Tax Practice

Almost no business or commercial real estate transaction should be done without expert consideration of the income tax consequences. A transaction that is not economically feasible on its own can become very rewarding if tax benefits are structured properly. Although converting an old historic building into modern apartments using rehabilitation tax credits is the most obvious example, clients also benefit from the proper structuring of the acquisition of an existing business, sale of investment property with “negative basis,” or planning for replacement of sold investment property with “like-kind” property.

Our clients often sit with one of our attorneys across the table from the party with whom they are negotiating who is flanked with three or more attorneys “on the meter.” Such savings are possible because of extensive education and “cross-training” in legal disciplines involving business planning, income taxation, commercial real estate, and other related fields. Sometimes, in addition to legal fee savings, favorable negotiations result because the specialized attorneys on the other side of the table cannot communicate effectively among themselves.

Estate planning is another primary practice area for the Irvin Law Firm. From drafting “simple” wills, revocable living trusts, advance medical directives, pet trusts, and powers of attorney to devising complex plans that make the estate tax a “voluntary tax,” we listen to family dynamics and present options to meet complex needs of a client’s heirs.