Dhar Kalsi, CPA/ABV, is a Partner in CohnReznick’s Valuation Advisory Services practice with more than 20 years of experience providing business and real estate valuations for tax planning (including gift, estate, and income tax matters), financial reporting, and litigation purposes. His work spans the valuation of debt and equity investments in operating companies and real estate partnerships with complex capital structures. Dhar has deep expertise in real estate entities involving Low-Income Housing Tax Credits (LIHTC), New Markets Tax Credits (NMTC), Historic Tax Credits (HTC), and Qualified Opportunity Zones (QOZ), and regularly provides reasonableness opinions for HTC and NMTC transactions. He has completed hundreds of valuations nationwide, developing sophisticated financial models to assess investor and sponsor returns and exit scenarios.
Dharminder Kalsi
ABV, Partner – CohnReznick Advisory LLC
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Dharminder+Kalsi Dharminder.Kalsi@cohnreznick.comExperience and credentials
Certified Public Accountant
Focus includes preparing valuations of debt and equity investments in partnerships engaged in the business of developing real estate projects financed with tax credits (e.g., Low Income Housing Tax Credits – IRC Section 42, New Market Tax Credits -IRC Section 45D, Historic Tax Credits – IRC Section 47, etc.)
Extensive expertise developing complex financial models to help determine investor/sponsor returns during tax credit compliance periods and upon exits/liquidation
Tax credit experience extends to hundreds of projects throughout the country
Has prepared reasonableness opinions for related party fees and arrangements for Historic Tax Credit transactions as well as arbitrage rebate calculations for tax-exempt bonds in accordance with Treasury Regulation § 148 for compliance purposes
Before specializing in tax credit incentivized real estate investments, performed valuations of financial instruments and embedded derivatives including convertible debentures, preferred stock, debt securities, and financial derivatives (call/put options, interest rate/currency swaps, warrants, futures, forwards) for financial reporting purposes
Has prepared purchase price allocations (ASC 805, Business Combinations), goodwill and other indefinite-lived asset impairment (ASC 350/360, Intangibles – Goodwill and Other), and common stock valuations (ASC 718, Compensation – Stock Compensation and IRC Section 409A)
Presents or serves on panels covering a range of topics including strategies for valuing and capitalizing development companies; historic tax credit – affiliate fee reasonableness opinions; and developer fee – reasonableness opinions
Education
B.S., Accounting and Finance – University of Maryland, College Park
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