b'APPENDIX AGLOSSARY 1031 Exchange A section of the Internal Revenue Code that allows the owner of real estate to exchange one real estate asset for another similar real estate asset for the purpose of reinvestment, without paying capital gains taxes. Capital gains taxes will be deferred until the asset is sold without the intent to reinvest the proceeds of the sale. Anti-Touting The Securities Act of 1933, Section 17(b) says, in summary, that it is unlawful for any person to publish, give publicity to, or circulate any notice,circular,advertisement,newspaper,article,letter,investment service, or communication which, though not purporting to offer a security forsale,describessuchsecurityforaconsiderationreceivedortobe received, directly or indirectly, from an issuer, without fully disclosing thereceipt,whetherpastorprospective,ofsuchconsiderationandthe amount thereof. Asset Manager This is the legal entity, comprised of individuals or other entities, that manages a syndicate or fund.295'