Wells Fargo & Co. has announced that Wachovia Exchange Services is now operating as Wells Fargo 1031 Exchange Services.
Wachovia Exchange Services has provided 1031 exchange services for individual taxpayers and corporations for decades. Section 1031 of the tax code shelters capital gains when investment or business real estate is sold and the proceeds reinvested.
The Charlotte unit said Tuesday it will continue to hold its annual May 1031 Like-Kind Exchange Seminar, to which it has played host for 11 years.
Wachovia Exchange Services' 1031 staff is now part of Wells Fargo's corporate trust services team.