Description
This program is designed to provide real estate practitioners with a fundamental overview of some of the most common federal and state tax implications of their transactions, enabling them to discuss these issues with their clients and to participate meaningfully with the clients' accountants and tax professionals. About half of the program is devoted to relevant income tax issues, including a discussion of tax-free exchanges, the quickly expanding cottage industry involving tenants-in-common interests, as well as a discussion of alternatives where some partners wish a tax-free exchange while others do not. Also discussed in this connection are various tax considerations in the negotiation of a commercial lease. On the non-income tax side, there is coverage of some of the more important state and local taxes, including tax assessment and certiorari and New York Real Property Transfer Taxes and Mortgage Recording Taxes. Finally, there is a discussion of some of the more commonly used estate planning techniques employed for real estate professionals.