Stephen H. Waks

EXPERIENCE

Exchange Intermediary, Inc.

Sacramento, CA

  • Specialized in Section 1031 tax-deferred exchange transactions for over 40 years

  • Testified before the House Ways and Means Committee regarding the proposed amendment to Section 1031 to allow for non-simultaneous exchanges

American River Bankshares

Sacramento, CA

  • Served as director for 33 years

  • Served on the Finance and Capital Committee (Chair), Executive Committee, Loan Committee, and Nominating Committee

  • Held position as Corporate Secretary

EDUCATION

University of Florida, Fredric G. Levin College of Law
Master of Laws in Taxation

Gainesville, FL

University of California, Hastings, College of the Law
Juris Doctor

San Francisco, CA

University of Southern California / University of Wisconsin-Madison
Bachelor of Arts

Los Angeles, CA / Madison, WI

ADDITIONAL INFORMATION

Teaching

  • Real Estate Exchanges, California Continuing Education of the Bar

  • Real Estate Exchanges, University of California, Davis

  • Taxation of Real Estate, Golden Gate University, Graduate Program

Writing

  • Co-Author: Real Estate Taxation, The State Bar of California Taxation Section

Awards

  • AV Preeminent attorney rating - Martindale-Hubbell (peer rated for highest level of professional excellence)

David M. Waks

EXPERIENCE

WAKS LAW CORPORATION & EXCHANGE INTERMEDIARY LLC

Sacramento, CA

  • Provide Section 1031 qualified intermediary services

  • Assist clients with tax-efficient structuring of real estate transactions and tax compliance

KPMG LLP, Financial Services, Tax Department, Real Estate Group

New York, NY

Overview

  • Provided tax consulting and planning services related to investment in U.S. real property for a variety of clients, including private equity funds, hedge funds, publicly-traded multinationals, real estate investment trusts, and sovereign wealth funds

  • Planned, coordinated, and led due diligence related to asset acquisitions, including determination of investment structures intended to allow for tax-efficient dispositions

  • Prepared after-tax models related to acquisitions, dispositions, and restructurings, including debt modification

  • Conducted legal research and drafted memoranda concerning a variety of tax issues including FIRPTA planning; income tax treaty interpretations; structuring mergers and acquisitions; reorganizations and joint ventures; evaluating financing options and repatriation strategies; sovereign wealth fund investment; and subpart F, PFIC, and foreign tax credit planning

  • Conducted asset tests and income tests for REITs; coordinated with outside advisors on various REIT issues; managed REIT quarterly and annual compliance; and structured transactions using taxable REIT subsidiaries

Specific

  • Managed team in conducting timely REIT qualification due diligence in connection with a $1B sale

  • Modeled in Excel $4B tax savings feasibility study for restructuring a public company acquisition into an inversion transaction

  • Created, and updated quarterly, Excel model to track all $693M of U.S. real property holdings of a sovereign wealth fund to protect tax-exempt status; advised on consequences of future U.S. acquisitions; implemented information-sharing system for fund managers

  • Updated/wrote seven chapters of The U.S. Foreign Investment in Real Property Act (WK treatise)

  • Spearheaded group-wide biweekly tax technical update and oversaw updates

RELATED COMPANIES, Acquisitions, Related Affordable

New York, NY

  • Drafted investment memoranda, conducted due diligence, and planned the acquisition and rehabilitation of affordable housing assets across the U.S.

  • Modeled acquisitions and rehabilitations to be financed with tax-exempt bonds and capitalized through syndication of 4% tax credits, utilizing Section 8 Option 1 mark-up-to-market

  • Reviewed current and draft LPAs and drafted amendments and provisions with respect to tax and financing issues

EDUCATION

Cornell University
Bachelor of Arts in Economics

Ithaca, NY

  • Cumulative GPA: 4.11; Graduating Class Rank: 4th

  • Thesis: “Playing It Safe: An Investigation of NBA Players’ Contracts and Performances”

  • Phi Beta Kappa, Pi Sigma Alpha Political Science Honor Society, Omicron Delta Epsilon Economics Honor Society, Golden Key International Honor Society, National Society of Collegiate Scholars

University of California, Berkeley, School of Law
Juris Doctor

Berkeley, CA

  • Berkeley Law and Economics Fellow, Berkeley Business Law Journal

  • Thesis: “Mortgage Electronic Registration Suspense: What’s Happening”

New York University, Leonard N. Stern School of Business
Master of Business Administration; Specializations in Real Estate and Corporate Finance

New York, NY

  • Graduating Class Rank: 1st

  • Stijn Van Nieuwerburgh Faculty Scholar, Kenshin Oshima Prize, CREFR Academic Excellence Award, Dean’s Award, Money Marketeers Marcus Nadler Award, Graduated with Distinction, Beta Gamma Sigma Honor Society

New York University, School of Law
Master of Laws in Taxation

New York, NY

ADDITIONAL INFORMATION

  • Admitted to the California Bar and the New York Bar

  • Real Estate Financial Modeling Certification (Excel); ARGUS Enterprise Certification

  • NYC Housing Court Pro Bono Service Award recipient