Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Reexamination Certificate
2001-04-06
2009-10-20
Felten, Daniel S (Department: 3696)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
C705S03600T, C705S037000, C705S038000, C705S039000
Reexamination Certificate
active
07606746
ABSTRACT:
A database tracks acquired and relinquished assets and permits assets to be combined for like kind exchanges to realize a tax benefit. Relinquished assets that have been depreciated to recover a tax benefit are matched with acquired assets and a like kind exchange takes place though a qualified intermediary. The tax basis for the relinquished assets is transferred to the acquired assets and a further tax benefit is obtained. A processing engine provides notification of transaction details to appropriate parties, and records completed transactions. A qualified intermediary conducts the like kind exchanges to provide a buffer between the asset manager and realizations resulting from exchange transactions. A trustee bank provides finding for purchase and sale of assets, and all transaction information is recorded in a database suitable for providing required regulatory reports. The system manages a number of complex, arms length transactions in compliance with regulatory requirements and reports details of the transactions to regulatory authorities to obtain tax benefits.
REFERENCES:
patent: 5809483 (1998-09-01), Broka et al.
patent: 5873071 (1999-02-01), Ferstenberg et al.
patent: 7080050 (2006-07-01), Himmelstein
Of IRS code 1031 http://ftp.irs.gov
ewsroom/article/.
Bossong Edward
Hitchings J. Robert
Orlich Todd
Schreiner Joe
Felten Daniel S
Goodwin & Procter LLP
JPMorgan Chase Bank N.A.
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