The AABANY Real Estate, Asia Practice, Tax and Solo/Small Firm Committees presented Part II of Foreign Investments in U.S. Real Estate: Inbound and Outbound with FIRPTA Updates, a CLE and Networking Event hosted by Baker Tilly Virchow Krause LLP on July 27, 2016. Attorneys and Certified Public Accountants on the panel discussed the tax implications of real estate investments by foreign investors.
Pictured above are: JoonBeom Pae, Co-Chair Tax Committee; Cary Chan, Co-Chair Solo/Small Firm Committee; Margaret Ling, Co-Chair Real Estate Committee and Asia Practice Committee; Jerry Glassman, Baker Tilly; Raymond Moran, MG Valuation; Pietro Stuardi, Baker Tilly; and Don Ryu, Baker Tilly.
Joon Pae kicked off the program with a review of the basics of FIRPTA (Foreign Investment in Real Property Tax Act). Pietro Stuardi, Tax Senior Manager at Baker Tilly, then went through some case studies of foreign investors and the tax implications of their buying and selling real property in the United States. Margaret Ling, Real Estate Committee and Asia Practice Committee Co-Chair, talked about the issues that arise in sales transactions involving foreign investors, particularly the extra scrutiny that is applied to all-cash transactions. Raymond Moran, CEO of MG Valuation, closed out the discussion by talking about the background and recent trends of investment from China in United States real estate.
AABANY members received 1.5 CLE credits in Areas of Professional Practice for free.
For more photos from the event click here. (Thanks to Lynda Hu for the photos.)