Like-Kind Exchange 2025 (presented by NYU School of Professional Studies)

William V. Horan, CES | Realty Exchange Corporation

William V. Horan is a Certified Exchange Specialist® (CES) with Realty Exchange Corporation, where he focuses on advising clients on the complexities of Section 1031 like-kind exchanges. With extensive experience in real estate transactions, tax-deferred exchanges, and investment property strategies, Bill assists attorneys, realtors, and investors in structuring compliant and efficient exchanges under IRS regulations. He is a frequent lecturer and educator on 1031 exchange rules, reverse and improvement exchanges, and tax implications for real estate investors. Bill is recognized for his practical insights, regulatory knowledge, and commitment to client education in the evolving field of real estate taxation.

Glenn M. Johnson, Esq. | Ernst & Young

Glenn is a Principal in Ernst & Young LLP’s US National Tax Department. Glenn leads the US PPP Infrastructure Tax Practice and is the Director of the Leasing Tax Services. Glenn is experienced in planning leasing and other asset-based structured transactions. Also, Glenn has provided US tax services with respect to many infrastructure projects where he advises on a wide range of tax issues to both developers and owners. In addition, Glenn has worked with domestic and foreign manufacturers in establishing and operating captive leasing and finance companies. Further, Glenn has significant experience concerning deferred like-kind exchange transactions where he advises on a wide range of tax and operational issues.

Glenn, who joined Ernst & Young in 1998, earned his LL.M. in Taxation from Georgetown University Law School; his J.D., with honors, from Boston University School of Law; and his B.A. in Economics from Wesleyan University. Glenn also is active in a number of civic and charitable organizations.

Annet M. Thomas, CPA, Managing Director | PwC

Annet M. Thomas is a Managing Director at PwC, where she advises clients on complex federal and state tax matters, with a focus on private companies, high-net-worth individuals, and closely held businesses. With deep expertise in partnership taxation, wealth planning, and tax compliance, Annet works with clients across industries to design strategic solutions that align with both short-term objectives and long-term financial goals. As a licensed CPA, she is known for her collaborative approach, technical precision, and ability to translate complex tax regulations into actionable guidance. Annet is a frequent speaker on evolving tax policy and planning strategies for privately owned businesses and their stakeholders.

Aaron S. Gaynor, Esq. | Roberts & Holland LLP.

Aaron Gaynor concentrates on real estate partnerships and real estate investment trusts (REITs), with a particular focus on section 1031 exchanges, the acquisition of private REITs, qualified opportunity zone (QOZ) investments, and distressed debt restructurings.

He is the co-author of the Bloomberg Tax Portfolio (formerly BNA Tax Management Portfolio) Taxfree Exchanges Under Section 1031. He received his LL.M. in Taxation from New York University School of Law; J.D. from Benjamin N. Cardozo School of Law; and B.A. cum laude in Economics from Brandeis University.

Matthew E. Rappaport, Esq. | Falcon Rappaport & Berkman LLP

Matthew chairs FRB’s Taxation and Private Client Groups. He concentrates his practice in Taxation as it relates to Real Estate, Closely Held Businesses, Private Equity Funds, Family Offices and Trusts & Estates. He advises clients regarding tax planning, structuring, and compliance for commercial real estate projects, all stages of the business life cycle, generational wealth transfer, family business succession, and executive compensation. He also collaborates with other attorneys, accountants, financial advisors, bankers, and insurance professionals when they encounter matters requiring a threshold level of tax law expertise.

Matthew is known for his work on complex deals involving advanced tax considerations, such as Section 1031 Exchanges, the Qualified Opportunity Zone Program, Freeze Partnerships, Private Equity Mergers & Acquisitions, and Qualified Small Business Stock. He has served as a trusted advisor for prominent real estate funds, executives of multinational corporations, venture capitalists, successful startup businesses, ultra-high net worth families, and clients seeking creative solutions to seemingly intractable problems requiring tax-focused analysis.

David Shechtman, Esq., Shareholder | Flaster Greenberg, PC

David Shechtman is a shareholder in Flaster Greenberg’s Business & Corporate Department.

Having practiced tax and business law for more than 40 years, Mr. Shechtman has extensive experience ensuring LLCs, partnerships, and corporations comply with, federal, state, and local tax laws; structuring their business operations and transactions in a tax efficient manner, and handling tax controversies. As highlighted below, and in addition to his wide-ranging general tax practice, Mr. Shechtman is one of the country’s leading experts on tax-deferred, like-kind exchanges.

Christopher A. Cunningham, Esq. | Elliott, Thomason & Gibson, LLP

Mr. Cunningham handles a wide array of tax issues for a broad spectrum of clients, from highly sophisticated international investment funds to family-owned businesses, to local schools and religious organizations. He has practiced in all areas of business tax law, from C-corporations to partnership taxation, from public and private M&A transactions, from tax exempt entities to multi-state tax planning. He has particular experience and expertise in like-kind exchanges and taxation of real estate investments.

Prior to his legal career, Mr. Cunningham was educated as a computer scientist and worked for a number of years as an engineer in telecommunications security. He continues to apply the same engineering based practical and results-oriented approach to client problems, for which he has received specific praise from clients.

Mary B. Foster, Esq. | 1031 Services

As President of 1031 Services, Inc., Mary has been involved in thousands of exchanges as attorney and intermediary. She frequently lectures before CPAs, attorneys, and other professional groups on the topic of tax-deferred exchanges. She is co-author of Tax Free Exchanges Under §1031, a comprehensive treatise on Section 1031 exchanges, published by Thomson Reuters/West Publishing. Mary enjoys working on day to day exchange matters as well as structuring creative and complex exchange transactions.

She received her B.A. from the University of Michigan with honors in economics (1981) and her J.D. from Boalt Hall, University of California, Berkeley, where she was a member of Order of the Coif (1984). Prior to joining the company in 1996, she was a partner with the Seattle law firm of Tousley Brain Stephens.

Kimberly A. Arndt, Esq., Senior Tax Counsel | Senate Finance Committee

Kimberly A. Arndt serves as Senior Tax Counsel for the U.S. Senate Finance Committee, where she plays a key role in shaping federal tax policy and legislative initiatives. With deep expertise in domestic and international tax law, Kimberly advises on a wide range of issues, including corporate taxation, pass-through entities, and tax compliance. She works closely with lawmakers, staff, and stakeholders to draft and analyze tax legislation, providing critical insight into the legal and economic impacts of proposed reforms. Kimberly brings both private sector and government experience to her role and is widely recognized for her strategic policy analysis and legislative acumen.

Libin Zhang, Esq. | Fried, Frank, Harris, Shriver & Jacobson LLP

Libin Zhang advises clients on a diverse range of real estate, corporate, and international taxation matters.

Clients seek Libin’s representation in structuring property acquisitions, dispositions, cross-border joint ventures, complex leases, reorganizations, spin-offs, and other taxefficient transactions. Libin counsels real estate investment trusts (REITs), real estate funds and other asset managers, sovereign wealth funds, and other companies. Libin is the author of Bloomberg BNA Portfolio T.M. 549-3rd, Passive Loss Rules (2020) and T.M. 6215-1st, Global Intangible Low-Taxed Income (GILTI) (2022). He has written about the 2017 tax reform legislation, including the paper “Qualified Opportunity Zones: Hot Tubs and Other Hot Topics” in Tax Notes (August 6, 2018), which was cited by the US Senate Committee on the Budget in Tax Expenditures: Compendium of Background Materials on Individual Provisions, 115th Cong. 2d Sess., S. Print 115-28, at 601 (December 2018).

Libin is recognized by Chambers USA: America’s Leading Lawyers for Business for Tax, where clients say that “He does a great job of providing practical advice to complex situations.” He is also recognized as a Top 25 OZ Influencer (Tax Specialist) by Opportunity Zone Magazine and by Legal 500 in the fields of US Taxes: Non-Contentious and Real Estate Investment Trusts (REITs).

DAY 1: THURSDAY, JULY 24

BASICS | 8:25am – 9:30am

Review of basic requirements for a like-kind exchange, including the definitions of “real property” and “like-kind.”
William V. Horan, CES, President, Realty Exchange Corporation, Gainesville, VA
Glenn M. Johnson, Esq., Principal, EY, Washington, DC
Annet M. Thomas, CPA, Managing Director, PwC, New York, NY

ETHICS | 9:30am – 10:30am

Ethics issues, including professional standards for tax advice, conflicts of interest, and preparation of documents.
Aaron S. Gaynor, Esq., Partner, Roberts & Holland, New York, NY
Matthew E. Rappaport, Esq., Partner, Falcon Rappaport & Berkman PLLC, New York, NY

Break | 10:30am – 10:45am

CREDIT NET LEASE PROPERTY, DSTs & TICs | 10:45am – 11:45am

Exchanges into and out of credit net lease property or interests in a tenancy-in-common or a Delaware statutory trust.
Christopher A. Cunningham, Esq., Partner, Elliott, Thomason & Gibson, Dallas, TX
Mary B. Foster, Esq., President, 1031 Services, Seattle, WA

Lunch | 11:45am – 1:15pm

PARTNERSHIP TRANSACTIONS | 1:15pm – 2:15pm

Acquisitions and dispositions of partnership interests and other partnership transactions involving like-kind exchanges.
Aaron S. Gaynor, Esq., Partner, Roberts & Holland, New York, NY
David Shechtman, Esq., Shareholder, Flaster Greenberg, PC, West Conshohocken, PA

Break | 2:15pm – 2:30pm

PARKING | 2:30pm – 3:30pm

Parking relinquished or replacement property within or outside the safe harbor of Rev. Proc. 2000-37 and exchanges into build-to-suit replacement property.
Glenn M. Johnson, Esq., Principal, EY, Washington, DC
David Shechtman, Esq., Shareholder, Flaster Greenberg, PC, West Conshohocken, PA

QI ISSUES | 3:30pm – 4:30pm

Complying with (g)(6) restrictions, withholding, QI note, dual signatures, investment of exchange funds, and other issues facing Qis.
Mary B. Foster, Esq., President, 1031 Services, Seattle, WA
William V. Horan, CES, President, Realty Exchange Corporation, Gainesville, VA

DAY 2: FRIDAY, JULY 25

EXCHANGE POTPOURRI | 8:30am – 9:30am

Impact of cost seg studies on relinquished and replacement property, interplay of sections 1031 and 1245, installment sales, separation into part-exchange, part-sale, deed in lieu of foreclosure and other like-kind exchange issues.
Alexa T. Dubert, Esq., Senior Technician Reviewer, Branch 4, Office of Chief Counsel (Income Tax & Accounting), Internal Revenue Service, Washington, DC
Mary B. Foster, Esq., President, 1031 Services, Seattle, WA
Glenn M. Johnson, Esq., Principal, EY, Washington, DC
Libin Zhang, Esq., Partner, Fried, Frank, Harris, Shriver & Jacobson, New York, NY

PARTNERSHIP DIVISIONS | 9:30am – 10:30am

Structuring like-kind exchanges where some partners want cash and others seek like- kind exchanges, or partners seek exchanges into separate replacement properties, including comparison of special allocations of boot, partnership distribution of tenancy-in-common interests in partnership property (drop and swap), including DST conversion (synthetic drop and swap), distribution of QI or buyer’s note and partnership division into successor partnerships.
Christopher A. Cunningham, Esq., Partner, Elliott, Thomason & Gibson, Dallas, TX
Matthew E. Rappaport, Esq., Partner, Falcon Rappaport & Berkman PLLC, New York, NY
Libin Zhang, Esq., Partner, Fried, Frank, Harris, Shriver & Jacobson, New York, NY

Break | 10:30am – 10:45am

LEGISLATIVE UPDATE | 10:45am – 11:45am
Kimberly A. Arndt, Esq., Senior Tax Counsel, Senate Finance Committee, Washington, DC

ASK THE SPEAKERS | 11:45am – 12:15pm

Open Questions & Answers
All Panelists