Exchange Funds (Swap Funds): Diversifying Without Selling
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Tax Tips / Concentrated Stock
Exchange Funds (Swap Funds): Diversifying Without Selling
💡 Executive Summary
- Problem: You hold a massive position in one stock (e.g., Apple, Amazon) with zero cost basis. Selling to diversify triggers a 23.8%+ tax bill.
- Solution: Contribution your shares to an “Exchange Fund” (Partnership). You pool shares with other investors.
- Result: You exchange your single stock for a diversified basket of shares tax-free (after a 7-year hold).
⚠️ THE 7-YEAR LOCKUP
This is a long game. To satisfy IRS rules, you must stay in the fund for at least 7 years. If you exit early, the tax protection fails. This strategy is for “Wealth Preservation,” not “Active Trading.”
This is a long game. To satisfy IRS rules, you must stay in the fund for at least 7 years. If you exit early, the tax protection fails. This strategy is for “Wealth Preservation,” not “Active Trading.”
“Concentration builds wealth; diversification preserves it.” The Exchange Fund is the bridge between these two stages. It allows Qualified Purchasers (Tier L3+) to de-risk their portfolio without volunteering a 30% haircut to the IRS.
🧐 Core Mechanic: The “Potluck”
Imagine a dinner where everyone brings one dish. You bring 100% Steak (Apple Stock). Someone else brings 100% Potatoes (Google). At the end, everyone leaves with a balanced plate. Since it’s a “Partnership Contribution” (IRC § 721), no sale occurred.
Imagine a dinner where everyone brings one dish. You bring 100% Steak (Apple Stock). Someone else brings 100% Potatoes (Google). At the end, everyone leaves with a balanced plate. Since it’s a “Partnership Contribution” (IRC § 721), no sale occurred.
Performance Simulation
Diversification Cost ($10M Position)
Sell & Reinvest
~$2.4M Tax Bill Paid
$7.6M Working Capital
Exchange Fund
$0 Tax Paid (Deferred)
$10.0M Working Capital
Comparison: Direct Sale vs. Exchange Fund
| Factor | Direct Sale | Exchange Fund |
|---|---|---|
| Tax Impact | Immediate (23.8%+) | Deferred (0% Today) |
| Liquidity | Instant (Cash) | Low (7-Year Hold) |
| Diversification | Immediate | Immediate (Pooled) |
“It’s not about timing the market; it’s about time in the market—with the government’s money. An Exchange Fund lets you keep the tax liability invested for your benefit.”
🔗 Related BMT Playbooks (Internal)
🛡️ Real Estate Version: 721 UPREIT Exchange ⚖️ Alternative: Opportunity Zones (If you sell & defer) ✅ Alternative: QSBS (If stock is a small business startup)🏛️ Institutional Resources (External)
📜 Legal Text: IRC § 721 (Nonrecognition of Gain) 🏛️ SEC Requirement: Qualified Purchaser Standards 📘 Definition: Accredited Investor vs QP
BMT designs for tax reality, not theory.