Karrie L. Bercik, JD, LLM

Ms. Bercik, a graduate of the New York University LL.M Taxation program, is knowledgeable in all areas of federal taxation involving corporations, partnerships and individuals. Ms. Bercik established her own federal tax practice based in San Francisco in 1995. She previously practiced with Greene, Radovsky, Maloney & Share and with Heller Ehrman White & McAuliffe, both in San Francisco. Ms. Bercik is an Adjunct Professor in the Golden Gate University LL.M Tax program teaching Tax Aspects of Bankruptcy, Tax Exempt Entities, and Passive Activities. She has also taught Partnership Taxation in the M.S. Tax Program at the San Joaquin College of Law.

Professional Experience

Her practice focuses primarily on assisting clients who are

• corporate, partnership and individual debtors involved in out-of-court debt restructuring or bankruptcy

   

• consolidated corporations and other related entities seeking maximum advantage from the tax attributes of each entity

   

• creditors seeking to maximize their recoveries through optimizing the tax consequences of enforcement proceedings

   

• acquiring or liquidating interests in or assets from businesses, both solvent and insolvent

   

• establishing and operating tax-exempt entities

   

Debt Restructuring

Some of the transactions in which Ms. Bercik has assisted debtors include

 
• optimizing the tax consequences from exchanging, modifying or cancelling debt instruments

   

• structures for recapitalizing businesses, with emphasis on troubled real estate and troubled syndicated partnerships

   

• stock for debt exchanges

   

• minimizing attribute reductions and income from cancellation of indebtedness

   

• determination of classification, priority and dischargeability of taxes in bankruptcy

   

• abandoning assets, both in bankruptcy and outside bankruptcy

Ms. Bercik also advises creditors on income tax issues arising in reorganization, such as the ability to claim worthless debt or stock deductions and the recognition of gain, loss or interest income upon modification, exchange, purchase or cancellation of debt instruments.

Consolidated Corporations and Related Entity Planning

Ms. Bercik has assisted consolidated corporations in reorganizing and liquidating their insolvent subsidiaries. She is experienced in determining whether a loss corporation has undergone an ownership change and planning to minimize reduction of net operating losses in consolidated groups. Additionally, Ms. Bercik has advised related entities, such as partnerships, limited liability companies, S corporations, trusts and individuals in debt restructuring issues, including advising partners on how to restructure, liquidate, or recapitalize 40 related partnerships with $75 million of real estate assets.

Business Acquisitions, Combinations and Liquidations

Ms. Bercik advises clients on the tax consequences of buying and selling businesses or assets. She has experience in corporate tax-free reorganization techniques, including divisive reorganizations. Additionally, Ms. Bercik has experience in forming partnerships, limited liability companies, and corporations and contributing appreciated property to such entities.

Speaking Engagements

 
• Tecnical Tax Update, Association of Insolvency Accountants Annual Bankruptcy and Reorganization Conference (June 1998)

   

• Tax Issues in Bankruptcy, Beverly Hills Bar Association Bankruptcy Section (April 1998)

   

• Bankruptcy Tax -- Effect of the 1997 Tax Act on Foreclosures, The Alameda County Bar Association Bankruptcy and Commercial Law Section (April 1998)

   

• Tax Issues in Transferring Real Property, Pasadena Bar Association Real Estate Section (April 1998)

   

• Bankruptcy Tax Planning After the Revenue Reconciliation Act of 1997, The Bankruptcy/Commercial Law Section of The Santa Clara County Bar Association (March 1998)

   

• Discharging the Nondischargeable: Tax Claims in Bankruptcy, Barristers Club of San Francisco (March 1998)

   

• National Bankruptcy Review Commission Current Proposals Regarding Taxation panel, Annual Meeting of the California Tax Bars (November 1997)

   

• Tax Consequences of Home Foreclosures and Abandonments panel, Central California Bankruptcy Forum (September 1997)

   

• The New Debt Modification Rules Under Section 1001 panel, California State Bar Annual Section Education Institute (November 1996)

   

• Bankruptcy Taxation Roundtable panel, Bankruptcy Review Commission (October 1996)

   

• Debt Modification After the New Regulations, Santa Clara County Bar Association Bankruptcy Section (October 1996)

   

• Debt Modification Under the New Section 1001 Regulations, San Francisco Women Tax Lawyers (September 1996)

   

• Bankruptcy Taxation Institute, Chair and moderator (September 1996)

   

• New Traps for Lenders in Agreeing to Restructure Debt Avoiding Phantom Income, San Joaquin Ag Lenders (August 1996)

   

• Tax Issues in Debt Restructuring, Bar Association of San Francisco Bankruptcy Section (July 1996)

   

• Tax Consequences of Loan Restructuring panel, California State Bar Section Education Institute (May 1996)

   

• Delegate to Washington DC representing California State Bar Bankruptcy/Insolvency Tax Committee speaking on contingent Interest debt instruments involved in debt restructuring (May 1996)

   

• Tax Impact on the Closely Held Business panel, Association of Insolvency Accountants Annual Bankruptcy & Reorganization Conference (January 1996)

   

• Tax Aspects of Corporate Reorganization, BASF meeting (November 1995)

   

• Recent Development in Debt Restructuring, Central California Bankruptcy Forum (September 1995)

   

• Tax Aspects of Contributions and Distributions of Property to Corporations, BASF meeting (July 1995)

   

• State Tax Issues in Bankruptcy panel, California State Bar Section Education Institute (May 1995)

   

• Tax Aspects of Sales of Single Asset Real Estate Held in Partnership panel, American Bankruptcy Institute Annual Meeting, Washington D.C. (May 1995)

   

• Bankruptcy Tax Seminar, Association of Insolvency Accountants Annual Bankruptcy & Reorganization Conference (April 1995)

   

• Tax Issues in Debt Restructuring, Central California Bankruptcy Association (March 1995)

   

• Current Developments in Partnership Taxation panel, California State Bar Annual Meeting (November 1994)

   

• Debt Modification in Real Estate Workouts, CPA Forum (August 1994)

   

• Bankruptcy Tax Planning for Entities (August 1994)

   

• Fundamentals of Bankruptcy presentation to delegation from China responsible for drafting China's bankruptcy code (June 1994)

   

• Tax Planning for Post-1993 Debt Restructuring panel, California State Bar Section Education Institute (May 1994)

Publications

 
• Points to Remember, Planning for Foreclosures Under the New Section 121 Rules, American Bar Association Tax Section Newsletter (Winter 1997)

   

• An Update on the Bankruptcy Review Commission, American Bar Association Tax Section Newsletter (Fall 1997)

   

• Tax Consequences of Foreclosure and Workouts, San Francisco Barrister (December 1995)

   

• Use of Contingent Payments in Partnership Bankruptcies, ABI Journal (June 1995)

   

• Tax Consequences of Stock for Debt Exchanges, Journal of Law and Commerce (1992)

Professional Affiliations

 
• California State Bar Tax Section
  • 1994-1998 Bankruptcy Tax Committee, Chair 1996, Chair Elect 1995
  • 1993-1998 Partnership and Real Estate Committee
  • 1995-1998 Corporate Tax Committee
  • 1997-1998 Exempt Organizations Committee

   

• American Bankruptcy Institute
  • 1993-1998 Bankruptcy Tax Committee
  • 1994 -1997 Chair Subcommittee on Pass-through Entities

   

• American Bar Association
  • 1991-1998 Tax Section
  • Partnership Tax Committee
  • Corporate Tax Committee
  • Member of Task Force on the Bankruptcy Review Commission
  • Member of Task Force on Section 1001
  • 1992-1998 Business Section

   

• Association of Insolvency Accountants
  • 1993-1998 Adjunct Member

   

• Bar Association of San Francisco
  • 1991- 1997 Tax Section
  • 1993-1997 Commercial Law & Bankruptcy Section

   

• San Francisco Area Women Tax Lawyers
  • 1996-1997 President
  • 1995-1996 Vice President, Membership

   

• Barristers Club of San Francisco
  • 1994-1995 Chair, Tax Section

  

  Questions, comments or suggestions? kbercik@taxcounsellor.com

Last updated April 3, 1998

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