THE SAUGUS ADVOCATE – FRIDAY, JUNE 17, 2022 Page 15 REAL ESTATE TRANSAC TIONS Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. BUYER1 BUYER2 Depaolis, Michael SELLER1 Depaolis, Samuel J OBITUARIES Albert N. Kendall ive Kendall. He was raised and educated in Allston. He went on to work as a Sanitation worker for BFI, which became Waste Management, and was a proud member of the Teamsters Local #25 for over 25 years.Albert enjoyed photography, shopping for antiques at flea markets, as well as playing scratch tickets. He was also an avid fan of the Boston sports teams, especially the Red Sox and Patriots. He is survived by his daughA lbert N. Kendall, a longtime resident of Saugus, passed away on Thursday, June 9, after a lengthy illness. Albert was born in Cambridge in 1942, the son of Albert and Olter, Kimberly Barlick of Narraganset, RI, his extended family, Pat Kendall, Sharon Catalano, Chandra and Michael Miller, and Frank and Nancy Miller,his grandchildren, Nicholas, Eric, Jonathan, Sophia, Lucas, and Angelique, as well as many nieces and nephews. At the request of the family, masks must be worn at all times during wake and funeral. Albert was preceded in death by his siblings, Butchy, Daniel, and Pearl. Funeral services were held at the Weir-MacCuish Funeral Home, 144 Salem St, Malden on June 15th, at 11 AM. Interment in Wyoming Cemetery, Melrose. Visitation was held at the funeral home on, June 14th. In lieu of fl owers, donations in Albert’s memory may be made to: Wounded Warrior Project, P.O. Box 758516, Topeka, Kansas 66675-8516 or Kulturecity.org, an autism focused charity. Where Saugonians will vote Selectmen approve new permanent polling locations By Mark E. Vogler W hen Saugus residents go to the polls to vote in the state elections this fall, there will be four new permanent polling locations. There had been some talk about consolidating the voting locations for all 10 of the town precincts into one polling spot — possibly the new Saugus Middle-High School. “With 10 precincts and 20,000-plus voters, it’s just not doable,” Town Clerk Ellen J. Schena told selectmen at Tuesday (June 14) night’s meeting of the logistics of creating one polling location. “We can’t sustain one location,” she said. Instead, voters will be going to six diff erent locations, with four of them serving two precincts, under a plan approved by selectmen. The locations will serve the town for the next 10 years. The changes in the polling locations: • Precinct 1 moving from the American Legion Hall on Taylor Street to the Saugus Middle-High School • Precinct 3 moving from Chestnut Woods Rehabilitation Center to the Saugus Senior Center • Precinct 5 moving from the Lynnhurst Elementary School to the Saugus Senior Center • Precinct 9 moving from the Oaklandvale Elementary School to the Saugus Middle-High School Schena said the other six polling locations will remain the same. She explained the reason for the polling location changes in an email to The Saugus Advocate. “The Oaklandvale and Lynnhurst schools are now closed and given back to the town,” Schena wrote. “The American Legion we haven’t used in over 2 years because the State deemed it too small for the size of the precincts (growth in town). With regards to Chestnut Woods Rehabilitation Center we stopped using them because of Covid but also, since their construction the area/room they had given us to use was too small for the size of the precinct (growth in town),” the town clerk said. The Town Clerk’s Offi ce will be mailing an election card to all Head of Households in Saugus informing voters of their Polling Location for the upcoming elections, she added. Precinct Polling Locations as of 2022 1. Saugus Middle High School Complex — 1 Pearce Memorial Drive 2. Veterans Early Learning Center — 39 Hurd Avenue 3. Saugus Senior Center — 466 Central Street 4. Belmonte STEAM Academy — 25 Dow Street 5. Saugus Senior Center — 466 Central Street 6. Veterans Early Learning Center — 39 Hurd Avenue 7. Knight of Columbus — 57 Appleton Street 8. Belmonte STEAM Academy — 25 Dow Street 9. Saugus Middle/High School Complex — 1 Pearce Memorial Drive 10. Italian American Club — 1 Beachview Avenue (Editor’s Note: This information was provided by the Saugus Town Clerk’s Offi ce.) SELLER2 ADDRESS 43 Jackson St CITY DATE PRICE Saugus 05.27.22 Like us on Facebook advocate newspaper Facebook.com/Advocate.news.ma “YOUR FINANCIAL FOCUS” Joseph D. Cataldo 1031 EXCHANGES AND LIMITED LIABILITY COMPANIES setts, a common law state, a husband and wife that are 50% owners of a limited liability company must file Form 1065. In community property states, a husband and wife are considered to be one owner and therefore do not have to fi le Form 1065. Even if you owned a rentnternal Revenue Code Section 1031 allows an investor of real estate to sell his or her property at a substantial gain and replace that property with like-kind property within a certain period of time in order to defer paying capital gains taxes. The Investor must use a qualified intermediary to handle the transaction from beginning to end. The deferred capital gain serves to reduce the cost basis of the replacement property for purposes of a later sale and for purposes of calculating depreciation on the replacement property. Form 8824 is used to report the “like-kind” exchange as part of your 1040 or entity-level return. A single member LLC can I enter into a 1031 exchange as well as a two or more member LLC. A single member LLC is transparent for tax purposes. No separate tax return has to be fi led. If you are a self-employed individual operating as a single member LLC, you would simply report your income and expenses on Schedule C. If you own rental real estate titled in the name of a single-member LLC, you would report the rent income and expenses on Schedule E. If, however, you operate as a two or more member LLC, you must fi le Form 1065, U.S. Return of Partnership Income. You can also choose to be taxed as a corporation and either choose regular C Corporation status or S Corporation status. In Massachual property just in your name, you could title the replacement property in the name of a single member LLC and still take advantage of Internal Revenue Code Section 1031. The single member LLC is disregarded for tax purposes.For a two or more member LLC, the 1031 exchange must take place at the entity level. The LLC would sell the rental real estate that it has title to and would title the replacement property in its name as well. The LLC would fi le its own Form 8824 to report the sale, deferred gain, any recognized gain if the full selling price was not reinvested, etc. A safe harbor holding period of the replacement property in order to secure the validity of the 1031 exchange is two years. Three years would be even better. There often are complexities when one or more of the partners do not wish to remain invested in rental real estate and would simply rather cash out and pay the tax. In that event, the partnership would look to into formulating a tax strategy that would accommodate the partners wishing to remain invested and wishing to defer the recognition of gain and the partners that wish to cash out can pay the capital gains tax on their share of the capital gain. Taking advantage of the 1031 exchange can save a signifi - cant amount in capital gains taxes and it should not be overlooked. $ 420 000,00
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