Pride Equipment to Utilize Like-Kind Exchange Strategy
Denver, Colorado – April 6, 2015 - Accruit, LLC, the nation’s leading provider of qualified intermediary (QI) services and 1031 like-kind exchange (LKE) program solutions, announced today that they have been selected as the QI for Pride Equipment, a family-owned and operated company based in Islip, New York that services the industrial, construction and movie production industries.
Pride Equipment's choice of a like-kind exchange strategy with Accruit will facilitate updating their rental fleet with equipment that meets government-mandated Tier 4 emission standards for diesel-powered equipment. “We knew that implementing a 1031 program would allow us to defer taxes on the sale of used fleet equipment and apply those funds to top of the line replacements. It became obvious to us that Accruit was the leader in the industry,” said Charles Noto, President of Pride Equipment.
Accruit’s master exchange program meets the needs of companies like Pride Equipment who require an automated solution to manage the complexity of multiple annual exchanges. Stephen Doherty, Accruit’s Director of National Accounts said that “Pride is fleet-based and exactly the sort of company for whom an LKE program is the best strategy for continued investment in their business. We’re proud that they chose us as their qualified intermediary.”
About Pride Equipment
Islip, New York-based Pride Equipment was started in 1970 by the Noto Brothers, Charles and John, and services the industrial, construction and movie production industries with the most complete line of lift equipment and aerial platforms in the tristate area.
Denver, Colorado-based Accruit, LLC is the nation’s leading provider of qualified intermediary and 1031 like-kind exchange program solutions, serving more than 20 industries. Accruit handles all types of LKEs, including real estate, business assets, collectibles, and franchises; they facilitate all types of forward, reverse and improvement exchange transactions nationwide. Since 2010, through a joint business relationship, Accruit and PricewaterhouseCoopers (PwC) together provide clients the absolute highest level of expertise in 1031 LKE program management. A year later, Accruit expanded its real estate and franchise exchange offerings through the strategic acquisition of North Star Deferred Exchange LLC, a Chicago-based national provider of QI and Exchange Accommodation Titleholder (EAT) services, in order to provide the exchange industry with one of the broadest service offerings available.