Erik C. Loomis

Partner

Erik C. Loomis is a tax partner in Cox Castle’s Los Angeles office.

Income Tax Planning
Erik’s practice includes Federal and California income tax planning for individuals, partnerships, limited liability companies, corporations, and tax-exempt entities (including pensions) and their investments in real estate. His particular focus is on the concepts and treatments that apply in the context of joint ventures, acquisitions, dispositions, workouts, and exchanges involving investments in real estate. Erik understands the business objectives of his clients and works with them to structure transactions in a tax efficient manner that also accomplishes their goals.

Real Property Tax Planning
Erik also has extensive experience with the application of California’s real property tax laws, and is frequently consulted with respect to assessment matters. Erik also has wide experience in applying the increasingly important local variants of the California documentary transfer tax, both in structuring transactions to avoid imposition of the tax, and also to minimize its impact.

Tax Controversies
Erik has significant experience as tax counsel in connection with a number of major Federal and California income tax litigation matters. He also regularly represents taxpayers in matters before the Internal Revenue Service, the California Franchise Tax Board, the California State Board of Equalization and local assessment tribunals.

Publications & Speaking Engagements

Recent Publications
Major Changes Just Enacted to the Way the I.R.S. Will Audit Post-2017 Partnership Tax Returns: What You Might Want to Consider Doing Now, 12/14/2015
California Real Property Tax: Assembly Bill 2492 Would Add A New Change Of Ownership Rule To Existing Rules For Legal Entities Holding California Real Property, CCN Client Alert, 5/11/2010
California Real Property Tax: Assembly Bill 2492 Would Make Radical Changes To The Manner In Which California Real Property Owned By Entities Is Assessed And Taxed, CCN Client Alert, 4/22/2010
Update Regarding California Assembly Bill 2640: Provisions Relating To The Repeal Of Section 1031 And Of Other Income Tax Nonrecognition Provisions For California Tax Purposes Have Been Amended Out Of The Bill, CCN Client Alert, 4/9/2010
California Assembly Bill 2640: Proposed Repeal Of Section 1031 And Of Other Nonrecognition Provisions Of The Internal Revenue Code Effective January 1, 2010, CCN Client Alert, 2/22/2010
New California Real Property Tax Law Effective January 1, 2010: Changes To Penalty For Failure To Report Changes Of Ownership In Entities, CCN Client Alert, 11/30/2009
Strict Compliance With Deadlines Required For Property Tax Appeals, CCN Client Alert, 7/7/2009
Potential California Property Tax Savings, CCN Client Alert, 4/22/2009
Economic Stimulus Legislation Provides Income Tax Deferral Of Certain Cancellation Of Indebtedness Income, CCN Client Alert, 2/17/2009
Contributing author to American Bar Association Section of Taxation Letter to the Internal Revenue Service entitled, Comments on Proposed Regulations Regarding Investments in Qualified Opportunity Funds Under Section 1400Z-2, 1/10/2019.
Contributing author to California Mortgages, Deeds of Trust and Foreclosure Litigation, Continuing Education of the Bar – California (4th Ed.) (Chs. 7 & 10  regarding the income tax treatment of foreclosures, deeds in lieu of foreclosure and loan modifications)
Overview of Select ‘Tax Cuts and Jobs Act’ Provisions Relevant to the Real Estate Industry, CEB Real Property Law Reporter, Volume 41, Number 2, March 2018.
Contributing author to American Bar Association Section of Taxation letter to the Internal Revenue Service entitled, Comments on Proposed  Regulations Concerning Consequences of Certain Mergers Under Section 704(c)(1)(B) And 737, 4/18/2008

Recent Speaking Engagements
Property Tax in California, Lorman Education Services, 12/07/2012 & 12/14/2012
Tax Trends for Entities Owning California Real Estate, Continuing Education of the Bar/UCLA, 09/23/2010
Cancellation of Indebtedness Income: Mastering Latest Guidance, Strafford Publications, Webinar, 12/09/2009

Awards & Affiliations
Awards & Recognition
Southern California Super Lawyers Rising Stars, Tax Practice Area, 2011-2012
Professional Affiliations
American Bar Association, Tax Section
Bar and Court Admissions
State Bar of California

Education
LL.M., New York University School of Law, 2006
J.D., University of California, Davis School of Law, 2004