year span of $1348/acre, that equates to a total of $29.6 Billion dollars in sales of Ag land that would have been eligible for a 1031 exchange and which would have resulted in a conservative $11.8 Billion in tax deferrals based on the four levels of tax deferral associated with a 1031 exchange.</p>

<h2>What is happening to Ag Land?</h2>

<p>There are a variety of factors contributing to the decrease in Ag land over the last decade. Some of the most common reasons landowners are selling Ag land include:</p>

<ul>
<li>The Aging Producer/Landowner: 82% of principal operators of Ag land are 55+ years old and 38% of all Ag land is intended to be sold within the next 5-years.<br />
&nbsp;</li>
<li>Encroaching Development: The main drivers of land conversion in the last decade were low-density residential areas, urban developments, and energy production.<br />
&nbsp;</li>
<li>Increased Conservation Efforts: In 2021, the America the Beautiful initiative was introduced to conserve 30% of American land by 2030.</li>
</ul>

<p>Regardless of the reason or motivation, a profit from the sale of land creates a likely sizeable taxable event for the landowner. A 1031 exchange provides tax deferral to the landowners of Ag land upon the sale, which is often indefinite if the property is held until death and passed onto heirs.</p>

<h2>The Future of Ag Land in America</h2>

<p>In the coming years, the transfer of Ag land will continue. According to the 2014 Tenure, Ownership and Transition of Agricultural Land Survey conducted by the USDA, 38% of principal Ag land operators intend to sell their land, which equates to roughly $236.3 Billion dollars in 1031 exchange Value, and approximately $94.5 Billion in associated taxes due without a 1031 exchange.</p>

<p>From 2015 to 2023 a total of 27.3 million total acres were protected through state PACE (Purchase of Agricultural Conservation Easement) programs alone, with an average annual increase of 4%. If historical trends remain consistent, that is an estimated 3.6 million acres will enter Conservation Easements in 2024 through state PACE programs alone. With the 2023 average price per acre of pastureland at $1760, that is roughly $2.2 Billion in potential exchange value for land entered into Conservation Easements. It is important to note that most conveyances of Conservations Easements for Ag land by landowners will allow the sale price of the Conservation Easements to be used to acquire other real property interests in a 1031 exchange.&nbsp;</p>

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<p>Finally, the development of land will continue to impact agribusiness property into the future. From 2001 to 2016, 2,000 acres per day of Ag land was lost or developed. If that trend continues by 2040 an additional 18.4 million acres of Ag land will be converted into urban and rural developments triggering taxable events for the property owners of the Ag land sold. 1031 exchanges provide owners of Ag land the ability to make the right decisions for the future of their land without the tax consequences of the real estate transaction.</p>

<h2>Unique Considerations for Agribusiness Property in a 1031 Exchange</h2>

<p>While tax deferral with a 1031 exchange is not unique to agribusiness land, there are some unique considerations for owners of agribusiness property to be aware of to ensure they are getting the fullest extent of tax deferral possible under IRC Section 1031.</p>

<h3>Improvements to Land</h3>

<p>Additional guidance was provided in the 2020 Treasury Regulations regarding what can be eligible for 1031 exchange treatment outside of the traditional view of real property. The regulations state that to be part of real property, improvements to land must be <u><strong>permanently affixed</strong></u>. Affixation is considered permanent if it is reasonably expected to last indefinitely based on all the facts and circumstances. Ask the following questions to help determine whether the improvement qualifies as real property:</p>

<ul>
<li>How is it affixed to the real property?</li>
<li>Was it designed to be removed or remain in place?</li>
<li>What damage would removal cause to the improvement or real estate?</li>
<li>What time and expense would be associated with removal?</li>
<li>Is it documented by a fixture filing under state law?</li>
</ul>

<p>Some common agribusiness examples of improvements to land that qualify for 1031 exchange treatment include:</p>

<ul>
<li>Center pivot irrigation systems</li>
<li>Fencing and livestock handling facilities</li>
<li>Wells, water lines and other water developments</li>
<li>Septic systems</li>
<li>Streambank preservation and erosion control structures</li>
<li>Foundations</li>
<li>Shops and Outbuildings including grain storage facilities</li>
</ul>

<h3>Intangible Real Property Interests</h3>

<p>Similar to improvements to land, there are <a href="/blog/often-overlooked-section-1031-property-rights" title="Intangible Real Property Interests Eligible for a 1031 Exchange">additional interests</a>&nbsp;that are deemed as real property for 1031 exchange purposes and as a result an Exchanger can receive tax deferral for transactions involving the specific interests.</p>

<p>Some of the most common types of like-kind intangible real property associated with agribusiness real estate transaction include:</p>

<ul>
<li>Perpetual Easements: Some of the most popular easements include Conservation Easements, Drainage Easements, Pipelines, Solar, Wind, and Billboards;</li>
<li>Water and ditch rights and oil, gas and mineral rights;</li>
<li>Leases and Permits: Federal or state grazing permits, special land use permits for cell tower or wind and solar farms</li>
</ul>

<p>There are many additional <a href="/resources/kind-intangible-assets-and-other-real-property-1031-exchange" title="Accruit Intangible Real Property Interests in a 1031 Exchange Flyer">like-kind real property interests</a> that are eligible for 1031 exchange treatment, as well.</p>

<h3>Mixed-Use Properties</h3>

<p>It is not uncommon for an agribusiness property to be <a href="/blog/section-1031-exchange-primary-residence" title="Mixed Use Property in a 1031 Exchange">mixed-used</a>, meaning that while a portion of it is used for business or investment use, the remainder might be used for personal use, such as a primary residence. For example, a 100-acre plot that includes 95 acres of farmland and 5 acres which includes a primary residence.</p>

<p>Since only business or investment use property qualifies for a 1031 exchange, the personal use portion of a mixed-use property must be excluded from the total 1031 exchange value. Section 121 does however allow the property owner to exclude up to $250,000 (or $500,000 if married and filing jointly) on the gain of the sale of a primary residence which could provide full or partial tax deferral on the primary residence portion of the transaction. A 1031 exchange could be used for the remainder property achieving full tax deferral.</p>

<p>In conclusion, Agribusiness land will continue to be the subject of real estate transactions for a variety of reasons and without the proper knowledge and education, landowners could be subject to paying upwards of 40% of their land sale proceeds in taxes without a 1031 exchange.</p>

<p>It is important for a landowner to understand all of their options prior to entering into a real estate transaction and our dedicated team of 1031 Exchange Land experts are available to educate and consult Agribusiness property owners to help them maximize the value of their land, that in many cases, has been passed on generation to generation.</p>

<p>&nbsp;</p>

<p><em>The material in this blog is presented for informational purposes only. The information presented is not investment, legal, tax or compliance advice. Accruit performs the duties of a Qualified Intermediary, and as such does not offer or sell investments or provide investment, legal, or tax advice.</em></p>

<h6>Sources:</h6>

<h6><a href="https://www.nass.usda.gov/&quot; title="National Agricultural Statistics Services USDA">National Agricultural Statistics Services | USDA</a></h6>

<h6><a href="https://farmlandinfo.org/&quot; title="Farmland Information Center">Farmland Information Center</a></h6>

<h2>Review of 1031 Exchange Requirements</h2>

<p>First, we must review the requirements set forth within IRS Code §1031. Although the nature of the REIT asset is real estate, the investor receives shares in the REIT which is treated as owning under a partnership and that is not compatible with IRS Code §1031 which effectively requires a more direct interest such as a deeded interest in real estate. So, without more, a real estate investor or business property owner cannot trade directly from the property into a REIT through a 1031 Exchange. However, if investment in a REIT is the ultimate goal, a property owner can accomplish such by first completing a 1031 Exchange into a DST and then completing a 721 UPREIT Exchange from the DST into a REIT, though careful consideration and planning are critical to the success of this process.</p>

<h2>Tax Deferred Transaction into REIT</h2>

<p>For real estate investors looking to move from a property into a REIT, one possible way to accomplish the movement with taxes deferred is via IRS Code §721, known as a <a href="/blog/what-difference-between-1031-exchange-and-721-exchange" title="721 Exchange Versus 1031 Exchange">721 Exchange</a>. REITs often hold the real estate assets in an Umbrella Partnership Real Estate Investment Trust, referred to as an “UPREIT.” If a property owner happens to own a significant piece of property that might meet the criteria of the type of property that a particular UPREIT owns in its investment portfolio, the REIT might be willing to acquire the property using a 721 Exchange for an equal value of operating units in the UPREIT operating partnership which can then shortly after be converted to direct shares in the REIT. But as one can imagine, a lot of things have to line up and your average property investor is unlikely to be able to take advantage of this structure due to their property not meeting all criteria set forth by the REIT.</p>

<h2>1031 Exchange into a DST Followed by a 721 Transaction into a REIT</h2>

<p>Fortunately for the average investor or business property owner who is unable to affect a trade directly with a REIT there is another practical solution utilizing a 1031 Exchange. Specifically, a property owner can use a 1031 Exchange and buy into a <a href="/blog/delaware-statutory-trusts-1031-exchange-investments" title="Delaware Statutory Trust 1031 Exchange">Delaware Statutory Trust (DST)</a> as the Replacement Property. Although DSTs are very popular investments across the board for 1031 investors, in this case, the DSTs in questions are ones that are affiliated with the REIT sponsor.</p>

<p>This transaction is begun like any other 1031 Exchange where the Exchanger sells the Relinquished Property to the buyer of choice. The exchange proceeds are then utilized to acquire the DST, which is allowed per §1031 based on the legal structure of a DST interest. The investor is considered to be acquiring a direct interest in real estate, unlike a REIT where the interest being acquired is a partnership interest (and not real estate). As the link above explains in greater detail, the DST share holds a fractional share of one or more properties based on the amount invested, together with other people, but the investor does own his or her real estate interest personally. It is somewhat similar as a REIT, but one qualifies as Replacement Property for a 1031 Exchange and the other does not.</p>

<p>Once the DST interest is held for several years or more, the UPREIT 721 process described above can take place and the property owner can exchange the DST interest for the UPREIT interest via a 721 UPREIT Exchange. Basically, by using the DST, the REIT is able to acquire the property that fits into their REIT portfolio instead of the property originally being sold by the investor. Everyone can have their cake and invest it too.</p>

<p>Many property owners, simply trade into a DST and that is the end of that specific 1031 exchange transaction. From there they can continue to trade into future exchanges out of the DST. But from those interested in an ultimate investment in REIT, they can take the further step.</p>

<h2>Considerations of 1031 Exchanges, DSTs and REITS</h2>

<p>There are advantages to continuing to do 1031 Exchanges each time a property is sold to continue to defer the taxes that would otherwise become due, which among other things allows the investor to benefit from the time value of money. Additionally, should the investor pass away without having cashed out of their exchange property, the heirs would receive a stepped-up basis and any of the deferred taxes would become non-payable (https://www.accruit.com/blog/video-step-basis-1031-exchange).</p>

<p>REITs too have many benefits, but once the 1031 link is cut via the conversion to the REIT, any subsequent sale of the REIT shares are fully taxable at the basis carried over from the original exchange(s) - further tax deferral is not possible.</p>

<p>As always it is important to discuss tax deferral strategies and options with your CPA, Tax Advisor, or Financial Advisor to ensure you are making the most educated decision and that proper planning is in place.</p>

<p>&nbsp;</p>

<p><em>The material in this blog is presented for informational purposes only. The information presented is not investment, legal, tax or compliance advice. Accruit performs the duties of a Qualified Intermediary, and as such does not offer or sell investments or provide investment, legal, or tax advice.</em></p>

<p>2023 was a year of unknowns for much of the real estate industry and adjacent industries like 1031 Exchange Qualified Intermediaries. With interest rates reaching a 20 year high, recession, inflation, all while real estate prices held steady and high - it was a challenging market for many.</p>

<p>Accruit's team didn't let these factors impact their goals for growth and innovation. It was a great 2023 and Accruit's team couldn't be more proud of the results.</p>

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<p>&nbsp;</p>

<p><em>The material in this blog is presented for informational purposes only. The information presented is not investment, legal, tax or compliance advice. Accruit performs the duties of a Qualified&nbsp;Intermediary, and as such does not offer or sell investments or provide investment, legal, or tax advice.</em></p>

<p>&nbsp;</p>

<p>What is a 1039 exchange? It has over 880 searches per month across the internet, but what is it? There is no such thing as a "1039 exchange" in the Internal Revenue Code or within the real estate and tax industries. The most closely related concept is a 1031 exchange. When people search for 1039 exchange, they are looking to find information about 1031 exchanges.</p>

<p>A 1031 Exchange, named after Section 1031 of the Internal Revenue Code, is a tax-deferred real estate transaction that allows an investor to sell qualifying property and reinvest the proceeds into a new property without immediate tax consequences including capital gains, depreciation recapture, state, and net investment income taxes. The primary purpose of a 1031 exchange is to encourage the continued investment in real estate by providing a mechanism for deferring capital gains and other taxes associated with real estate transactions. To learn more about the specifics of a 1031 exchange, check out <a href="/what-is-1031-exchange" title="1031 Exchange Explained">What is a 1031 Exchange?</a></p>

<h2>Additional search terms mistaken for 1031 exchange</h2>

<p>In addition to 1039 exchange, there are many other search terms that the general public mistakes for 1031 exchange, whether it's misinformation, a typographical error, or a combination of both. Some of the other most commonly searched terms that don't exist as far as an exchange within the Internal Revenue code include:</p>

<ul>
<li>1030 exchange</li>
<li>1021 exchange</li>
<li>1301 exchange</li>
<li>1231 exchange</li>
</ul>

<p>The following terms are also commonly misused when referring to a 1031 exchange:</p>

<ul>
<li>1099 exchange</li>
<li>1040 exchange</li>
</ul>

<p>While there are 1099 and 1040 tax forms that serve different purposes in the U.S. tax system, they are not exchanges. 1099 and 1040 tax forms are used by different entities for distinct tax reporting requirements, but they do not have a direct correlation with a 1031 exchange.</p>

<p>The number 1099 comes from the 1099 tax form which is used to report various types of income received by individuals other than regular salary or wages. These forms are crucial for tax reporting purposes, allowing the Internal Revenue Service (IRS) to track and assess tax on income that falls outside traditional employment. The 1099 tax forms are not directly associated with a 1031 exchange.</p>

<p>Just like the “1099 exchange,” a “1040 exchange” does not exist. The 1040 number likely comes from the 1040 tax form - the main form used by individuals in the United States to file their annual income tax returns with the IRS. The form is officially titled "U.S. Individual Income Tax Return" and serves as the primary document for reporting various types of income, deductions, credits, and calculating the amount of taxes owed or refunded. There is no intersection between the 1040 tax form and a 1031 exchange; the tax form related to a 1031 exchange is <a href="/blog/reporting-1031-exchange-irs-form-8824" title="Form 8824 used to report 1031 Exchange to IRS">Form 8824</a>.</p>

<h2>Why are people searching for information around 1031 Exchanges?</h2>

<p>Whether the correct term is searched or a mistaken variation of digits + exchange like the list of examples above, 1031 exchanges are a powerful tax deferral strategy that provide real estate investors with numerous benefits including the following:</p>

<ol>
<li><strong>Leverage Cashflow</strong>

<ul>
<li>Tax Deferral: Investors may be interested in deferring capital gains and other associated taxes on the sale of investment properties. A 1031 exchange allows them to reinvest the proceeds from the sale into a like-kind property, thereby delaying the payment of taxes.</li>
</ul>
</li>
<li><strong>Portfolio Diversification</strong>
<ul>
<li>Property Upgrade: Investors may want to exchange properties for properties of different types to diversify their real estate portfolio without incurring immediate tax consequences.</li>
</ul>
</li>
<li><strong>Estate Planning</strong>
<ul>
<li>Wealth Transfer: Individuals engaged in estate planning might use 1031 exchanges as part of their strategy to transfer wealth to heirs while minimizing tax liabilities.</li>
</ul>
</li>
<li><strong>Financial Planning</strong>
<ul>
<li>Tax Efficiency: Individuals looking to optimize their tax position and maximize returns by exchanging a mostly or fully depreciated property might consider 1031 exchanges.</li>
</ul>
</li>
<li><strong>Retirement Planning</strong>
<ul>
<li>Income Stream: Real estate investors approaching retirement may use 1031 exchanges to transition from high-maintenance properties to passive income generating investments such as <a href="/blog/delaware-statutory-trusts-1031-exchange-investments" title="Delaware Statutory Trust as passive replacement property in a 1031 Exchange">Delaware Statutory Trusts (DSTs)</a>.</li>
</ul>
</li>
<li><strong>Capitalize on Growth Markets</strong>
<ul>
<li>Market Trends: Property owners in markets experiencing significant appreciation may explore a 1031 exchange to capitalize on the increased value of their assets without triggering immediate tax liabilities.</li>
</ul>
</li>
<li><strong>Educational Purposes</strong>
<ul>
<li>Real Estate Education: Attorneys, accountants, financial advisors, and real estate professionals can provide additional value to their clients with a solid knowledge of 1031 exchanges as a powerful tax deferral strategy.</li>
</ul>
</li>
</ol>

<h2>1031 Exchange Equals Tax Deferral</h2>

<p>To recap, thousands of property owners are searching for more information around tax deferral for investment real estate - 1031 exchange is the solution they are searching for. Yet, there remains a high volume of searches for 1039 exchange, 1030 exchange, 1021 exchange, and many other variations mentioned above. Regardless of if these searches are simply typos or just misinformation, they do not exist. 1031 exchange is the correct term to search for if you are looking to defer taxes on qualify real estate transactions.</p>

<p>As a Qualified Intermediary, Accruit specializes in facilitating all types of 1031 exchanges, we offer services to help property owners navigate what can be a complex process. Reach out to one of our 1031 exchange experts for any 1031 exchange questions or to learn more about Accruit's 1031 Exchange Qualified Intermediary services.</p>

<p>&nbsp;</p>

<p><em>The material in this blog is presented for informational purposes only. The information presented is not investment, legal, tax or compliance advice. Accruit performs the duties of a Qualified&nbsp;Intermediary, and as such does not offer or sell investments or provide investment, legal, or tax advice.</em></p>

<p>Most taxpayers who are considering a <a href="https://www.accruit.com/blog/tax-code-sections-1031-and-1033-whats-diff…; title="section 1031 exchange">Section 1031 exchange</a> are familiar with the 45-day Identification period, and the 180-day Exchange period. As a reminder, the taxpayer must identify the Replacement Property (or Properties) to be acquired within 45 days after the sale of the Relinquished Property. Section 1031(a)(3)(b) says that taxpayers must complete their 1031 exchanges within 180 days after the sale of their Relinquished Property, <u><strong>or the due date of their tax return, whichever is earlier.</strong></u> For most taxpayers, and in most years, the tax return due date is April 15 of the following year.</p>

<p>But for taxpayers who <a href="https://www.accruit.com/blog/your-1031-exchange-straddling-two-tax-year…; target="_blank">sell investment real estate in the fourth quarter as part of a 1031 exchange</a>, it is imperative to pay particularly close attention to the exchange deadlines, specifically the rules and regulations around the 180 day exchange period.&nbsp;</p>

<h2>Realize Full Exchange Timeline&nbsp;by Filing for an Extension on Taxes</h2>

<p>For example, if you sold your relinquished property after October 17, 2023, you must complete your <a href="https://www.accruit.com/property-owners/1031-exchange-explained&quot; title="1031 exchange">1031 exchange</a> by April 15, 2024, <strong><u>or you must file for an extension on your 2023 taxes</u></strong>. This means that if you sold your investment property on November 30, 2023, for example, you would have an exchange deadline of April 15, 2024 – which is only 136 days later. <u><strong>To have the benefit of the full 180-day exchange period, you would have to file for an extension.</strong></u></p>

<p>Filing for an extension on your tax return requires submission of Form 4868 and will provide you with a six-month extension on your income taxes. This does not, however, provide you with an additional six months to complete your 1031 exchange, but rather, the balance of your 180 days, which in November 30 example above, moves the deadline to May 29, 2024.</p>

<h2>Convert Failed 1031 Exchange to Installment Sale</h2>

<p>Alternatively, you could opt to let your exchange fail. Our November 30 example above has a 45-day identification deadline of January 14, 2024, and a 180-day exchange deadline of May 29, 2024. Whether the 1031 exchange fails by non-identification or by failure to acquire replacement property, you are not entitled to obtain the exchange proceeds until the subsequent tax year. In this example, the IRS allows you to either report the gain in the year of the sale, or in the year the proceeds were received under Section 453 installment sale rules. Choosing the installment sale rules would require you to file Form 6252, but effectively provides a one-year deferral on the gains from the sale of the property. Deciding to convert from a failed 1031 exchange to an installment sale does not result in any IRS penalties, and provides you with additional flexibility. Indeed, the default reporting of an unsuccessful exchange that crosses tax years is the installment sale method unless you affirmatively choose to report it in the prior year.</p>

<p>Keep in mind that the rules for Section 453 installment sales are quite specific. Installment sales do not necessarily apply to all sales, and do not defer any gain that was attributable to debt relief. Taxpayers are strongly encouraged to discuss the concepts covered here with their tax and/or legal advisors.</p>

<h2>Implications of a Partial Exchange</h2>

<p>There is yet another possible scenario. Assume that you sold your relinquished property on November 30, 2023 for $500,000 as part of a properly structured 1031 exchange. Your 45-day identification deadline is January 14, 2024 and your 180-day acquisition deadline is May 28, 2024. You properly identify one target replacement property before the deadline, and ultimately acquire that property on January 30, 2024 for $450,000. This results in “boot” – taxable event – of $50,000. Whether this $50,000 is attributable to depreciation recapture or capital gains, the results are the same, you could elect to recognize the taxable event on your 2023 tax return, or you could elect installment sale treatment as discussed above.</p>

<p>Whether you should recognize the taxable event in 2023 or 2024 is a taxpayer specific inquiry that is best resolved by consulting your tax and legal advisors.</p>

<p>&nbsp;</p>

<p><em>*Updated 12/29/2023.</em></p>
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<h2>Due to recent storms and tornados, the IRS has issued Tax Relief for parts of Tennessee.</h2>

<p>&nbsp;</p>

<p><u><strong>The General postponement date is June 17, 2024.</strong></u><br />
&nbsp;</p>

<p>Individuals that reside or have businesses within Davidson, Dickson, Montgomery, and Sumner counties qualify for tax relief as this time.&nbsp;</p>

<p>An “Affected Taxpayer” includes individuals who live, and businesses whose principal place of business is located in, the Covered Disaster Area. Affected Taxpayers are entitled to relief regardless of where the relinquished property or replacement property is located. Affected Taxpayers may choose either the General Postponement relief under Section 6 OR the Alternative relief under Section 17 of Rev. Proc. 2018-58. Taxpayers who do not meet the definition of Affected Taxpayers do not qualify for Section 6 General Postponement relief.</p>

<p>Option One: General Postponement under Section 6 of Rev. Proc. 2018-58 (Affected Taxpayers only). Any 45-day deadline or 180-day deadline (for either a forward or reverse exchange) that falls on or after the Disaster Date above is postponed to the General Postponement Date. The General Postponement applies regardless of the date the Relinquished Property was transferred (or the parked property acquired by the EAT) and is available to Affected Taxpayers regardless of whether their exchange began before or after the Disaster Date.</p>

<p>Option Two: Section 17 Alternative (Available to (1) Affected Taxpayers and (2) other taxpayers who have difficulty meeting the exchange deadlines because of the disaster. See Rev. Proc. 2018-58, Section 17 for conditions constituting “difficulty”). Option Two is only available if the relinquished property was transferred (or the parked property was acquired by the EAT) on or before the Disaster Date. Any 45-day or 180-day deadline that falls on or after the Disaster Date is extended to THE LONGER OF: (1) 120 days from such deadline; OR (2) the General Postponement Date. Note the date may not be extended beyond one year or the due date (including extensions) of the tax return for the year of the disposition of the relinquished property (typically, if an extension was filed, 9/15 for corporations and partnerships and 10/15 for other taxpayers).&nbsp;</p>

<p><br />
<a href="https://www.irs.gov/newsroom/irs-tennessee-taxpayers-impacted-by-storms…; title="IRS Tax Relief for counties in Tennessee">Visit for full details on the tax relief from the IRS.</a></p>

<p><em>The material in this blog is presented for informational purposes only. The information presented is not investment, legal, tax or compliance advice. Accruit performs the duties of a Qualified&nbsp;Intermediary, and as such does not offer or sell investments or provide investment, legal, or tax advice.</em></p>