06-05-2019 Opportunity Zones: What does tax-free investing mean in the 2017 Tax Cut and Jobs Act?

Part 3 of 6 in our Wealth Management Excellence Series. If you would like to attend the entire series at a discounted rate, click here.
 
The 2017 Tax Cut and Jobs Act added new sections to the Internal Revenue Code that provide for a tax benefit for investments made in a Qualified Opportunity Zone. Under the law, the governors of each state designated certain low income census tracts as Qualified Opportunity Zones. The new provision allows for taxes on the gain from the sale of assets to be deferred when proceeds are rolled into a Qualified Opportunity Fund. Learn about the background and goals of the program as well as how Opportunity Fund investments can benefit clients with substantial unrealized capital gains.

MODERATOR
Stephen Tomlinson | Stephen Tomlinson's practice focuses on business transactions in the real estate and hospitality industries for real estate private equity sponsors, sovereign and other non-U.S. investors and real estate operating companies engaged in acquisitions and dispositions, operating company and multi-investor fund formations and investments. Clients with whom Steve regularly works include confidential Sovereign Wealth Funds, Bain Capital, Dermody Properties, Grove International Partners, Hines, LAMB Partners, and Lionstone Investments.

In November 2011, Steve was named a Real Estate MVP by Law360 for his work on Anglo Irish Bank's sale of its $9.5 billion U.S. commercial property loan portfolio. Recommended by clients as a "standout lawyer who does a great job ... at the pinnacle of transaction deals," Steve has been consistently recognized as one of America's Leading Lawyers for Business in Real Estate by Chambers USA and by Who's Who Legal in the Real Estate chapter. He has been recognized as an Illinois Super Lawyer since 2005 and was also named in New York Super Lawyers every year since 2011. He is recommended by the Practical Law Company in their Which Lawyer? guide for Real Estate in New York, and has been repeatedly named to The Legal 500 U.S. where he is recognized as 'a top practitioner in a range of niches.Back To Top ^^

Susan Rounds | Susan Rounds works with ultra-high net worth clients on matters of tax and estate planning, business succession, risk management, philanthropy, family governance and legacy.  Along with a CPA designation, Susan holds a BBA (Accounting), a JD, and an LL.M. (Taxation).  She has been granted the Accredited Estate Planner (“AEP®”) and Trusts and Estates Practitioner (“TEP”) designations and sits on the Board of Directors for the National Association of Estate Planners and Councils (“NAEPC”). 

Her teaching highlights include the UGA School of Law and College of Business, Becker CPA Review Course and the NYU Summer Institute on Taxation.  Susan makes frequent presentations across the country and her articles have been featured in leading publications.  In her spare time, Susan serves as Editor for the NAEPC Journal of Estate and Tax Planning. Back To Top ^^

Avy Stein | Avy Stein is Cresset Capital Management’s co-founder and co-chairman. With his Cresset co-founder, Avy has been involved with starting, investing in and growing over 150 businesses and raising funds totaling over $8 billion.

Before launching Cresset in 2017, Avy served as Chief Executive Officer of Willis Stein & Partners, a private equity firm he co-founded in 1994, where he was responsible for managing the firm’s investments in the education, recycling, telecommunications, energy and consumer sectors. During that time, Avy also co-founded Lincoln Clean Energy, a developer, owner and operator of utility-scale clean energy projects later acquired by I Squared Capital in 2016.Back To Top ^^
 

David Meulmester, CPA | David Meulmesterr is Tax partner in Charge for our Orange County office. Previously, he was in the Montvale, New Jersey office, where he served as the National Partner in Charge of the Tax Technology Practice, leading the development of software applications and tools that assist KPMG tax professionals in their client service needs. Prior to this he served as the Northeast leader for the real estate tax practice from our Stamford, CT office.

His clients have included real estate companies, real estate funds, private equity funds, fund of funds, hedge funds and other companies in a variety of industries.

His career has also included Professional Practice Partner responsibilities for the Connecticut Tax Practice and a rotational assignment with our Washington National Practice in the pass-through group, as well as national training instructor.Back To Top ^^

As a participant in the CFA Institute Approved-Provider Program, the CFA Society of Los Angeles has determined that this program qualifies for 1.5 credit hours. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.

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