The Like-Kind Exchange Conference provides sophisticated knowledge of the "hot button" issues and intricacies of Like-Kind Exchanges.
Key topics to be discussed:
Proposed legislation on section 1031
Parking within and outside the safe harbor
Exchanges into build-to-suit replacement property
1031 Exchange vehicles such as Tenancy-in-Common (TICs) and Delaware Statutory Trusts (DSTs)
Partnership and LLC exchanges
Date: October 24, 2022
Anne Andrews | PwC Audit & Accounting
Tax Partner at PwC, specializing in federal tax projects for large organizations.
Glenn M. Johnson, Esq. | Ernst & Young LLP
Glenn is a Principal in Ernst & Young LLP’s US National Tax Department. Glenn leads the US PPP Infrastructure Tax Practice and is the Director of the Leasing Tax Services. Glenn is experienced in planning leasing and other asset-based structured transactions. Also, Glenn has provided US tax services with respect to many infrastructure projects where he advises on a wide range of tax issues to both developers and owners. In addition, Glenn has worked with domestic and foreign manufacturers in establishing and operating captive leasing and finance companies. Further, Glenn has significant experience concerning deferred like-kind exchange transactions where he advises on a wide range of tax and operational issues. Glenn, who joined Ernst & Young in 1998, earned his LL.M. in Taxation from Georgetown University Law School; his J.D., with honors, from Boston University School of Law; and his B.A. in Economics from Wesleyan University.
Glenn also is active in a number of civic and charitable organizations. Glenn currently is and has been a member of the Equipment Leasing and Finance Association Federal Tax Committee for over 13 years. Glenn is the former American Bar Association Chair of the Capital Recovery and Leasing sub-committee. Glenn is a member of EY’s Federal Income Tax Committee and leads EY’s Infrastructure Tax Committee.
Robert Schachat, Esq. | BDO USA, LLP
Bob has more than 40 years’ experience advising clients in all federal income tax aspects of real estate, including REIT, partnership, limited liability company and S corporation formations, acquisitions, like-kind exchanges, development, leases, financings, workouts, dispositions and liquidations. He has also advised clients on a regular basis in monitoring federal legislative and regulatory activity in the real estate area.
Bob joined BDO in 2021 after 23 years in the National Tax Real Estate Group of a big four accounting firm and 12 years as a partner in a Manhattan law firm practicing in the taxation of real estate. Bob has published many articles and lectures frequently at many real estate industry and tax conferences. He is co-author with Jim Lowy of the CCH treatise, Taxation of REITs and UPREITs.
Bob has served as Chair of the Real Estate Committee of the ABA Section of Taxation, Vice Chair of the Tax Policy Advisory Committee of the Real Estate Roundtable and co-chair of the Cost Recovery Committee and as a member of the Executive Committee of the NYSBA Tax Section, and he continues to serve as a member of the Government Relations and Real Estate Committees of the ABA Section of Taxation.
Matthew E. Rappaport, Esq. | Falcon Rappaport & Berkman PLLC
Matthew chairs FRB’s Taxation and Private Client Groups. He concentrates his practice in Taxation as it relates to Real Estate, Closely Held Businesses, Private Equity Funds, and Trusts & Estates. He advises clients regarding tax planning, structuring, and compliance for commercial real estate projects, all stages of the business life cycle, generational wealth transfer, family business succession, and executive compensation. He also collaborates with other attorneys, accountants, financial advisors, bankers, and insurance professionals when they encounter matters requiring a threshold level of tax law expertise.
Matthew is known for his work on complex deals involving advanced tax considerations, such as Section 1031 Exchanges, the Qualified Opportunity Zone Program, Freeze Partnerships, Private Equity Mergers & Acquisitions, and Qualified Small Business Stock. He has served as a trusted advisor for prominent real estate funds, executives of multinational corporations, venture capitalists, successful startup businesses, ultra-high net worth families, and clients seeking creative solutions to seemingly intractable problems requiring tax-focused analysis.
Terence Floyd Cuff, Esq. | Loeb & Loeb
Terry Cuff has more than 44 years of experience in the areas of partnership taxation, real estate taxation, and taxation of real estate investment trusts. Terry is also the author of a treatise on tax problems related to drafting partnership agreements, partnership tax, and related issues, Drafting and Understanding Partnership and LLC Allocation and Distribution Provisions, 2022 ed. (Thomson Reuters). Additionally, Terry is experienced in utilizing Excel to solve advanced tax and finance problems.
Lou S. Weller, Esq. | Weller Partners
Lou Weller leads firm’s real estate, transactions and tax practice. He previously served as National Director of Real Estate Transaction Planning and National Director, Like Kind Exchange Services at Deloitte Tax LLP and was Of Counsel to the national law firm, Bryan Cave LLP.
Lou has practiced tax and business law for more than 40 years. He has extensive experience designing and implementing strategies for real estate and business asset acquisitions, transfers, exchanges, leases, financing, work-outs, business start-ups, limited liability companies, partnership and joint venture formations, transactions involving REITs, capital raising through placement of partnership interests and stock, as well as counseling clients on achieving business and personal tax planning objectives. He also owned and for more than 20 years operated a like kind exchange qualified intermediary business.
Lou is the Real Estate Department editor of the Journal of Taxation, has published extensively in professional publications and is the past Chair of the Real Estate Committee, American Bar Association Tax Section and of that committee’s Subcommittee on Like-Kind Realty Exchanges. He is also past Chair of the Taxation Section, Bar Association of San Francisco, the San Francisco Tax Club and of the Federal Taxation of Real Estate Transactions Committee, American Bar Association Real Property, Probate and Trust Section. Lou serves as Co-Chair of the annual Jeremiah Long Advanced Seminar on Internal Revenue Code Section 1031 and has also served as a member of the State Bar of California Taxation Section Executive Committee and on the Board of Directors of the Tenant in Common Association (now the Alternative and Direct Investment Securities Association). He is an elected Fellow of the American College of Tax Counsel.
Lou graduated cum laude with a B.A. in Political Science from Yale University and earned concurrent J.D. and Masters in Public Policy degrees from the University of California, Berkeley. While in law school, he served as an editor of the California Law Review and a member of the Moot Court Board.
In addition to his law practice, Lou has served as Chair of the Board of Trustees of the Cancer Prevention Institute of California and as chair of the Town of Tiburon Planning Commission. He lives in Tiburon, California and has one daughter. In his spare time he travels, plays mediocre golf and is trying to regain the wicked tennis backhand of his youth.
David Shechtman, Esq. | Faegre Drinker Biddle & Reath
When it comes to tax matters, David Shechtman is in a bracket all his own. David works with LLCs, partnerships and corporations to comply with and capitalize on the opportunities embedded in federal, state and local tax laws. He helps clients navigate the tax aspects of mergers, acquisitions and recapitalizations and oversees administrative appeals of federal, state and local tax controversies.
David manages a national practice in the area of like-kind exchanges of real estate. In his capacity as counsel to taxpayers and various exchange intermediaries, he structures and documents hundreds of like-kind exchange transactions for major oil and gas, telecommunications and transportation companies, as well as real estate investment trusts (REITs) and smaller real estate owners. His forms of exchange documents are widely used in the industry, and he has served as an expert witness in several lawsuits involving like-kind exchange issues.
David is a thought leader on these exchanges and other tax topics and has been quoted frequently on tax issues in the Wall Street Journal and other business publications. He has spoken at all 24 national conferences on like-kind exchanges sponsored by the Center for Professional Seminars and Wells Fargo Exchange Services, as well as various programs sponsored by the ABA Tax Section, the Pennsylvania Bar Institute (PBI), and the NYU and USC Institutes on Federal Taxation.
Qualified Opportunity Zones
When the 2017 Tax Cut and Jobs Act added new tax incentives for investments in qualified opportunity zone (QOZ) funds, David quickly carved a niche for himself in that topic. Since then, David has worked with numerous taxpayers seeking to defer and exclude otherwise taxable capital gains by investing in QOZ funds for projects in certain low-income census tracts. David has spoken at several ABA Tax Section panels on QOZs and was part of the ABA Tax Section task force that commented on the U.S. Treasury’s two sets of Proposed QOZ regulations.
Working with the firm’s insurance and annuities practice group, David has provided tax advice on all aspects of structured settlements for personal injury and other claims. He has spoken at a number of tax seminars on the tax consequences of litigation settlements and obtained for firm clients two of the most significant private letter rulings from the IRS on structured settlements.
Mary Cunningham | Chicago Deferred Exchange Company
Mary Cunningham is President and Chief Executive Officer of Chicago Deferred Exchange Company, one of the nation’s oldest and largest providers of Qualified Intermediary services to investors seeking to structure tax-deferred exchanges under IRC Section 1031. Mary is responsible for a team of professionals who are dedicated to providing Qualified Intermediary and Exchange Accommodation Titleholder services to attorneys, accountants, real estate and tax professionals nationwide.
Mary’s expertise comes from her direct involvement with tens of thousands of tax-deferred exchanges across a diverse group of assets over a 20+ year period. Mary earned her B.S. in Finance from Miami University in Oxford, Ohio and is a 1996 graduate of the American Bankers Association National Graduate Trust School and holds the Certified Exchange Specialist® designation. Mary is actively involved in the Federation of Exchange Accommodators (FEA) the national trade organization for qualified intermediaries. Mary currently serves on the FEA Executive Committee.
William V. Horan | Realty Exchange Corporation
Basics – Anne Andrews, Glenn M. Johnson, Esq., Robert D. Schachat, Esq. | 8:30am – 9:30am
Review of basic requirements for a like-kind exchange, including 2020 final regulations defining “real property” and like-kind standard for section 1031 purposes.
Ethics – Matthew E. Rappaport, Esq., Glenn M. Johnson, Esq. | 9:30am – 10:30am
Ethics issues that arise commonly or infrequently, including professional standards for tax advice, conflicts of interest and preparation of documents.
Break | 10:30am – 10:45am
Partnerships – Terence F. Cuff, Esq., Robert D. Schachat, Esq., Louis S. Weller, Esq. | 10:45am – 12:00pm
Structuring like-kind exchanges where some partners want cash and others seek like-kind exchanges, or partners seek exchanges into separate replacement properties, including comparison of special allocations, partnership distribution of tenancy-in-common interests in partnership property (drop and swap), distribution of buyer’s note and partnership division.
Lunch Break | 12:00pm – 1:15pm
Parking – Anne Andrews, David Shechtman, Esq. | 1:15pm – 2:15pm
Parking relinquished or replacement property within or outside the safe harbor of Rev. Proc. 2000-37 and exchanges into build-to-suit replacement property.
Break | 2:15pm – 2:30pm
DSTs & TICs – Terence F. Cuff, Esq., Louis S. Weller, Esq. | 2:30pm – 3:30pm
Exchanges into and out of a tenancy-in-common or a Delaware statutory trust, including variances from the requirements of Rev. Proc. 2002-22 and Rev. Rul. 2004-86.
Qis – Mary Cunningham, William V. Horan, David Shechtman, Esq. | 3:30pm – 4:30pm
Issues faced by qualified intermediaries, including issuance of a QI note to an exchanging taxpayer, exchanger request for early cash withdrawal of exchange funds and state & local income tax withholding.