Dhar Kalsi
CPA, ABV, Partner, Valuation Advisory Services

Dhar Kalsi provides valuation advisory services for gift and estate tax, financial reporting, litigation support, strategic planning, and other purposes. His 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.)

Areas of expertise


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Experience and credentials

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 Treasure 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), common stock valuations (ASC 718, Compensation - Stock Compensation and IRC Section 409A)
Presents or serves of panels covering a range of topics including: “Strategies for Valuing and Capitalizing Development Companies” NH&RA Summer Institute – (2014), Historic Tax Credit – Affiliate Fee Reasonableness Opinions - CohnReznick Tax Credit Summit, and Developer Fee – Reasonableness Opinions – IPED Annual Historic Tax Credit Summit


BS, Accounting and Finance – University of Maryland, College Park