Tax Talks

The Proskauer Tax Blog

Timothy Donovan

Timothy Donovan

Senior Counsel

Timothy W. Donovan is a senior counsel in the Tax Department and a member of the transactional tax team. He has a broad-based practice advising clients on tax matters relating to the business transactions of corporations, partnerships, joint ventures, trusts and individuals.

Tim’s practice principally focuses on U.S. and global tax matters relating to taxable and tax-free mergers and acquisitions, private equity fund formation and investment, real estate transactions, capital markets, structured finance, bankruptcy and restructuring. He has significant experience with the formation, investment in, and operation of real estate funds and real estate investment trusts, or REITs, including publicly-offered listed and non-listed REITs and private REITs.

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New Repatriation Tax Relief for RICs and Foreign Income Guidance for REITs

On September 6, the Internal Revenue Service (“IRS”) released Revenue Procedure 2018-47 (the “RIC Rev Proc”), which provides that a repatriation deemed to have been received by a registered investment company (a “RIC”) under Section 965 (enacted as part of the 2017 tax reform act, commonly known as the “Tax Cuts and Jobs Act” or … Continue Reading

The Effects of the Tax Cuts and Jobs Act on Real Estate

On Friday December 22, 2017, President Trump signed into law H.R.1, commonly referred to as the Tax Cuts and Jobs Act (TCJA). This is the most sweeping change to the U.S. federal income tax laws in over three decades, and it will have an effect on every U.S. taxpayer, including real estate investment trusts (REITs) … Continue Reading

IRS Issues Final Regulations on REIT and RIC Conversion Transactions

The U.S. Treasury Department and the Internal Revenue Service published on January 18, 2017 final regulations (the “Final Regulations”)[1] reducing from ten years to five years the recognition period for the corporate-level tax imposed on certain property dispositions by a real estate investment trust (“REIT”) or a regulated investment company (“RIC”) under Section 337(d), and … Continue Reading

Real Estate Investments by Qualified Foreign Pension Funds After the PATH Act

The Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) included a number of significant changes to the U.S. federal income tax rules related to real estate investment trusts (“REITs”) and investments by non-U.S. investors in U.S. real estate (commonly referred to as “FIRPTA”). For a detailed overview of these PATH Act changes, please … Continue Reading
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