Federal, State & Local Taxation

We have handled a wide variety of tax matters at the federal, state and local levels. We have advised clients with regard to the structuring of transactions so as to minimize tax consequences. We have helped clients implement a variety of tax-reduction and tax-deferral strategies.

We have handled numerous tax-deferred exchanges of real estate under Section 1031 of the Internal Revenue Code. One of our partners has spoken at seminars regarding Section 1031 tax-deferred exchanges.

We have structured investments in property as “tenants in common” so that each investor could dispose of his or her interest separately from other investors. For example, one investor may wish to defer taxes through use of an exchange while others choose to hold their interests or recognize gain on sale of the property.

We have advised numerous clients with regard to using Individual Retirement Accounts (IRAs) to acquire interests in real estate or partial interests in limited liability companies and other investment vehicles. We have spoken at seminars regarding the use of IRAs to invest in private placements and real estate. We have advised clients and structured their transactions to deal with unrelated business taxable income (UBTI) and unrelated debt-financed income (UDFI).

We have represented clients in enforcement proceedings brought by taxing authorities at the federal, state and local levels. We have negotiated payment plans and settlements on behalf of clients at all levels.

We have a special concentration in Illinois real estate taxation matters. Please click here to review our other practice areas.