Tax

Overview

While tax considerations are always at the center of the way organizations make business decisions, the way the government handles business taxes is constantly changing. As a result, the rapid evolution of tax law can potentially impact everything from hiring new employees to determining where business operations should be located.

Armed with attorneys who have experience, as well as advanced degrees and specialist certifications, Turner Padget’s Tax Practice delivers a high-touch level of client service rooted in a strong understanding of tax law, and awareness of the latest legislative and industry developments at the federal, state and local levels.

For organizations to grow and thrive, they need common sense advice from straight-talking attorneys who can tackle their needs in a holistic manner and get to the core of their tax problems quickly. We do both. And, we not only provide creative, yet practical, solutions to tax problems that have exceeded our clients’ expectations, we also utilize our sharp business thinking to devise strategies that avoid tax problems before they ever arise.

Experience

Negotiated successfully and entered into favorable installment agreements with the IRS for affiliated entities with more than $1 million in combined liability for federal employment taxes. Negotiations also involved a successful request for abatement of penalties and the revocation of responsible-party status for shareholder owners.
Represented hundreds of clients in structuring and closing tax-deferred, “like kind” exchanges and reverse exchanges under the safe harbor provisions of Internal Revenue Code Section 1031 and Rev. Proc. 2000-37 respectively.
Advised a client in regard to, and closed, two apartment complex development projects involving low-income housing tax credits and the Housing Credit Exchange Program promulgated under Section 1602 of the American Recovery and Reinvestment Act of 2009.
Served as landowner and land trust counsel in negotiating, drafting, and closing purchased and donated conservation easement transactions during the previous three years involving well in excess of 10,000 acres of real property and more than $10 million in state and federal tax incentives.
Designed and implemented numerous strategies using, among other things, combinations of limited liability companies (LLCs), family limited partnerships (FLPs), charitable remainder trusts (CRTs), and intentionally defective grantor trusts (IDGTs) to minimize the income tax and estate tax burdens associated with certain types of real property while also facilitating the transfer of that property or the value associated with it to subsequent generations.
Designed a charitable lead trust to which a successful physicians' group contributed its medical office building, thus creating an income tax deduction. The purchaser of the practice leased the office building back with rent that enabled the building to be transferred to the physicians’ children at the end of the trust term at a value substantially higher than the original value, without incurring a gift tax.