Part I - Highlight of issues surrounding related-party exchanges under Section 1031 of the Internal Revenue Code of 1986, and in particular, the effect of the Tax Court’s decision in Teruya Brothers, Ltd. V. CIR, 124 TC 45 (2005). Because the decision in Teruya Brothers affirmed the IRS’s position with regard to a specific type of related-party exchange, legal and other tax advisers will have to carefully navigate the related-party rules as they apply to like-kind exchanges to avoid unexpected tax consequences arising from such transactions. This is even more critical given the presence of Circular 230 as the requirement to include “reportable transactions on a taxpayer’s tax return may expose both legal and other tax advisers and their clients to adverse consequences.

Part – II Overview of the different types of insurance that might affect real property. Topics to include but not be limited to: Property Valuation; Lease Reviews; Contract Reviews; Disaster Planning; New Facility Risk Review.