Deutsche Bank appointed Qualified Intermediary on Toyota Motor Credit Corporation Auto Lease like-kind exchange program
New York, Deutsche Bank today announced it has been appointed as Qualified Intermediary (QI) on Toyota Motor Credit Corporation’s like-kind exchange program.
A like-kind exchange is also known as a 1031 exchange, referring to section 1031 in the Internal Revenue Code. A like-kind exchange is a way of deferring capital gains taxes by reinvesting proceeds from a sale into a like-kind asset. This structure is frequently used in the automotive, aircraft, equipment and real estate industries. In accordance with section 1031 a taxpayer must appoint a Qualified Intermediary on such transactions in order to appropriately comply with the tax code.
Kevin Plein, Managing Director within Deutsche Bank’s Global Transaction Banking (GTB) division said, “We are pleased to have been selected by Toyota for our high quality and integrated Qualified Intermediary solution and welcome Toyota as a like-kind exchange client. We have seen quite an influx of these programs over the past 12 months and look forward to transitioning more program exchange clients in 2010.”
Deutsche Bank entered the Qualified Intermediary business because of a market need for a strong, stable and committed bank provider of like-kind exchange services. It is a regulated financial institution which holds like-kind exchange assets in segregated trust accounts for added client security.
The Bank has been appointed on a number of significant mandates for Fortune 500 companies, amongst others, and is now a leader in providing Qualified Intermediary services for like-kind exchange programs.
About Deutsche Bank
Deutsche Bank - NYSE: DB - is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,530 employees in 72 countries, Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
About Trust & Securities Services
Deutsche Bank’s Trust & Securities Services business, part of Global Transaction Banking, is one of the leading providers of trustee, agent, depositary, registrar, SPV management and related services for a wide range of financial structures and transactions. It is a leading depositary for American and Global Depositary Receipts, provides fund and hedge fund administration and, through a fully integrated network of specialist offices worldwide, provides domestic custody services in more than 30 securities markets.
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