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Madera Among Fastest-Growing Counties in Western U.S.

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MADERA COUNTY — According to the latest government data, Madera County is outpacing other similar-sized counties, both in California and around the western U.S., in terms of economic growth.

Recently published United States Bureau of Economic Analysis records show that for 2018, the latest year for which statistics have been compiled, Madera County saw the fastest growth in real GDP among the Far West Region’s “medium-sized” counties.

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Drop and Swap – Dissolution of Partnerships Prior to Exchanging

Exchange Update

When a partnership is selling property and some of the partners want to cash out and others want to reinvest, it can create complications with a 1031 exchange.  There are a couple of reasons for this.  First, under IRC § 1031(a)(2)(D), partnership interests are not exchangeable.  Second, the taxpayer that sold the relinquished property must acquire the replacement property. For example, if a partnership sells the relinquished property, that same partnership must buy the replacement property.  If individual partners buy the replacement property, it will not be a valid exchange.

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WE’RE BACK, BABY! FRESNO TOP AG COUNTY ONCE AGAIN

Navel Oranges Packing

For the first time since 2013, Fresno County is the top agricultural county in California and the U.S.

This news comes with the Tuesday morning release of the 2018 Tulare County crop and livestock report, which shows sales of agricultural goods produced there last year totaled more than $7.21 billion, a 2.5% increase from ag sales in 2017.

 

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Top Ten 1031 Exchange Misconceptions

Exchange Update

1. Like-kind means I must exchange the same type of property, such as apartment building for apartment building.

All real property is like-kind to other real property. For example, you can trade an apartment building for an office building. To read more about like-kind real estate, click here.

2. My attorney can handle this for me.

Not if your attorney has provided you any non-exchange related legal services within the two-year period prior to the exchange. Click here to read more about qualified and disqualified parties.

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New Fresno Ace Hardware Opens Next Week

Fresno’s newest Ace Hardware store — formerly an Orchard Supply Hardware — should be opening by the end of next week.

A grand opening is slated for July.

 

Located at 1536 E. Champlain Drive, the Ace Hardware store should eventually create 50 new jobs. It is the second Ace Hardware to open in a former OSH location in the Central Valley after the chain, owned by Lowe’s, closed earlier this year.

 

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Deferring Tax on Mixed Use Properties

Exchange Update

Utilizing IRC Sections 1031 and 121

When it comes to issues related to capital gains taxes associated with the sale of real estate, there are two primary provisions of the tax code that apply, IRC Section 1031 and IRC Section 121.  Many people are unaware that when a property is used as a personal residence as well as for business or investment purposes, it is a mixed-use property that can benefit from both provisions of the tax code at the same time.

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Success & Stability Since 1919

A Century of Service

In 1919, Oliver Wendell Pearson arrived in Fresno to visit his brother and, together, they bought a ranch. Seeing firsthand the developing business of agriculture, Mr. Pearson noted the need for a realty company that would specialize in marketing and selling farm and ranch property. The O. W. Pearson Company would later become Pearson Realty. The core principles of the firm reflect Mr. Pearson’s personal beliefs in honesty, trust, reliability and positive results.

Today the stockholders, agents, brokers, and staff adhere to the founding principles—to continue a tradition in trust since 1919.

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