Dharminder (Dhar) Kalsi has 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.
Dharminder Kalsi
ABV, Partner – CohnReznick Advisory LLC
Areas of expertise
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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. Tax credit experience extends to hundreds of projects throughout the country
Extensive experience serving real estate entities involved with Low-Income Housing Tax Credits (LIHTC), New Markets Tax Credits (NMTC), Historic Tax Credits (HTC), and Qualified Opportunity Zones (QOZ), routinely providing reasonableness opinions for HTC and NMTC transactions.
Develops sophisticated financial models to assess investor and sponsor returns and exit scenarios
Develops complex financial models to help determine investor/sponsor returns during tax credit compliance periods and upon exits/liquidation
Prepares 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
Has 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
Experience preparing 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
Education
B.S., Accounting and Finance – University of Maryland, College Park
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