Philip R. Hirschfeld

How Philip Helps Clients

Philip assists clients in a number of areas of tax planning (domestic and international) and tax controversy. Specifically, he has extensive experience in corporate tax matters, including M&A, acquisitions, contributions, distributions, liquidations, tax-free spin-offs and split-ups, debt workouts including consideration of cancellation of debt income and ways to eliminate such income, limits on NOLs, review of stock and asset acquisition agreements, special considerations and restructuring relating to Subchapter S Corporations. His real estate experience extends to planning for joint ventures, partnerships, LLCs and investment funds, review of offering memorandum, debt restructuring, like-kind exchanges, Opportunity Zone Funds and 1031 Exchange rules.

Philip is also known for his vast knowledge of international tax laws relating to cross-border investments and planning for non-US persons coming to work or live in the U.S. and U.S. companies operating abroad, as well as advising clients on the tax aspects of such transactions. He focuses on outbound including Subpart F/CFC, PFIC, GILTI, foreign tax credit and impact of tax treaties and foreign law and inbound including FIRPTA, FATCA, withholding taxes, tax treaty relief and portfolio interest exemption, cross Border M&A (including §367) and use of debt financing.

Philip serves a wide array of clients, including high-net-worth individuals, corporations, mid-size businesses, real estate developers and entities focused on fund formation.

Philip is a frequent lecturer on cross-border real estate investments, Qualified Opportunity Zone Funds, mergers & acquisitions, partnership tax planning and other topics for the American Bar Association, New York University, the Florida Annual Tax Institute and other groups and has authored several articles for numerous publications on similar topics.

What Clients Can Expect

Philip prides himself on finding solutions to unusual problems. His clients appreciate his breadth of experience, diverse background and the fact that he can succinctly break down complex issues. They also appreciate his commitment to providing them with the best advice possible to help them reach their end goal without falling into any tax traps.

Proof Points

• An LLC owned by a doctor’s group sold 55% of its practice to a large New Jersey hospital. Planning was done to minimize the adverse tax impact of the leases and real estate within this group.
• A large nursing home and rehab center engaged in tax-free like-kind exchanges of their respective properties for multiple commercial real estate properties. Afterward, the company split up the business among its owners in a tax-free manner.
• A couple involved in the art world exchanged their property for a new space to create a not-for-profit art gallery and exhibition space. An aspect of this transaction was a tax-free like-kind exchange built to suit, as well as additional planning to ensure the conversion to non-profit status was not taxable.
• A not-for-profit hospital entered into a joint venture with a developer to construct a medical office complex. Negotiating the business arrangement and drafting the Operating Agreement for the LLC involved complex tax allocation, capital account, distribution, and other tax-affected provisions to ensure the hospital would not be subject to unrelated business income tax.

Outside the Office

When not working through complex tax planning, Philip can be found exploring his passion for photographing National Parks and the built environment.  He appreciates browsing art galleries, museums and other creative pursuits. 

Awards

• New York Metro Super Lawyers Rising Stars, 2021-2022
• ABA RPTE Fellows Program, 2016-2018, Section honor for future leaders
• Nolan Fellowship, 2015-2016, ABA Tax Section honor for distinguished service and display of leadership