Marvin Kelner


That the purpose of these comments is to impart basic knowledge to the legal or financial advisor who is asked to render advice to his (or her) client (who is assumed to be in at least the 50 percent marginal income tax bracket) on whether to invest in a particular real estate tax shelter syndication. Hopefully, this article will enable such an advisor to give an informed opinion regarding the investment without holding himself out as an expert in real estate tax shelters. The following are my views with respect to important standards against which one can test the desirability (and wisdom) of a particular real estate syndication.