Weller Partners LLP

EXPERTS IN REAL ESTATE TRANSACTIONS AND IRC SECTION 1031 EXCHANGES

Weller Partners LLP is a transactional real estate and tax law firm. Our attorneys are experts in matters affecting real estate investments, the taxation of business ventures, capital formation, transaction management, due diligence, and IRC Section 1031 tax deferred exchanges. Our firm has extensive experience designing and implementing strategies for real estate and business asset acquisitions, transfers, exchanges, leases, financing, work-outs,  business start-ups, limited liability companies, partnership and joint venture formations, transactions involving REITs, capital raising through placement of partnership interests and stock, as well as business and personal tax planning.

Our founding partner, Lou Weller, is a nationally recognized expert in the area of IRC Section 1031 exchanges and tax aspects of real estate transactions generally. He and our other attorneys bring almost a century of collective knowledge and experience to our clients. We have a reputation of delivering the highest quality legal, transnational real estate, tax, and deal structuring advice to our clients. Our attorneys are highly experienced real estate deal lawyers, and we are among a select few attorneys that are considered to be experts in Section 1031 exchanges.

The following list is representative of the numerous works authored by our attorneys on real estate tax and transactional matters:

  • “Real Property Exchanges,” Third Edition, published by the California Continuing Education of the Bar (CEB) 2002, and annual/bi-annual updates.
  • “Early distributions from 1031 exchange accounts – Another look at a strange new ruling,” Journal of Taxation 93, No. 2, pg. 73 (August 2000)
  • “Reverse Exchanges Acknowledged at Last – Recent Developments in Like-Kind Exchanges,” 42 Tax Management Memorandum No. 5 (February 26, 2001).
  • “Fractional Interests in Real Estate and Code Section 1031: Legitimate End Run or Illegal Formation,” Journal of Passthrough Entities 4, No. 5, pg. 39 (Sept.-Oct. 2001)
  • “Real Estate Undivided Fractional Interest Programs and Rev. Proc. 2002-22: Birth of an Industry? Journal of Passthrough Entities, Vol. 5, 3, pg 23 (May-June 2002).
  • “Life After Rev. Proc. 2000-37….Further Developments in Like-Kind Exchanges,” 43 Tax Management Memorandum 18 (Sept. 9, 2002).
  • “Tenant-Paid Costs in Net Leases” Net Lease Forum, Vol. 1, No. 5, pg 1. (May 6, 2003).
  • “Current Like-Kind Exchange Developments,” Outline, January 2004
  • “IRS Issues New Rules for Depreciating Replacement Property in Nonrecognition Exchanges,” Journal of Taxation 100, No 5, pg 262 (May 2004).
  • “DSTs: An Alternative to TICs,” Real Estate Southern California, Vol. 5, No. 7, pg 14 (July/August 2004).
  • “Does State Law Really Determine Whether Property is Real Estate for Section 1031 Purposes?” Journal of Real Estate Taxation, 32, No. 1  pg 1 (Fall 2004)
  • “Can Multiple Properties be Bundled in a TIC Program,” TIC Monthly, July, 2005
  • “New IRS Ruling Unveils Restrictive Approach to Like-Kind Exchanges of Intangibles,” Journal of Taxation, Vol 104 No. 4 (April 2006).
  • “Treatment of Section 1031 Exchange Intermediaries as Borrowers Under New Prop. Reg. 1.468B-6,” Journal of Taxation, Vol. 104, No. 6 (June 2006.
  • “State Income Tax Conformity with Section 1031,” Journal of Real Estate Taxation, Vol 34, no.1 (4th Qtr 2006).
  • “Thinking the Unthinkable: Tax Consequences of TIC Property Foreclosure,” TIC Talk, September, 2007
  • “Like Kind Exchange Update-REITs, Related Parties, and Realignments,” Real Estate Taxation, Vol 34, no. 5, (4th Qtr 2007).
  • IRS Issues Safe-Harbor for Exchanges of Vacation Homes,” Journal of Taxation, Vol. 109, No. 1 (July 2008).
  • “Final Regulations Reach Compromise on Taxation of Like-Kind Exchange Accounts,” Journal of Taxation, 109, No. 4 (October 2008).
  • Security of Funds in 1031 Like-Kind Exchanges,” Journal of Passthrough Entities, Vol. 12, No. 1 (Jan-Feb. 2009).
  • Switching QIs in the Middle of a Deferred Like-Kind Exchange,” Journal of Passthrough Entities, Vol. 12, No. 3 (May-June. 2009).
  • Tax Consequences of QI Failure in a Deferred Like-Kind Exchange,” Journal of Passthrough Entities, Vol. 12, No. 5 (Sept-Oct. 2009).
  • State Court Developments Highlight Partnership Exchange Issues,” Journal of Passthrough Entities, Vol. 13, No. 1 (Jan-Feb. 2010) (with Gregory Marques
  • Partnership Exchange Issues: Part II,” Journal of Passthrough Entities, Vol. 13, No. 3 (May-June 2010) (with Gregory Marques).
  • IRS Provides Limited Relief for Section 1031 Exchanges That Fail Due to Default by a QI,” Journal of Taxation, Vol. 113, No. 1 (July 2010) (with Richard M. Lipton).
  • Like-Kind Exchanges of Government Entitlements,” Journal of Passthrough Entities, Vol. 13, No. 5 (Sept-Oct 2010) (with Gregory Marques).
  • Taking Exchanges into the Wild Blue Yonder: Section 1031 and Aircraft,” Journal of Passthrough Entities, Vol. 14, No. 1 (Jan-Feb 2011).
  • Does Code Sec. 1031 Qualified Use Include Intent to Exchange,” Journal of Passthrough Entities, Vol. 14, No. 3 (May-June 2011).
  • “Reverse Exchanges Ten Years Later: Lessons Learned and Yet To Be Learned in Light of Rev. Proc. 2000-37,” Tax Management Real Estate Journal, Vol. 27, No. 8 August 3, 2011
  • What is the Same Deferred Exchange?” Journal of Passthrough Entities, Vol. 14, No. 5 (Sept-Oct 2011).
  • The Qualified Intermediary’s Role in the Code Sec. 1031 “Exchange” Requirement,” Journal of Passthrough Entities, Vol 15, No. 3 (May-June 2012).
  • Musings on Reverse Exchanges,” Journal of Passthrough Entities, Vol 15, No. 5 (Sept.-Oct. 2012)
  • “IRS Muddies the Like-Kind Waters in Guidance Considering State Law Classification,” Journal of Taxation, p 13 (January 2013)
  • Foreign Asset Exchanges,” Journal of Passthrough Entities, Vol 15, No. 1 (Jan.-Feb. 2013)
  • Non-Qualifying Replacement Property in Like-Kind Exchanges,” Journal of Passthrough Entities, Vol 16, No. 3 (May-June. 2013).
  • Best Practices in Code Sec. 1031 Art Exchanges,” Journal of Passthrough Entities, Vol 16, No. 5 (Sept.-Oct. 2013).