(The following is an excerpt from our 1031 Advisor newsletter located here )

• Nevada expands licensing and regulation of Qualified Intermediaries in the wake of SouthWest Exchange collapse. Senate Bill 476 becomes effective July 1, 2007.
• Idaho expands licensing and regulation of Qualified Intermediaries by requiring Errors and Omission insurance, as well as fiduciary insurance.
• Associated Press  June 18, 2007.  Bankruptcy Judge Martin Green of the US Bankruptcy Court in Manhattan denied 1031 investors' request to appoint a trustee or convert the case to a Chapter 7 liquidation, in the case of 1031 Tax Group and its 16 affiliates.  Canadian born Mr. Okum has ceded all management control and has surrendered his passport to his lawyer.

• Private Letter Ruling 200724007.  The IRS ruled that a Qualified Intermediary, in the form of a national partnership,  widely owned by real estate brokers, were able to share in the ownership profits, commissions, finders fees,  and exchange fee income earned from their own clients, despite the fact they are disqualified persons,  because no one disqualified realtor will be able to own more than 5% of the Qualified Intermediary.