Certified Public Accountant 

Focus includes preparing valuations of debt and equity investments in partnerships engaged in the business of developing real estate projects financed with tax credits (e.g., Low Income Housing Tax Credits – IRC Section 42, New Market Tax Credits -IRC Section 45D, Historic Tax Credits – IRC Section 47, etc.)

Extensive expertise developing complex financial models to help determine investor/sponsor returns during tax credit compliance periods and upon exits/liquidation

Tax credit experience extends to hundreds of projects throughout the country

Has prepared reasonableness opinions for related party fees and arrangements for Historic Tax Credit transactions as well as arbitrage rebate calculations for tax-exempt bonds in accordance with Treasury Regulation § 148 for compliance purposes

Before specializing in tax credit incentivized real estate investments, performed valuations of financial instruments and embedded derivatives including convertible debentures, preferred stock, debt securities, and financial derivatives (call/put options, interest rate/currency swaps, warrants, futures, forwards) for financial reporting purposes

Has prepared purchase price allocations (ASC 805, Business Combinations), goodwill and other indefinite-lived asset impairment (ASC 350/360, Intangibles – Goodwill and Other), and common stock valuations (ASC 718, Compensation – Stock Compensation and IRC Section 409A)

Presents or serves on panels covering a range of topics including strategies for valuing and capitalizing development companies; historic tax credit – affiliate fee reasonableness opinions; and developer fee – reasonableness opinions