This program is eligible for 3 hours of CLE credit in 60-minute states. In 50-minute states, this program is eligible for 3.6 hours of CLE credit. Credit hours are estimated and are subject to each state’s approval and credit rounding rules.
Overview
This program will cover certain common and advanced planning techniques involving like kind exchanges of real estate under Section 1031. First, the program will cover the essentials of the standard “forward” exchange structure as well as the more advanced “parking arrangement” that is allowed under Revenue Procedure 2000-37, which allows the exchanging party the ability to “buy” first and “sell” second. Next, the program will address exchanges involving a buyer and a seller that are “related parties,” either because the parties are entities with common ownership or are commonly controlled, which is a useful technique in a tight real estate market. Finally, the program will cover how a like kind exchange can facilitate the split up of a real estate partnership where one partner wants to cash out or the partners wish to do their own exchanges and go their separate ways.
Recorded in March 2024.
Faculty
David Shechtman, Esq.
Mr. Shechtman is Shareholder in Flaster Greenberg PC’s Corporate and Business Department and a member of the firm’s Tax Group. His practice includes a wide range of federal, state and local tax matters, including tax aspects of mergers, acquisition and recapitalizations; S corporations and partnerships; and administrative appeals of federal, state and local tax controversies. He has developed a national practice in the area of like-kind exchanges of real estate, representing major oil and gas and telecommunication companies, as well as major REITs and other real estate owners and investors, in structuring exchange transactions. Mr. Shechtman also represents a number of bank-affiliated and independent exchange intermediaries and has prepared standard exchange documentation which is widely used in the industry. In addition, he has served as an expert witness in a number of cases involving like-kind exchange issues. Since 2018, Mr. Shechtman has worked with clients to defer taxes through investments in Qualified Opportunity Funds, and worked on the ABA Tax Section task force which commented on the proposed Treasury Regulations for QOF investments. An active member of the Section of Taxation of the American Bar Association, Mr. Shechtman served as Chair of the Committee on Sales, Exchanges and Basis from 2005 to 2007. Mr. Shechtman is a former officer of the Philadelphia Bar Association’s Tax Section and was selected as 2015 Philadelphia “Tax Lawyer of the Year” by the Best Lawyers publication. He is a fellow of the American College of Tax Counsel and an Adjunct Professor of Tax Law at Temple University Beasley School of Law. Presentations and Publications. Mr. Shechtman frequently speaks and writes on the subject of like-kind exchanges and other tax topics and has been quoted on tax issues in the Wall Street Journal, the New York Times and other business publications. He has spoken at all 24 Annual Advanced National Conferences on Like-Kind Exchanges, co-sponsored by the Center for Professional Seminars and Wells Fargo Bank, and has prepared dozens of outlines on exchange tax issues for those programs. Mr. Shechtman also regularly moderates and participates on panels at meetings of the ABA Tax Section and various tax programs sponsored by the Pennsylvania Bar Institute, American Law Institute and the NYU and USC Federal Tax Institutes. His recent presentations include Section 1031 Current Developments (ABA Tax Section Meeting, May 2019); Taxes in Real Estate Transactions: Exchanges, Involuntary Conversions and Installment Sales (PBI, February 2014); Tax Aspects of Litigation Settlements (PBI, December 2013); Ponzi Scheme Tax Issues (ABA Tax Section Meeting, January 2013); Are Real Estate Gains Back in Vogue: Section 1031 Hot Topics (South Federal Tax Institute, October 2012) and Partnership Issues in Like-Kind Exchanges (ALI-ABA Partnerships, LLC and LLPs, January 2012). Mr. Shechtman’s recent publications include: IRS Finalizes 1031 Real Property Regs, The Practical Tax Lawyer (May 2021); The IRS Has Been “Berry, Berry Good” to Baseball Team Owners in Taxing Player Contract Trades, Journal of Taxation of Investments (Summer 2019); Like-Kind Exchanges and C Corporations (NYU 74th Institute on Federal Taxation, 2015); Will Series LLCs Master the Domain of Reverse Exchanges? Journal of Taxation of Real Estate (3rd Quarter 2011); Someone Made Off With My Money, Now What? Journal of Taxation of Investments (Summer 2009); and Like-Kind Exchanges and Bankrupt Intermediaries, Tax Notes (July 6, 2009). He also is the author of the chapters on federal and Pennsylvania taxes in the West publication Pennsylvania Forms and Commentary – Business Organizations and served as editor for Checkpoint Catalyst, Topic 114, Taxable Stock Acquisitions. A 1974 graduate of Swarthmore College, Mr. Shechtman received his bachelor’s degree, with high honors, in economics. An active participant in undergraduate activities, he served as an editor of the campus newspaper and played on the varsity basketball team. Mr. Shechtman earned his J.D. degree from Cornell University Law School in 1977. While in law school, he was a moot court finalist and won the Evidence Prize for the best evidence exam.
Matthew J. Meltzer, Esq.
Matt is a Shareholder in Flaster Greenberg PC’s Corporate and Business Department and a member of the firm’s Tax Group. He regularly advises clients in transactional tax matters, including like kind exchanges of real estate under Section 1031 of the Internal Revenue Code, mergers and acquisitions, business reorganizations (both in anticipation of a strategic transaction and otherwise), and joint ventures. He has also represented clients in tax controversy matters and has assisted clients in negotiating voluntary disclosure arrangements with state revenue authorities. Matt also advises clients on the income tax treatment of structured litigation settlements, qualified settlement funds, and attorney fee arrangements. Matt frequently speaks on topics relating to Section 1031 exchanges, the tax treatment of litigation settlements, and the IRS’s recent second look at the tax treatment of certain deferred compensation arrangements for contingent fee attorneys.
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