Real Estate Tax Forum (Twelfth Annual)

Overview

Why You Should Attend

At this annual program, nationally recognized real estate tax experts will provide attorneys, accountants and real estate professionals with both an overview of the tax laws pertaining to real estate ownership and investment, and a detailed analysis of the most sophisticated and creative tax planning techniques available for structuring, restructuring and unwinding real estate transactions in today's challenging capital markets. Using extensive visual aids and actual deal structures, this group of entertaining speakers/practitioners will share their vast experience, using today's state-of-the-art planning techniques, with an emphasis on the practical approach to solving difficult tax issues affecting real estate investors and operators.

What You Will Learn

• Stay current with an overview of the latest developments in real estate taxation, including recent and pending tax legislation
• Examine joint ventures with real estate private equity and opportunity funds, tax exempt investors' UBIT and REITs, including expanded coverage of contribution transactions
• Get tips on handling complex workouts and restructuring issues in joint ventures and LLCs
• Strategies for dealing with the new legislation on "carried interests"
• Learn to draft effective tax provisions for partnership and LLC agreements (including book-ups for service partners)
• Designing creative deal structures: choosing the right entity for doing the deal
• Explore the use of creative deferral and non-recognition strategies
• Estate planning for real estate ownership
• Receive practical advice on handling investments by foreign investors in U.S. assets
• Strategies for avoiding income recognition traps and minimizing taxes under Sections 704(b), 704(c), 707, 737 and 752
• Review real world ethical issues in real estate tax practice
• Partnership equity for services regulations
• Update on like-kind exchange developments (including tenancies-in-common, build-to-suit, reverse and related party exchanges)

Who Should Attend

This Forum is designed for tax attorneys, accountants and real estate professionals who structure real estate transactions.

Special Features

Live Webcast - Simultaneous live webcast of the New York session is available for individual viewing. Webcast participants will receive streaming audio and/or video of the program, view and print the Course Handbook, and have the ability to submit questions electronically.
 
For more information click on the Live Webcast link in the Related Items box.

Special Bonus to all Registrants

All attendees receive a complimentary copy of PLI's comprehensive Course Handbook. This softcover, bound volume was written to augment this program and to stand alone as a permanent reference. PLI's Course Handbooks represent the definitive thinking of the nation's finest legal minds, and are often the standard reference in the field.

Please Note: Webcast attendees will receive a downloadable version of the Handbook one business day prior to the program.

PLI Group Discounts

Groups of 4-14 from the same organization, all registering at the same time, for a PLI program scheduled for presentation at the same site, are entitled to receive a group discount. For further discount information, please contact membership@pli.edu or call (800) 260-4PLI.

PLI Can Arrange Group Viewing to Your Firm

Contact the Groupcasts Department via email at groupcasts@pli.edu for more details.

Cancellations

All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.

Schedule

Please plan to arrive with enough time to register before the conference begins. A networking breakfast will be available upon your arrival.

DAY ONE: 9:00 A.M. - 5:00 P.M.

Morning Session: 9:00 a.m. - 12:15 p.m.

9:00  Introduction and Opening Remarks

Les Loffman, Sandy Presant, Blake Rubin

9:10  Current Developments

• Impact of recent legislation, regulations and rulings
• Hot new issues and areas of concern
• Impending legislation and regulations

Stef Tucker

10:00  Partnership Tax Allocations & Drafting Agreements

• Economic effect under 704(b)
• Drafting the partnership agreement
• Drafting UBIT and clawback savings clauses
• Service partner book-ups
• Public/private investment partnership (PPIP and TALF) tax consequences

Sandy Presant

10:45  Networking Break

11:00  Joint Ventures with Opportunity Funds, Tax-Exempt Investors & REITs

• Current structures and deal terms, including contribution transactions and hope certificates
• Dealing with the new "carried interest" legislation
• 704(c), 707, 737, 752 strategies
• 752 rules in joint ventures including contingent liabilities and disregarded entities
• New regulations on disguised sales of partnership interests
• Rules on built-in loss properties and mandatory basis adjustments
• Pulling cash out tax-free in contribution transactions
• REIT update (including incentive compensation OP Units, LTIPs)
• Partnership equity for services regulations
• Avoiding UBIT (fractions rule issues)
• Structures for avoiding UBIT & bad REIT income (including parking income issues)
• Phantom income solutions (including clawbacks)
• Ethical issues

David F. Levy, Jim Lowy, John Napoli, Blake Rubin, Bob Schachat, Lary Wolf

12:15  Lunch

Afternoon Session: 1:45 p.m. - 5:00 p.m.

1:45  Joint Ventures with Opportunity Funds, Tax-Exempt Investors & REITs (Continued)

2:55  Networking Break

3:00  Estate Planning for Real Estate Owners in a Changing World

• Charitable contributions of real estate
• Family limited partnerships and LLCs
• Maximizing valuation discounts
• Freeze strategies
• Installment sales
• Avoiding loss of control in family transfers

Barbara Sloan, Stef Tucker

4:00  Like-Kind Exchanges

• Reverse and related party exchanges; parking transactions
• Restructuring and exiting tenancy-in-common funds/Delaware Business Trusts
• Build-to-Suit Exchanges
• Ethical issues

Blake Rubin, Bob Schachat

5:00  Adjourn

DAY TWO: 9:00 A.M. - 1:00 P.M.

9:00  Choice of Entity/Current Structures/Tax Planning for LLCs Holding Real Estate/Exit Strategies

• Simple and complex tiered structures in the new restructuring world
• Single member LLC issues
• Mergers and divisions; mixing bowl rules
• Capital gains planning
• Deferring gain recognition
• Ethics

Jill Darrow, Jim Lowy, Blake Rubin

10:15  Networking Break

10:30  Foreign Investor Issues

• Joint ventures with offshore investors
• Debt vs. equity structures
• Withholding requirements and traps
• Considerations for U.S. investment abroad

Dick Lipton, Jim Lowy, Elliot Pisem, Bahar Schippel

11:15  Workouts & Debt Restructurings

• Dealing with troubled properties and built-in gains
• Foreclosure
• Forgiveness of indebtedness
• Forbearance
• Resyndication and rollups
• Ethical issues

Dick Lipton, Elliot Pisem, Bahar Schippel, Fred Witt

1:00  Adjourn

Faculty

Co-Chair(s)

Leslie H. Loffman, DLA Piper LLP (US)
Sanford C. Presant, Greenberg Traurig, LLP
Blake D. Rubin, McDermott Will & Emery LLP

Speaker(s)

Glenn R. Carrington, National Tax Director For Client Services, Ernst & Young LLP
Jill E. Darrow, Katten Muchin Rosenman LLP
David F. Levy, Skadden, Arps, Slate, Meagher & Flom LLP
Richard M. Lipton, Baker & McKenzie LLP
James M. Lowy, Ernst & Young LLP
John P. Napoli, Co-Managing Partner, Seyfarth Shaw LLP
Elliot Pisem, Roberts & Holland LLP
Robert D. Schachat, Ernst & Young LLP
Bahar A. Schippel, Snell & Wilmer L.L.P.
Barbara A. Sloan, Mclaughlin & Stern, LLP
Stefan F. Tucker, Venable LLP
Fred T. Witt, National Director, Deloitte Tax LLP
Lary S. Wolf, Roberts & Holland LLP

Program Attorney(s)

Stacey L. Greenblatt, Practising Law Institute

CLE Credit

Travel Information

New York City Seminar Location

PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.

New York City Hotel Accommodations

The New York Hilton & Towers, 1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is N495741. Reservations on line at www.hilton.com and enter the same Client File # in the Corporate ID # field to access Practising Law Institute rates.

The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: res.ny@warwickhotels.com.