2:30pm Opening Remarks by the Chair.
2:35pm Mortgage Securitization Vehicles -- A Primer. The increasing securitization of real estate mortgage loans has created great liquidity in the marketplace and reduced costs for borrowers. A basic understanding of the options available is useful to any tax practitioner who regularly advises lenders, real estate developers or investors. The panel will discuss basic business and tax aspects of utilizing various vehicles for the securitization of real estate mortgage loans, including CMBS, REMICs, taxable mortgage pools, mortgage REITs, etc. Moderator: David C. Garlock, Ernst & Young LLP, Washington, DC. Panelists: Thomas J. Lyden, McKee Nelson LLP, Washington DC; Cecilia P. Horner, Hunton & Williams LLP, Richmond, VA; Gary T. Silverstein, Cadwalader Wickersham & Taft LLP, New York, NY.
3:30pm Deal Issues:
“You Want the Cash, You Get the Gain”: Section 1031 and Fill-Up Allocations. Can you specially allocate the gain on sale to partners’ who are cashing out and satisfy the section 704(b) substantial economic effect test? Panelists: Terence F. Cuff, Loeb & Loeb LLP, Los Angeles, CA; Louis S. Weller, Deloitte Tax LLP, San Francisco, CA.
Use of the Completed Contract Method by Land Developers and Homebuilders: TAM 200552012 and Other Issues. This panel will discuss whether the home construction contract exemption is limited to homebuilders or includes community developers and other contractors involved in the homebuilding industry. Panelist: Joseph G. Howe III, Arnold & Porter LLP, Washington DC.
“Does My DRO Give Me an At-Risk Amount?”: Section 465 Planning Post-Hubert. This panel will discuss the impact and implications of the Tax Court''s recent decision in Hubert that a capital account deficit restoration obligation does not increase a partner''s at risk amount. Panelists: Richard M. Lipton, Baker & McKenzie LLP, Chicago, IL; Blake D. Rubin, Arnold & Porter LLP, Washington DC.
4:45pm "Honey, the Freezer Stopped Working!": What''s Left of Estate Freeze Strategies for Real Estate Clients? Panel discussion of the most effective strategies available in 2006 to limit value growth in high-net worth real estate investors from an estate planning perspective, commonly called "estate freeze" strategies. Particular attention will be given to current IRS attitudes and degrees of risk in measuring the various techniques. Moderator: William D. Elliott, Law Office of William D. Elliott, Dallas, TX. Panelists: Stefan F. Tucker, Venable LLP, Washington DC; Elizabeth C. Paris, Tax Counsel, Senate Finance Committee, Washington DC.
