A seasoned professional with more than 30 years experience‚ John McGary is a Tax Partner and head of the Real Estate Services group in the Firm's Philadelphia office. He is highly regarded for effectively working with private and public companies through complex structuring transactions and has helped numerous clients with national and international operations avoid excess tax burdens and fees.
Mr. McGary's structuring success includes advising a foreign-owned U.S. corporation on the purchase of its debt resulting in a $20 million discount and avoided tax liability worldwide; guiding a publicly-held company through a $22 million partially-taxable acquisition; assisting the buyers of a sports facility with avoiding state taxation; and making recommendations to a partnership between a real estate developer and publicly-held company that allowed the developer a 50% venture interest without a capital contribution.
Mr. McGary has an extensive background evaluating transactions‚ such as the sale of multi-million dollar real estate portfolios and equity and debt restructuring for partnerships. Most notably‚ he helped a general partner avoid ordinary income by drafting distributions and profit and loss allocations that resulted in distributions‚ while deferring income recognition and achieving capital gain.
In addition‚ Mr. McGary has represented more than $300 million in projects to redevelop historical buildings and has assisted venture capital clients with structuring acquisitions that achieve an increase in tax depreciation.
Mr. McGary began his career as a Field Agent with the Internal Revenue Service before becoming head of the International Tax group for the Philadelphia office of an international accounting firm. He also helped found a regional accounting practice before joining the Firm in 2005.
- American Institute of Certified Public Accountants (AICPA)
- Pennsylvania Institute of Certified Public Accountants (PICPA)
In effect since 1913 and long considered an untouchable provision of the tax code, the mortgage interest deduction as we know it may not be ....