Real Estate Perspectives, Fall 2018

Real Estate Perspectives

FALL 2018

Welcome It’s hard to believe this issue of Real Estate Perspectives is our final one of 2018. Year-end planning is already upon us, and for real estate businesses, it’s proving to be one for the record books. Between the application of the biggest tax reform in decades, updated accounting rules approaching their effective dates, and new incentives like the Qualified Opportunity Fund program to consider, there are plenty of changes and challenges for our industry to anticipate and plan for in the new year. For those of you I have not had the pleasure to meet, I am the new Co-Partner-in- Charge of Marks Paneth’s Real Estate Group, a team of more than 140 professionals dedicated to the tax, accounting and advisory needs of our real estate clients. Along with Bill Jennings, our goal is to provide you with the guidance you need to prepare for industry changes and tackle new issues head-on. In my opinion, there has never been a more exciting time to be a real estate profes- sional. Sure, I’m a little more inclined to enjoy reading the new tax code than most of you, but overall, the Tax Cuts and Jobs Act is cause for optimism across the industry. From the new tax incentives in qualified opportunity zones and the industry’s exclusive use of 1031 exchanges to the new 20 percent deduction for qualified business income, many of you have significant planning opportunities ahead. We touch on many of these topics – and more – in this issue of our newsletter but are always looking to hear from our readers on the topics they want to learn more about. I welcome your thoughts and comments, and of course your questions on how all of this affects your business specifically.


2 2018 YEAR-END TAX PLANNING: A Whole New World Abe Schlisselfeld 4 REAL ESTATE TAX CERTIORARI: Challenging the Assessments Darya Shneyder 7 LANDLORD CONSIDERATIONS : Creative Workspace Designs Michael Siino 9 PREPARING FOR THE YEAR-END AUDIT: Don’t Overlook These Key Planning Areas Adeline Lee 11 DISPUTES IN REAL ESTATE PARTNERSHIPS: How to Excavate Adequate Business Records Eric A. Kreuter



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