Update and Streamline REIT Act of 2012

Issues related to the taxation of timber and timber real estate investment trusts; and the mortgage interest deduction; the Update and Streamline REIT Act (H.R.5746).

Client expense: Not reported · Firm income: $50,000

Government targets: Defense, Dept of (DOD), HOUSE OF REPRESENTATIVES, SENATE

H.R. 5746, Update and Streamline REIT Act of 2012, provisions relating to taxation of real estate investment trusts.

Client expense: Not reported · Firm income: $45,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Changes to Depreciation HR158 - Expensing Property Expands our Nation's Strong Economy Act (EXPENSE) of 2011 Changes in 1099 Reporting Requirements S18 - Small Business Paperwork Mandate Elimination Act S72 - Small Business Paperwork Mandate Elimination Act of 2011 HR4 - Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 HR144 - Small Business Paperwork Mandate Elimination Act of 2011 Extension of Deduction for State and Local Sales Taxes S24 - To amend the Internal Revenue Code of 1986 to permanently extend the election to deduct State and local sales taxes S80 - A bill to provide a permanent deduction for state and local general sales taxes Large-Scale Tax Code Reformation S13 - Fair Tax Act of 2011 HR25 - Fair Tax Act of 2011 Modifications to Inter-State Taxation Regimes HR1439 - Business Activity Tax Simplification Act Modifications to Self-Employment Taxation HR880 - Equity for Our Nation's Self-Employed Act of 2011 Modifications to Standard Deduction for Real Property Taxes S22 - Homeowner Tax Fairness Act of 2011 HR131 - To amend the Internal Revenue Code of 1986 to provide a 5-year extension for the real property standard deduction and to adjust such deduction for inflation HR476 - A bill to amend the Internal Revenue Code of 1986 to make permanent the deduction of state Support for the Mortgage Interest Deduction H Res25 - A resolution expressing the sense of the Congress that the current federal income tax dedu... Tax Relief for Job Creation S12 - Job Creation Act of 2011 Tax Deductions for Reducing Debt on Commercial Real Estate HR1147 - Community Recovery and Investment Act of 2011 Streamlined Sales and Use Tax Agreement S1452 - Main Street Fairness Act HR2701 - Main Street Fairness Act State and Local Use Tax Laws for Remote Sellers S1832 - Marketplace Fairness Act HR3179 - Marketplace Equity Act of 2011 Prevention from Paying Taxes on Forgiven Mortgage Loan Debt S2250 - Mortgage Forgiveness Tax Relief Act REITs HR5746 - Update and Streamline REIT Act Amending the IRC to give tax credits to U.S. Start Ups HR6120 - Scaling Up Manufacturing Act of 2012 Extension of Exclusion of Discharges of Principal Residence Indebtedness HR202 - A bill to amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. HR4336 - A bill to amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. The "Fiscal Cliff" HR8 - The American Taxpayer Relief Act of 2012 Tax Deductions for Energy Efficient Commercial Buildings S3591 - The Commercial Building Modernization Act

Client expense: $15,440,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Commerce, Dept of (DOC), Energy, Dept of, Environmental Protection Agency (EPA), Federal Accounting Standards Advisory Board (FASAB), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Interior, Dept of (DOI), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, Veterans Affairs, Dept of (VA), White House Office

Monitor H.R. 5746, the Update and Streamline REIT Act; S. 1616 / H.R. 2989, the Real Estate Investment and Jobs Act; H.R. 3179, Marketplace Equity Act of 2011; S. 1832, Main Street Fairness Act; tax reform efforts, and H.R. 8, the American Taxpayer Relief Act of 2012.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

FIRPTA: Modification of the Foreign Investment in Real Property Tax Act (FIRPTA); S. 1616, H.R. 2989 IRC Section 179D; S.3591: Commercial Building Modernization Act Sales Tax Fairness Proposals: S. 1832, H.R. 3179, S. 1452, H.R. 2701 US REIT Act, H.R. 5746: Subchapter M Reform Tax Reform S. 3275, Master Limited Partnerships Parity Act and efforts to allow for renewable engery REITs

Client expense: $810,000 · Firm income: Not reported

Government targets: Energy, Dept of, HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

H.R. 8 - The American Taxpayer Relief Act of 2012; provisions relating to savings: capital gains and qualified dividends parity, qualified charitable IRA distributions and Coverdell extension, while preserving existing rules for qualified plans/IRA, muni interest, and stretch IRAs H.R. 1864 - Mobile Workforce State Income Tax Simplification Act of 2012; entire bill H.R. 3091 To make permanent the individual income tax rates for capital gains and dividends; entire bill H.R. 3313 Wall Street Trading and Speculators Tax Act; entire bill H.R. 4123 Fair Playing Field Act of 2012; entire bill H.R. 4336 - To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness; entire bill H.R. 5746 to amend the Internal Revenue Code of 1986 to modify certain rules applicable to real estate investment trusts, and for other purposes; entire bill H.R. 6206 - Build America Bonds Act of 2012; entire bill H.R. 6411 - Inclusive Prosperity Act; entire bill H.R.6616 To protect securities transactions in the United States from enforcement of certain excise taxes imposed by any foreign government; entire bill H.R.6653 - Independent Contractor Tax Fairness and Simplification Act of 2012; entire bill S. 1549 American Jobs Act; provisions relating to 28% limitations on itemized deductions and exclusion for tax-exempt interest income S. 1647 To make permanent the individual income tax rates for capital gains and dividends; entire bill S. 1787 Wall Street Trading and Speculators Tax Act; entire bill S. 2075 The Cut Unjustified Tax Loopholes Act; entire bill S. 2145 Fair Playing Field Act of 2012; entire bill S. 2230 - Paying a Fair Share Act of 2012; entire bill S. 3485 - Mobile Workforce State Income Tax Simplification Act of 2012; entire bill S. 3521 - Family and Business Tax Cut Certainty Act of 2012; provisions relating to IRA charitable rollovers Tax Extenders/Tax Reform/Deficit Reduction; provisions relating to the importance and value of existing tax incentives designed to promote long-term savings and investment (both qualified and non-qualified) and insurance coverage protection; transitional considerations associated with tax law modifications; financial transaction tax; taxation of U.S. corporations both domestically and internationally FATCA; provisions relating to the implications for in-bound U.S. investments, U.S.-owned asset managers compliance burdens, and global competitiveness of U.S. funds Congressman Dave Camps draft legislation to reform the international tax system Administration FY 2013 budget: provisions relating to life insurers DRD, COLI, independent contractors, financial responsibility taxes, carve-back on high-income taxpayers exclusions (including muni interest and employee contributions to qualified plans) Other draft legislative proposals to provide greater clarity on worker classification/independent contractor criteria

Client expense: $380,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 8, American Taxpayer Relef Act of 2012 (corporate tax rates, business tax extenders, general fiscal security issues) HR 2495, Tax Equity & Middle Class Fairness Act (timber tax) HR 5746, Update and Streamline REIT Act of 2012 (entire bill) S. 3521, Family & Business Tax Cut Certainty Act of 2012 (cellulosic biofuels tax provisions) Issues: Timber Tax, Timber REIT & REIT Tax Issues; U.S. fiscal security issues, Cellulosic Biofuels Tax Credit, Home Mortgage Interest Deduction Tax Credit; Section 1402(a) of Title XIV of Water Resources Development Act (Harbor Maintenance Tax)

Client expense: $570,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Commodity Futures Trading Commission (CFTC), Council on Environmental Quality (CEQ), Defense, Dept of (DOD), Energy, Dept of, Environmental Protection Agency (EPA), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, General Services Administration (GSA), HOUSE OF REPRESENTATIVES, Interior, Dept of (DOI), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Fish & Wildlife Service (USFWS), U.S. Forest Service

Issues related to the Foreign Investment in Real Property Tax Act and removing barriers to foreign equity investment in U.S. real estate. (S. 1616/H.R. 2989, The Real Estate Investment and Jobs Act) Issues related to modernizing certain REIT rules to allow them to operate more efficently. S. 1832, The Marketplace Fairness Act HR 3179, The Marketplace Equity Act of 2011 HR 5746, US REIT Act of 2012

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 5746, Update and Streamline REIT Act of 2012, provisions relating to taxation of real estate investment trusts.

Client expense: Not reported · Firm income: $45,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to the taxation of timber and timber real estate investment trusts; and the mortgage interest deduction; H.R. 5746, Update and Streamline REIT Act.

Client expense: Not reported · Firm income: $50,000

Government targets: Commerce, Dept of (DOC), Defense, Dept of (DOD), HOUSE OF REPRESENTATIVES, SENATE

S.1452, H.R.2701, "The Main Street Fairness Act," to promote simplification and fairness in the administration and collection of sales and use taxes. All provisions. Proposal to amend Section 118 of the Internal Revenue Code regarding capital contributions by a non-shareholder to include partnerships. No bill introduced. H.R.2989, "Real Estate Jobs & Investment Act of 2011," all provisions. Tax reform specifically addressing concerns about pass through and depreciation. H.R.1265, to amend the IRC of 1986 to permanently extend the 15 year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property. All provisions. S.1832, "The Marketplace Fairness Act," to improve the states' rights to enforce the collection of state sales and use tax laws and for other purposes. All provisions. H.R.3179, "The Marketplace Equity Act," to restore states' sovereign rights to enforce state and local sales and use tax laws and for other purposes. All provisions. H.R.4016, Carried Interest Fairness Act of 2012." All provisions. H.R.5746, "Update and Streamline REIT Act of 2012." All provisions. S.1616, "Real Estate Investment and Jobs Act of 2012." All provisions. S.3591, "The Commercial Building Modernization Act," as it pertains to 179-D of IRC.

Client expense: $528,615 · Firm income: Not reported

Government targets: Energy, Dept of, Environmental Protection Agency (EPA), HOUSE OF REPRESENTATIVES, Office of Management & Budget (OMB), SENATE

H.R. 5746 - US REIT Act of 2012, Issues pertaining to streamlining the REIT Act.

Client expense: $50,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Tax reform: No specific bill but asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of flow-thru entities, including partnerships, S Corporations, and LLCs. We also asked policymakers not to tax flow-through entities with revenues over certain thresholds as C corporations or to pass legislation that would disadvantage real estate relative to other industries. We further requested that Congress maintain the deductibility of business interest and the Low-Income Housing Tax Credit. Finally, we urged Congress to enact permanent estate tax reform with a $5 million exemption, 35 percent top rate, and a retention of stepped-up basis rules. H.R. 6169, Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012. Section 3: Expedited Consideration of a Measure Providing for Comprehensive Tax Reform. Small Business Tax Legislation: H.R. 9 and S. Amdt. 2524, Small Business Tax Cut (all provisions). S. 2237. Small Business Jobs and Tax Relief Act. Section 2: Temporary Tax Credit for Increased Payroll. Section 3: Extension of Allowance of Bonus Depreciation for Certain Business Assets. 2001 and 2003 Tax Cuts: We supported an extension of tax rates applicable to income, capital gains and dividends, and the estate tax. The specific bills in which we engaged in lobbying activities were: S. 3412, Middle Class Tax Cut Act. Section 101: Temporary Extension of 2001 Tax Relief. Section 102: Temporary Extension of 2003 Tax Relief. Section 201: Temporary Extension of Increased Alternative Minimum Tax Exemption Amount. S. 3413, Tax Hike Prevention Act of 2012. Section 2: Temporary Extension of 2001 Tax Relief. Section 3: Temporary Extension of 2003 Tax Relief. Section 4. Alternative Minimum Tax Relief. S. Amdt. 2573. Section 2: Temporary Extension of 2001 Tax Relief. Section 3: Temporary Extension of 2003 Tax Relief. Section 4. Alternative Minimum Tax Relief. H.R. 8. Job Protection and Recession Prevention Act of 2012. Section 2: Extension of 2001 and 2003 Tax Relief. Section 4: Extension of Alternative Minimum Tax Relief for Individuals Tax Extenders: We supported extending the following expiring tax provisions: New Markets Tax Credit (IRC Section 45D); Energy Efficient New Homes Tax Credit (IRC Section 45L); Increased AMT exemption amount (IRC Section 55(d)); Additional 100 Bonus Depreciation (IRC Section 168(k)); Expensing of Brownfield Remediation Costs (IRC Section 198). Additionally, we engaged in lobbying activities on the following bill: S. 3521, Family and Business Tax Cut Certainty Act of 2012: Section 101. Extension of increased alternative minimum tax exemption amount. Section 202. Extension of temporary minimum low-income tax credit rate for non-federally subsidized new buildings. Section 205. Extension of New Markets Tax Credit. Section 308. Extension of credit for energy efficient new homes. Carried Interest: We opposed changes to current law as part of any legislation. We also specifically opposed H.R. 4016, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities (all provisions). Low-Income Housing Tax Credit: H.R. 3661 and S. 1989, to make permanent the 9 percent tax credit for the Low-Income Housing Tax Credit (LIHTC) and to extend the same policy to 4 percent LIHTCs for acquisition (all provisions). We also urged Congress to preserve the Low-Income Housing Tax Credit as part of any tax reform effort. Although no bill is pending, we urged Congress to support making the Low-Income Housing Tax Credit more flexible by allowing developments to qualify if 40 percent of units go to families with income that averages no more than 60 percent of area median income. S. 3494: LIHTC legislation to allow homeless and formerly homeless youth to be eligible for LIHTC housing without giving up their status as full-time students (all provisions). H.R. 5746, Update and Streamline REIT Act of 2012 (all provisions). IRS Temporary (T.D. 9564) and proposed rules (REG-168745-03) regarding deduction and capitalization of expenditures related to tangible property under IRC 263(a). IRS REG-136491 regarding regulations applicable to utility charges and the Low-Income Housing Tax Credit S. 3591, Commercial Building Modernization Act (IRC 179D reform) (proposed IRC 179F) - To amend the IRC of 1986 to improve and extend the deduction for new and existing energy efficient commercial buildings, and for other purposes (all provisions).

Client expense: $220,000 · Firm income: Not reported

Government targets: Army, Dept of (Corps of Engineers), Bureau of Citizenship & Immigration Services (BCIS), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Economic Council (NEC), Natl Labor Relations Board (NLRB), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office

H.R. 1864 Mobile Workforce State Income Tax Simplification Act of 2012; entire bill H.R. 3091 To make permanent the individual income tax rates for capital gains and dividends; entire bill H.R. 3313 Wall Street Trading and Speculators Tax Act; entire bill H.R. 4123 Fair Playing Field Act of 2012; entire bill H.R. 4336 - To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness; entire bill H.R. 5746 to amend the Internal Revenue Code of 1986 to modify certain rules applicable to real estate investment trusts, and for other purposes; entire bill H.R. 6206 - Build America Bonds Act of 2012; entire bill H.R. 6411 - Inclusive Prosperity Act; entire bill S. 1549 American Jobs Act; provisions relating to 28% limitations on itemized deductions and exclusion for tax-exempt interest income S. 1647 To make permanent the individual income tax rates for capital gains and dividends; entire bill S. 1787 Wall Street Trading and Speculators Tax Act; entire bill S. 2075 The Cut Unjustified Tax Loopholes Act; entire bill S. 2145 Fair Playing Field Act of 2012; entire bill S. 2230 - Paying a Fair Share Act of 2012; entire bill S. 3485 - Mobile Workforce State Income Tax Simplification Act of 2012; entire bill S. 3521 - Family and Business Tax Cut Certainty Act of 2012; provisions relating to IRA charitable rollovers Tax Extenders/Tax Reform/Deficit Reduction; provisions relating to the importance and value of existing tax incentives designed to promote long-term savings and investment (both qualified and non-qualified) and insurance coverage protection; transitional considerations associated with tax law modifications; financial transaction tax; taxation of U.S. corporations both domestically and internationally Estate Tax; provisions relating to the need for clarification as to post-2012 treatment as to elections made under P.L. 111-312 FATCA; provisions relating to the implications for in-bound U.S. investments, U.S.-owned asset managers compliance burdens, and global competitiveness of U.S. funds Congressman Dave Camps draft legislation to reform the international tax system Administration FY 2013 budget; provisions relating to life insurers DRD, COLI, independent contractors, financial responsibility taxes Other draft legislative proposals to provide greater clarity on worker classification/independent contractor criteria

Client expense: $360,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

FIRPTA: Modification of the Foreign Investment in Real Property Tax Act (FIRPTA); S. 1616, H.R. 2989 IRC Section 179D; S.3591 Sales Tax Fairness Proposals: S. 1832, H.R. 3179, S. 1452, H.R. 2701 US REIT Act, H.R. 5746: Subchapter M Reform Tax Reform

Client expense: $570,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

Changes to Depreciation HR158 - Expensing Property Expands our Nation's Strong Economy Act (EXPENSE) of 2011 Changes in 1099 Reporting Requirements S18 - Small Business Paperwork Mandate Elimination Act S72 - Small Business Paperwork Mandate Elimination Act of 2011 HR4 - Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 HR144 - Small Business Paperwork Mandate Elimination Act of 2011 Extension of Deduction for State and Local Sales Taxes S24 - To amend the Internal Revenue Code of 1986 to permanently extend the election to deduct State and local sales taxes S80 - A bill to provide a permanent deduction for state and local general sales taxes Large-Scale Tax Code Reformation S13 - Fair Tax Act of 2011 HR25 - Fair Tax Act of 2011 Modifications to Inter-State Taxation Regimes HR1439 - Business Activity Tax Simplification Act Modifications to Self-Employment Taxation HR880 - Equity for Our Nation's Self-Employed Act of 2011 Modifications to Standard Deduction for Real Property Taxes S22 - Homeowner Tax Fairness Act of 2011 HR131 - To amend the Internal Revenue Code of 1986 to provide a 5-year extension for the real property standard deduction and to adjust such deduction for inflation HR476 - A bill to amend the Internal Revenue Code of 1986 to make permanent the deduction of state Support for the Mortgage Interest Deduction H Res25 - A resolution expressing the sense of the Congress that the current federal income tax dedu... Tax Relief for Job Creation S12 - Job Creation Act of 2011 Tax Deductions for Reducing Debt on Commercial Real Estate HR1147 - Community Recovery and Investment Act of 2011 Streamlined Sales and Use Tax Agreement S1452 - Main Street Fairness Act HR2701 - Main Street Fairness Act State and Local Use Tax Laws for Remote Sellers S1832 - Marketplace Fairness Act HR3179 - Marketplace Equity Act of 2011 Prevention from Paying Taxes on Forgiven Mortgage Loan Debt S2250 - Mortgage Forgiveness Tax Relief Act REITs HR5746 - Update and Streamline REIT Act Amending the IRC to give tax credits to U.S. Start Ups HR6120 - Scaling Up Manufacturing Act of 2012 Extension of Exclusion of Discharges of Principal Residence Indebtedness HR202 - A bill to amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. HR4336 - A bill to amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness.

Client expense: $9,820,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Commerce, Dept of (DOC), Congressional Budget Office (CBO), Energy, Dept of, Environmental Protection Agency (EPA), Federal Accounting Standards Advisory Board (FASAB), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, Federal Trade Commission (FTC), Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Interior, Dept of (DOI), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, Veterans Affairs, Dept of (VA), White House Office

Monitor H.R. 5746, the Update and Streamline REIT Act; S. 1616 / H.R. 2989, the Real Estate Investment and Jobs Act; H.R. 3179, Marketplace Equity Act of 2011; S. 1832, Main Street Fairness Act; and tax reform efforts.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 2495, Tax Equity & Middle Class Fairness Act (timber tax) HR 5746, Update and Streamline REIT Act of 2012 (entire bill) S. 3521, Family & Business Tax Cut Certainty Act of 2012 (cellulosic biofuels tax provisions) Issues: Timber Tax, Timber REIT & REIT Tax Issues; Cellulosic Biofuels Tax Credit, Home Mortgage Interest Deduction Tax Credit; Section 1402(a) of Title XIV of Water Resources Development Act (Harbor Maintenance Tax)

Client expense: $710,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Commodity Futures Trading Commission (CFTC), Council on Environmental Quality (CEQ), Defense, Dept of (DOD), Energy, Dept of, Environmental Protection Agency (EPA), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, General Services Administration (GSA), HOUSE OF REPRESENTATIVES, Interior, Dept of (DOI), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Fish & Wildlife Service (USFWS), U.S. Forest Service

Issues related to the Foreign Investment in Real Property Tax Act and removing barriers to foreign equity investment in U.S. real estate. (S. 1616/H.R. 2989, The Real Estate Investment and Jobs Act) Issues related to modernizing certain REIT rules to allow them to operate more efficently. S. 1832, The Marketplace Fairness Act HR 3179, The Marketplace Equity Act of 2011 HR 5746, US REIT Act of 2012

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1864 Mobile Workforce State Income Tax Simplification Act of 2012; entire bill H.R. 3091 To make permanent the individual income tax rates for capital gains and dividends; entire bill H.R. 3313 Wall Street Trading and Speculators Tax Act; entire bill H.R. 4123 Fair Playing Field Act of 2012; entire bill H.R. 4336 - To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness; entire bill H.R. 5746 to amend the Internal Revenue Code of 1986 to modify certain rules applicable to real estate investment trusts, and for other purposes; entire bill S. 1549 American Jobs Act; provisions relating to 28% limitations on itemized deductions and exclusion for tax-exempt interest income S. 1647 To make permanent the individual income tax rates for capital gains and dividends; entire bill S. 1787 Wall Street Trading and Speculators Tax Act; entire bill S. 2075 The Cut Unjustified Tax Loopholes Act; entire bill S. 2145 Fair Playing Field Act of 2012; entire bill S. 2230 - Paying a Fair Share Act of 2012; entire bill Tax Extenders/Tax Reform/Deficit Reduction; provisions relating to the importance and value of existing tax incentives designed to promote long-term savings and investment (both qualified and non-qualified) and insurance coverage protection; transitional considerations associated with tax law modifications; financial transaction tax; taxation of U.S. corporations both domestically and internationally Estate Tax; provisions relating to the need for clarification as to post-2012 treatment as to elections made under P.L. 111-312 FATCA; provisions relating to the implications for in-bound U.S. investments and U.S.-owned asset managers compliance burdens Congressman Dave Camps draft legislation to reform the international tax system Administration FY 2013 budget; provisions relating to life insurers DRD, COLI, independent contractors, financial responsibility taxes Other draft legislative proposals to provide greater clarity on worker classification/independent contractor criteria

Client expense: $310,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 5746, Update and Streamline REIT Act of 2012, provisions relating to taxation of real estate investment trusts.

Client expense: Not reported · Firm income: $45,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Tax Reform: No specific bill but asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of flow-through entities, including partnerships, S corporations and LLCs. We also asked policymakers not to tax flow-through entities with revenues over certain thresholds as C corporations or to pass legislation that would disadvantage real estate relative to other industries. We further requested that Congress maintain the deductibility of business interest and the Low-Income Housing Tax Credit. Finally, we urged Congress to enact permanent estate tax reform with a $5 million exemption, 35 percent top rate, and a retention of stepped-up basis rules. Carried interest: We opposed changes to current law as part of any legislation. We also specifically opposed H.R. 4016, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities. (all provisions) Low-Income Housing Tax Credit: H.R. 3661 and S. 1989. To make permanent the 9 percent tax credit for the Low-Income Housing Tax Credit (LIHTC) and to extend the same policy to 4 percent LIHTCs for acquisition. (all provisions) We also urged Congress to preserve the Low-Income Housing Tax Credit as part of any tax reform effort. Finally, although no bill is pending, we urged Congress to support making the Low-Income Housing Tax Credit more flexible by allowing developments to qualify if 40 percent of units go to families with income that average no more than 60 percent of area median income. No bill yet introduced, but we support an extension of the 2001/2003 tax cuts affecting tax rates applicable to income, capital gains and dividends, and the estate tax. Tax Extenders: We asked that Congress extend the following expired tax incentives: New Markets Tax Credit (IRC Section 45D); Energy Efficient New Homes Tax Credit (IRC Section 45L); Grants for specified energy property in lieu of tax credits (IRC Section 48(d)); Increased AMT exemption amount (IRC Section 55(d)); Additional 100 Bonus Depreciation (IRC Section 168(k)); and Expensing of Brownfield Remediation Costs (IRC Section 198). H.R. 9, Small Business Tax Cut (all provisions) S. 2237. Small Business Jobs and Tax Relief Act. Section 2: Temporary Tax Credit for Increased Payroll. Section 3: Extension of Allowance of Bonus Depreciation for Certain Business Assets. S. 2343, Stop the Student Loan Interest Rate Hike of 2012, Section 3: Employment Tax Treatment of Professional Service Businesses H.R. 2989 and S. 1616. To exempt certain stock real estate investment trusts from the tax on foreign investments in United States real property interests. (all provisions) H.R. 5746, Update and Streamline REIT Act of 2012. (all provisions) IRS Temporary (T.D. 9564) and proposed rules (REG-168745-03) regarding deduction and capitalization of expenditures related to tangible property under IRC 263(a) No bill yet introduced, but we support the extension and Modification of the current Energy Efficient Commercial Buildings Deduction (IRC 179D) and a proposed new Deduction for Retrofits of Existing and Commercial Multifamily Buildings (new IRC 179F) and Section 45L, and ARRA, Section 1603

Client expense: $480,000 · Firm income: Not reported

Government targets: Army, Dept of (Corps of Engineers), Bureau of Citizenship & Immigration Services (BCIS), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Economic Council (NEC), Natl Labor Relations Board (NLRB), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office

Changes to Depreciation HR158 - Expensing Property Expands our Nation's Strong Economy Act (EXPENSE) of 2011 Changes in 1099 Reporting Requirements S18 - Small Business Paperwork Mandate Elimination Act S72 - Small Business Paperwork Mandate Elimination Act of 2011 HR4 - Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 HR144 - Small Business Paperwork Mandate Elimination Act of 2011 Extension of Deduction for State and Local Sales Taxes S24 - To amend the Internal Revenue Code of 1986 to permanently extend the election to deduct State and local sales taxes S80 - A bill to provide a permanent deduction for state and local general sales taxes Large-Scale Tax Code Reformation S13 - Fair Tax Act of 2011 HR25 - Fair Tax Act of 2011 Modifications to Inter-State Taxation Regimes HR1439 - Business Activity Tax Simplification Act Modifications to Self-Employment Taxation HR880 - Equity for Our Nation's Self-Employed Act of 2011 Modifications to Standard Deduction for Real Property Taxes S22 - Homeowner Tax Fairness Act of 2011 HR131 - To amend the Internal Revenue Code of 1986 to provide a 5-year extension for the real property standard deduction and to adjust such deduction for inflation HR476 - A bill to amend the Internal Revenue Code of 1986 to make permanent the deduction of state Support for the Mortgage Interest Deduction H Res25 - A resolution expressing the sense of the Congress that the current federal income tax dedu... Tax Relief for Job Creation S12 - Job Creation Act of 2011 Tax Deductions for Reducing Debt on Commercial Real Estate HR1147 - Community Recovery and Investment Act of 2011 Streamlined Sales and Use Tax Agreement S1452 - Main Street Fairness Act HR2701 - Main Street Fairness Act State and Local Use Tax Laws for Remote Sellers S1832 - Marketplace Fairness Act HR3179 - Marketplace Equity Act of 2011 Prevention from Paying Taxes on Forgiven Mortgage Loan Debt S2250 - Mortgage Forgiveness Tax Relief Act REITs HR5746 - Update and Streamline REIT Act Extension of Exclusion of Discharges of Principal Residence Indebtedness HR202 - A bill to amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. HR4336 - A bill to amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness.

Client expense: $10,060,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Commerce, Dept of (DOC), Congressional Budget Office (CBO), Energy, Dept of, Environmental Protection Agency (EPA), Federal Accounting Standards Advisory Board (FASAB), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, Federal Trade Commission (FTC), Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Interior, Dept of (DOI), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, Veterans Affairs, Dept of (VA), White House Office

Legislative issues relating to real estate and real estate investment trusts (REIT); S.RES.60; FIRPTA; legislation to encourage REITs to retrofit buildings for energy efficiency gains; legislative efforts relating to state collection of sales tax; H.R. 5746 - Healthy Children Through School Nutrition Education Act.

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to the taxation of timber and timber real estate investment trusts; and the mortgage interest deduction; H.R. 5746, Update and Streamline REIT Act

Client expense: Not reported · Firm income: $50,000

Government targets: Commerce, Dept of (DOC), Defense, Dept of (DOD), HOUSE OF REPRESENTATIVES, SENATE

H.R. 5746 - US REIT Act of 2012, Issues pertaining to streamlining the REIT Act.

Client expense: $90,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 2495, Tax Equity & Middle Class Fairness Act (timber tax) HR 5746, Update and Streamline REIT Act of 2012 (entire bill) S. 2131, Highway Investment, Job Creation and Economic Growth Act of 2012 (cellulosic/alternative fuel tax provisions) Issues: Timber Tax, Timber REIT & REIT Tax Issues; Cellulosic Biofuels Tax Credit, Home Mortgage Interest Deduction Tax Credit; Section 1402(a) of Title XIV of Water Resources Development Act (Harbor Maintenance Tax)

Client expense: $630,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Commodity Futures Trading Commission (CFTC), Council on Environmental Quality (CEQ), Defense, Dept of (DOD), Energy, Dept of, Environmental Protection Agency (EPA), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, General Services Administration (GSA), HOUSE OF REPRESENTATIVES, Interior, Dept of (DOI), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Fish & Wildlife Service (USFWS), U.S. Forest Service, U.S. Trade Representative (USTR)

FIRPTA: Modification of the Foreign Investment in Real Property Tax Act (FIRPTA); S. 1616, H.R. 2989 IRC Section 179D; S.1220 Sales Tax Fairness Proposals: S. 1832, H.R. 3179, S. 1452, H.R. 2701 US REIT Act, H.R. 5746: Subchapter M Reform Tax Reform

Client expense: $640,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), SENATE, Treasury, Dept of

FIRPTA: Modification of the Foreign Investment in Real Property Tax Act (FIRPTA); S. 1616, H.R. 2989 IRC Section 179D; S.1220 Sales Tax Fairness Proposals: S. 1832, H.R. 3179, S. 1452, H.R. 2701 US REIT Act, H.R. 5746: Subchapter M Reform Tax Reform

Client expense: $640,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), SENATE, Treasury, Dept of

Monitor H.R. 5746, the Update and Streamline REIT Act; S. 1616 / H.R. 2989, the Real Estate Investment and Jobs Act; H.R. 3179, Marketplace Equity Act of 2011; S. 1832, Main Street Fairness Act; and tax reform efforts.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S.1452, H.R.2701, "The Main Street Fairness Act," to promote simplification and fairness in the administration and collection of sales and use taxes. All provisions. Proposal to amend Section 118 of the Internal Revenue Code regarding capital contributions by a non-shareholder to include partnerships. No bill introduced. H.R.2989, "Real Estate Jobs & Investment Act of 2011," all provisions. Tax reform specifically addressing concerns about pass through and depreciation. H.R.1265, to amend the IRC of 1986 to permanently extend the 15 year recovery period for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property. All provisions. S.1832, "The Marketplace Fairness Act," to improve the states' rights to enforce the collection of state sales and use tax laws and for other purposes. All provisions. H.R.3179, "The Marketplace Equity Act," to restore states' sovereign rights to enforce state and local sales and use tax laws and for other purposes. All provisions. H.R.4016, Carried Interest Fairness Act of 2012." All provisions. H.R.5746, "Update and Streamline REIT Act of 2012." All provisions. S.1616, "Real Estate Investment and Jobs Act of 2012." All provisions.

Client expense: $771,704 · Firm income: Not reported

Government targets: Energy, Dept of, Environmental Protection Agency (EPA), HOUSE OF REPRESENTATIVES, Office of Management & Budget (OMB), SENATE