Tag: Real Estate

Challenge

Our client owned a commercial building in a prime Manhattan location that was acquired many years ago.  When the site became the subject of a bidding contest, we negotiated its sale for an extraordinary premium over the original acquisition price.

The original acquisition price and tax cost basis was a negligible amount compared to the sale price. We advised our client that a 1031 like kind exchange would be the most favorable structure. To qualify, our client had to identify the replacement property in the exchange transaction within 45 days of the sale, and the closing on the replacement property had to occur within 180 days of the original closing.

Solution

As part of the effort, we evaluated fourteen potential replacement properties over approximately 30 days. Our client was able to exchange the original property for two replacement commercial properties in New Hampshire Georgia, and paid no taxes on the significant gain on sale.

Challenge

We assisted a family which owned a diverse portfolio of commercial properties, in liquidating their holdings in the most tax-advantageous way.

Solution

Our client’s properties were acquired and held in a C corporation. We structured a favorable transaction to sell its shares and minimized their adverse tax consequences. With our experience representing both buyers and sellers, we were able to convince the buyer of the advantages of the transaction on its end, which allowed the deal to go forward.

Ahead of the curve in our desire and ability to be strategic and innovative in our design of solutions for clients, GIBNEY IS A HIGH-TOUCH FIRM that takes YOUR INTERESTS, YOUR BUSINESS AND OUR RELATIONSHIPS PERSONALLY. Not only are we lawyers driving solutions, we are consultants creating higher levels of relevance and value in meaningful client relationships.