Full Service Exchange Firm

Since 1980, the affiliates of 1031 Strategies & Services Group have been providing clients with the most extensive planning and strategies in the complex field of section 1031 tax-deferred exchanges. Independent Exchange Services, Inc. and Reverse Exchange Services, Inc. provide clients with guidance throughout every step in the exchange process.

Independent Exchange Services, Inc. and Reverse Exchange Services, Inc. provide IRS Section 1031 exchange services—essentially a deferral of capital gains taxes from the exchange of investment properties—for real estate investors throughout the United States and Internationally. The company acts as a third party, qualified intermediary for various types of exchanges, including delayed, simultaneous, reverse, built-to-suit and international.

The company operates as part of the 1031 Strategies & Services Group. It’s a boutique exchange firm, which means it doesn’t handle thousands of transactions a year and is able to take a personalized approach to dealing with its clients.

Exchange Benefits

Exchange Types

In this transaction, the closing of both Phase I and Phase II occur “simultaneously”. Due to the pressures of time, the fact that many times the two properties are in different locations, the requirements of lenders, etc., and, most importantly, the ability of the “Delayed” Tax-Deferred Exchange, simultaneous exchanges are rarely used. Even when a client anticipates being able to consummate a simultaneous exchange, the use of a QI is recommended to provide a ‘safety net’, if something delays the closing of the Replacement Property and the exchange isn’t “simultaneous”. The Exchange Agreement cannot be set up after the Relinquished Property has closed, so using a QI and planning for a delayed exchange is a wise insurance policy.
In this transaction, the closing of the sale of the Relinquished Property happens ‘first’, and the closing of the Replacement Property is “delayed” to a later date. This transaction was sanctioned by the 1984 Tax Act. The requirements for the use of a Qualified Intermediary, and the time requirements of the 45-day Identification Period and the 180-day Exchange Period were imposed with the 1984 Tax Act changes.
This type of exchange is called a ‘reverse’ exchange because the chronological order of events is “reversed”. The Replacement Property is acquired, first, and then the Relinquished Property is sold. However, because a taxpayer cannot exchange into property which it already owns, the taxpayer cannot acquire the Replacement Property. Instead, a friendly third party (an “Exchange Accommodation Titleholder”, or “EAT”, which is provided by Reverse Exchange Services, Inc., one of IES’ affiliates), purchases the Replacement Property, and, by agreement with the taxpayer, agrees to sell it to the taxpayer, after the taxpayer has sold the Relinquished Property to the buyer. In the interim, the taxpayer has operating control over the Relinquished Property, but the EAT is considered the “tax owner”.

Our services

Independent Exchange Services, Inc.​

IES has been acting as an independent, third-party corporate Qualified Intermediary to facilitate exchanges under Section 1031 of the Internal Revenue Code.​

Reverse Exchange Services, Inc.​

RES provides "reverse" tax deferred exchanges that gives you control over the replacement property before you dispose of the relinquished property.​

Executive Staff

Our staff has over 100 years of experience and has managed thousands of 1031 exchanges for our clients, so the IES advantage for our clients is that they get experienced experts in the field of 1031 exchanges to guide them through the challenging process and successfully complete their exchanges in a manner that is optimum to the client needs, goals and outcomes.

Ralph B. Bunje, Jr.

CES®, CPA (inactive), MBA (Tax),
MS (Accounting), 
Ralph has been advising clients on Section 1031 matters since 1978 and was a founder of Independent Exchange Services, Inc. in 1980. He has over twenty–five years of practical experience in financial management, accounting, income tax matters, investment banking, real estate finance, tax–deferred exchanges and organizational development. He has successfully managed merger, acquisition, reorganization, financing, joint venture, bankruptcy, problem assets and organizational engagements for clients. Ralph is a past President and current Director of the Federation of Exchange Accommodators, as well as the President and Co-Founder of Reverse Exchange Services, Inc.

Billie Sue Records


Billie Sue has an extensive professional career that has included 13 years working for a California farming organization where she worked in operational and management roles, including commercial real estate development, real estate investment, along with numerous varied farming operations. Billie Sue spent 20 years working for Walton Enterprises in Bentonville, Arkansas. In addition to accounting, she presided over (Not Wal-Mart) their varied real estate investments and real estate development projects. She also managed many of their philanthropic and legislative endeavors.  In 2007, she designed a new Qualified Intermediary Department within Mission Bank in Bakersfield, CA, her hometown. She has facilitated all types and variations of 1031 Exchanges, including reverse construction exchanges. 

Ian Bunje


Ian has coordinated and facilitated Section 1031 exchanges for more than two decades, and is responsible for the investment oversight of over $300 million of assets under the Group’s management. He is a Certified Exchange Specialist (CES®) and is currently on the Board of Directors of the Federation of Exchange Accommodators (FEA) the exchange industry’s governing body.  Ian served previously as a Regional Vice President for the FEA, and a as Council Member of the Certified Exchange Specialist (CES®) which over sees the certification of the exchange community. He holds a BS degree from Willamette University, Oregon, and a Culinary Arts degree from the California Culinary Academy.

Kris Champion Morton


Kris has excelled in many administrative roles for over 20 years with our Group and is now leading our administrative efforts to provide our clients with the best practices and process experience in completing their 1031 exchange.

Frank Nishimoto

Vice President/Comptroller

Frank has had an extensive career in financial management. Spending 20+ years as the controller of a division of the Clorox corporation. Frank manages the financial accountability of all 1031 client funds. Frank holds a degree in accounting from University of Redlands and a graduate degree from UCLA.

Jeff Lowenstein


Jeff has been a successful entrepreneur for over 20 years with experience starting, managing and operating over 10 businesses. Jeff brings his skills of business operations, data security and information compliance to insure our 1031 clients achieve successful results with their exchanges. Jeff holds a BS in Economics and a Minor concentration in Business Administration from Santa Clara University.


Intermediaries are always looking for ways to discern themselves from their competition, and those that have earned the prestigious Diamond Certified award are already several steps ahead. In addition to its Diamond Certified status, Independent Exchange Services, Inc. differentiates itself by focusing entirely on one specific aspect of the industry: Section 1031 exchanges.