Many of the benefits of separating the RFC out from the BHPH dealership are based in the tax code changes of the Tax Reform Act of 1986.
Trials performed as part of the Tax Reform Act of 1986 revealed a small, but significant number of errors and the IRS was unsure how its already strained bureaucracy would deal with taxpayers when it was the IRS, and not the taxpayer, with a deficiency.
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He helped draft the Tax Reform Act of 1986, which included legislation that simplified the Federal tax code and closed many loopholes in the old code.
When the Tax Reform Act of 1986 limited passive activity losses and credits, the firm converted its organization from private capital syndicator and real estate manager to full time real estate manager and operator.
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