Real estate investors and owners of business personal property looking to maximize the total value of their property look to Federal Exchange Services as their choice of a Qualified Intermediary. Our highly trained staff of experienced professionals has diverse backgrounds in law, tax accounting, banking, real estate brokerage, appraisal and investment, as well as property management.  Our multi-disciplinary approach ensures that our exchange professionals can execute the most challenging exchange strategies in compliance with recent legislation.  Federal Exchange Services has an unyielding commitment to our clients, from the preparation of accurate documentation supporting all forms of tax deferred exchanges, to the security of your entrusted funds we work diligently and effectively to ensure a successful completion of your exchange transaction. What sets Federal Exchange Services apart from other Qualified Intermediaries is our willingness to stand by all of our exchange transactions. Should your transaction ever be challenged by the IRS, our Tax Professionals will intervene on your behalf, to defend the exchange transaction, use the 1031 Defense button (Left Menu) for more information.  A brief overview of our Senior Management’s experience is presented below:
	John C. Calhoun, C.P.A., President Mr. Calhoun is a Certified Public Accountant licensed in the State of Texas.  Mr. Calhoun over the last 30 years has established a thriving Practice providing adversarial representation before the Internal Revenue Service and related litigation.  Clients of the firm have included United States current or former Secretaries of State and Treasury along with Congressmen, Senators, Judges and numerous media personalities.  Mr. Calhoun worked for Touche, Ross & Co. as well as Arthur, Young and Co. prior to starting his own firm in 1975.  Mr. Calhoun has been certified by the Texas Education Agency to teach Finance, Taxation and Mathematics and has been a guest lecturer in Capital Budgeting at the University of Texas.  He has co-authored two books: Federal Income Tax of Real Estate and its sequel that were used for teaching in both Texas and Iowa.  Mr. Calhoun has also authored numerous magazine and newspaper articles and was a regular radio talk show guest for several years for taxation and financial planning topics. As a result of structuring numerous 1031 exchanges for his clients he found a need for a Qualified Intermediary to provide innovative solutions to complex 1031 tax deferred exchanges.  As an example of Mr. Calhoun’s strategic vision to deliver innovative services he has integrated the use of Cost Segregation Studies into the 1031 Exchange process (for replacement properties) providing a comprehensive solution to maximizing tax deferral strategies.  To address the dynamic needs of the real estate community, Mr. Calhoun founded Federal Exchange Services, LLC. Charles R. Smith, C.P.A., Senior Vice President Graduated Benedictine College with a BA in Business Administration followed by post-graduate studies in accounting at the University of Arizona.  Mr. Smith was a Senior Manager with KPMG Peat Marwick where he directed the Arizona Financial Consulting Practice. During his tenure he provided real estate advisory services for an international client base that included: multibillion-dollar real estate purchase transactions including; raw land, luxury hotels, retail, commercial high-density mixed use developments, master planned communities, golf courses, and undeveloped land. He has lead project teams in cost segregation studies, market assessments, feasibility analyses, valuations, land use planning, as well as structured and negotiated multimillion-dollar sale lease backs of corporate headquarters and industrial facilities.  Prior to joining Federal Exchange Services, he was principal of his own investment company focused on the acquisition of undeveloped land, planning, development, and sale where he  utilized numerous 1031 Exchanges to maximize the value of his investment in real estate. Mr. Smith has been published in the Journal of Real Estate Finance: “Sale Lease Backs an Opportunity to Maximize Corporate Real Estate Investment”.   Michelle Gleason, Chief Financial Officer Ms. Gleason graduated from the University of Texas, San Antonio with a Bachelor in Business Administration and is currently a candidate for Licensure as a Certified Public Accountant in the State of Texas. Ms. Gleason along with her involvement with Federal Exchange Services, LLC as its Chief Financial Officer, is employed by John C. Calhoun & Company, Certified Public Accountants as a Senior Accountant.  During her tenure at the firm Ms. Gleason’s focus has been in the areas of Federal and Multi-State taxation.  Her clientele have included large corporations with multi-state operations.  The Firm’s practice is in adversarial tax and related litigation. Her attention to detail preparing cases with diligent and thorough tax research and assertions compliment her duties at Federal Exchange Services, LLC. Keith M.Baker, Attorney at Law Mr. Baker is an attorney that is licensed to practice in the State of Texas as well as in U. S. Supreme Court, U.S. Court of Appeals, Fifth Circuit United States District Courts, Western and Southern Districts of Texas and Arizona.  Mr. Baker has litigated numerous cases before the U. S. Tax Courts dealing with complex matters of taxation.  In addition, Mr. Baker maintains an active practice in the areas of business law litigation, bankruptcy litigation, corporate and probate law.  Mr. Baker’s affiliation with Federal Exchange Services, LLC allows us a unique capability to defend 1031 exchange related issues before the Internal Revenue Service as well as U. S. Tax Court.