Portfolio 596-4th: Residential Cooperative and Condominiums
Holland & Knight Partners Mark Stone, Stuart Saft and Renee Covitt recently authored Portfolio 596-4th: Residential Cooperative and Condominiums, a comprehensive guide to the federal income consequences of these residential real estate ownership interests, published by Bloomberg Industry Group Inc./Bloomberg Tax. The guide lays out the fundamentals for qualification for cooperative housing corporation and condominium management association status as well as the consequences to unit owners residing therein. It also provides a new focus on the more complex tax provisions applicable to certain parties to the cooperative housing corporation and condominium found in Section 216 of the Internal Revenue Code and, more generally, in Subchapter T of the code for the cooperative/condominium developer and Sections 460 and 199A for the condominium developer.
As the leading treatise on taxation issues relating to condominiums and cooperatives, Portfolio 596-4th is an essential research tool for both tax and real estate lawyers. The fourth edition focuses not only on apartment resident owners but also issues of concern to initial developers, "mid-life" commercial unit owners and interested purchaser/developers of occupied cooperative buildings in an exit sale of the development.
The full table of contents and description of Portfolio 596-4th can be accessed at the link below, as well as Chapter VIII on the Taxation of "Cooperative Housing Corporation" and Chapter XIII.B on The Ground-Up Condominium or Cooperative Developer. Chapter VIII discusses a variety of issues, ranging from income from operations of a cooperative housing corporation to the assessment of shareholders for capital improvements over the life of the building. The chapter also analyzes the complex issues facing unit owners and developers in converting a cooperative to a condominium. Chapter XIII.B focuses on a condominium developer's potential exemption from Section 460 percentage of completion method of accounting and potential eligibility for the favorable Section 199A 20 percent deduction.
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This Portfolio may be cited as Stone, Saft, and Covitt, 596-4th T.M., Residential Cooperative and Condominiums.