BSF Advises on Merger Resulting in Largest Realtor Association in the U.S.
Firm Newsletter Spring 2011
BSF served as counsel for the merger of two major players in the Florida realtor industry: the Realtor Association of Greater Miami and the Beaches, Inc. and Realtor Association of Miami-Dade County, Inc. The merger combined two of the largest Section 501(c)(6) tax-exempt trade associations in the country into the Miami Association of Realtors, Inc. The merged entity instantly became the largest Realtor association in the United States with more than 23,000 combined members.
The Firm’s representation required assisting the client with determining the appropriate merger structure both in terms of state and federal tax laws; advice concerning the resolution of a variety of collateral tax-exemption issues; and compliance with state corporation laws. It is anticipated that the merger will aid in maintaining the South Florida real estate market’s position as a world-class destination and will result in increased demand for local real estate.
Partners Keith Blum and Michael Kosnitzky with associate Matt Kaden from BSF’s Tax Group were involved in all material aspects of the merger. BSF’s Tax Group has significant experience in advising tax-exempt public charities, private foundations and other types of tax-exempt organizations on a wide variety of tax and operational issues.
For media coverage of this merger, please click here.