To make sure the rooster gets
through to your coop, please add
newsletter@roostermedia.com to your address book!
|
The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
|
|
|
Consternation over Compensation
Hampton Mallis in his office at Reznick Group.
Pending federal legislation involving carried interest may alter your compensation and tax rate, in some cases doubling the latter. This, of course, has the attention of groups like NAIOP, BOMA, ICSC and the Real Estate Roundtable, who are aggressively lobbying Congress to oppose the legislation.
The carried interest provisions in the American Jobs and Closing Tax Loopholes Act are aimed at private equity and hedge fund managers, but they would also affect real estate partnerships. The bill has passed in the House of Representatives and is now getting ironed out in the Senate.
Here's how it would work: in a partnership tax structure, compensation earned by the general or managing partners for creating, administering and ultimately delivering a profit for the fund or property would be taxed as ordinary income - as much as 35 percent - versus the current method of taxing the general and managing partners' carried interest at the capital-gains rate, 15 percent. The House bill would tax 50 percent of the carried interest as ordinary income through 2012 and then 75 percent afterward. The ultimate rate also is contingent on any self-employment taxes individuals may owe.
"There are going to be a lot of people who owe significantly more," said Hampton Mallis, Principal and tax partner at Reznick Group. "Deals are still going to get done. There will just be a greater tax burden on these service providers.
"We're just in a wait-and-see mode right now," Mallis said.
|
DenDanto, Merritt Join Carter
 Deidra DenDanto of Carter.
Carter has added two executives that better position the company for future growth.
Deirdra DenDanto has joined Carter as Executive Vice President of Accounting and Finance. DenDanto joins Carter from The Intersect Group, where she led a major accounting assignment for Carter. At Carter, she will lead accounting and financial operations.
Carter also has hired a recruiter, Stanley Merritt, to lead the company's recruiting, sourcing and staffing efforts. Merritt joins Carter from the Georgia Secretary of State's office, where he served as human resources recruiter, and his career has involved a number of HR and recruiting positions in the public and private sector.
|
Remarkable Recovery
 Bilijack Bell (left) and Graham Welsh (right) of Wilson, Hull & Neal are two of Team Rooker's star softball players.
Graham Welsh could only move his head to the left and right after spinal surgery in January. In September, he plans to ride for the Shepherd Center's cycling team in the MS 150, a fund-raiser for Muscular Sclerosis research.
No one doubts that plan, either, as the 24-year-old Atlanta native and broker with Wilson, Hull & Neal continues a remarkable recovery.
The ordeal started in late January with a tingling sensation in his chest. As the week progressed, pain spread to his back, and by the following week, Welsh couldn't feel his legs. A series of tests at Piedmont Hospital revealed the good news - it wasn't MS or transverse myelitis - but the bad news was equally distressing. Welsh had a rapidly growing cyst and small tumor, which ultimately was benign, on his No. 6 vertebrae and required immediate spinal surgery. The silver lining: because the cyst grew quickly and doctors found it quickly, Welsh has greater odds for a full and more rapid recovery. Still, doctors didn't know if he would walk again.
Welsh spent the next few months in Shepherd Center's Day Program and then its Step program, performing physical, occupational and recreational therapy, working to rebuild strength and retrain his body to do basic things that most take for granted. So far, he's progressed from a wheel chair to arm crutches to walking on his own, jogging a little and even hitting the Silver Comet Trail on his bike. The tumor is gone, and the cyst collapsed 75 percent.
Already a determined sort, Welsh's recovery and working with the Shepherd Center has taught him to take everything day by day and what one can accomplish with the right mindset.
"It makes life easier, and it's a great lesson," Welsh said. "It's been a big confidence booster to see where I started and how it's progressed. I'm taking everything I have right now and putting it into rehabbing because I feel like I only have one shot. It's a miracle. It really is."
|
Doin' Time
 Wilson, Hull & Neal's Rick Spiller being hauled away.
Most of us end up in the back of the police car, but not
Wilson Hull & Neal's Rick Spiller. He gets to sit in the front seat,
courtesy of the Atlanta Police Department. Perhaps the APD
went easy on Spiller because
they felt sorry for him and knew he'd have a tough go of it in prison,
or maybe
it was because Spiller raised more than $3,000 and thus avoided "MDA
Jail" at
Park Tavern Wednesday afternoon. Since
he exceeded his fundraising goal for the Muscular Dystrophy Association,
he
immediately made bail and avoided doin' time.
|
Atop the W with 3PL
With a key client
base in town, Jones Lang LaSalle,
Stratford Land and DP Partners took the opportunity to
welcome the 3PL and CSCO Forum
to Atlanta Monday night by hosting a reception at Buckhead's Whiskey Blue. Logistics professionals
and corporate real estate types from across the U.S. and world packed
the W rooftop bar, with one lucky winner walking away with an Apple
iPad.
|
|
 We want to cover your next event! Send our marketing staff a note with all the deets and we will do our best to be there.
In case you missed us, click here for past issues. | |
|
|
|
CONTACT EDITOR CONTACT ADVERTISING
The Real Estate Rooster is an online newsletter directed at the real
estate industry in Metropolitan Atlanta. You have received this newsletter
through your affiliation with the real estate industry. If you have received
this newsletter in error or would like to unsubscribe, please follow the link
below. The content of this newsletter is independently developed by Rooster Media, LLC and is not directed by the advertisers whose names and ads appear herein.
All of the content in this newsletter is the sole and exclusive property of Rooster Media, LLC. © 2009. |
|
|
|
|
