Real Estate Specific Tax Services

The Firm’s Tax Group provides sophisticated tax advice in all areas related to real estate transactions, including the following:

  • Opportunity Zone investments and Qualified Opportunity Fund structures
  • Structuring tax-free like-kind exchanges under Section 1031
  • Real estate development joint ventures
  • Complex equity participations and debt restructurings
  • Fund manager compensation
  • Real estate fund formation
  • UBTI-sensitive structures, including fraction’s rule compliant partnerships
  • Foreign investment in US real estate (including avoiding FIRPTA for foreign investors)
  • Structures for investment in non-US real estate and debt
  • Structuring leases
  • Avoiding cancellation of indebtedness Income
  • New York State and City transfer taxes
  • Structuring REIT transactions and managing REIT compliance

Tax Services Complementing Real Estate Tax Practice

Complementing its transactional real estate tax work, the Firm’s Tax Group provides tax advisory services in the following areas:

Subchapter K and Passthrough Taxation (LLCs, Partnerships, REITs)

  • Structuring fund investment and operational structures
  • Advising on complex allocation rules
  • Designing promotes and carried interests
  • Structuring tax-efficient mergers and divisions of LLCs and partnerships
  • Structuring transfers of interests in LLCs and partnerships
  • Structuring for foreign and tax-exempt investors
  • Negotiating side letters with investors

Mergers & Acquisitions

  • Designing the deal, whether it is a headline merger of international public companies or a non-public strategic acquisition or buy-out
  • Issuing opinions or obtaining IRS rulings on tax-free spinoffs and acquisitions
  • Maximizing the tax benefit of financing costs 


  • Avoiding cancellation of debt income
  • Preserving loss carryforwards and other tax benefits
  • Managing accruals on distressed debt

Financial Instruments

  • Analyzing debt and equity derivatives, including structured notes
  • Designing securitization arrangements, rights offerings, bank capital, as well as conventional debt and equity 
  • Advising on rights offerings and bank capital

Tax Controversies

  • Representing clients against the IRS and New York tax authorities
  • Resolving disputes before they escalate
  • Achieving highly favorable outcomes with vigorous advocacy

Cross Border

Given the globalization of commercial real estate, an in-depth familiarity in international tax issues is essential.  Cross-border transactions (inbound or outbound) invariably have critical tax issues.  Our tax attorneys have deep expertise in these issues and works closely with attorneys in our Real Estate Practice Group in these matters. Our tax lawyers also regularly advise our non-U.S. clients on a myriad of issues relating to investments in the U.S., including the following:

  • Avoiding being engaged in a “trade or business” in the U.S.
  • Minimizing withholding tax burdens
  • Navigating anti-deferral regimes such as the PFIC and CFC rules
  • Preserving exemptions for foreign pension and sovereign wealth funds
  • Securing treaty benefits
  • Integrating U.S. and foreign tax planning to minimize overall tax burdens
  • Dealing with FATCA and other foreign accounts reporting
  • Avoiding FIRPTA for foreign investors
  • Structuring to comply with the portfolio interest exemption
  • Negotiating cross-border financing arrangements
  • Advising on loan origination issues for non-U.S. investors
  • Structuring complex transactions