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Notre Dame Law R eview Volume 49 | Issue 3 Article 1 2-1-1974 Appr oach to Real Estate As a Tax Oriented Investment Lawrence J. Lee Follow this and additional works at : http://scholarship.law.nd. du/ndlr Part of th Law Commons R comm nd d Citation Lawr nce J. L , Appr oach to Real Estate As a Tax Oriented Investment, 49 Notre Dame L. R v. 477 (1974). Available at : http://scholarship.law.nd. du/ndlr/vol49/iss3/1 This Article is brought to you for fr e and op n acc ss by NDLScholarship. It has b n acc pt d for inclusion in Notre Dame Law R vi w by an authoriz d administrator of NDLScholarship. For more information, pl ase contact lawdr@nd. du. AN APPROACH TO REAL ESTATE AS A TAX ORIENTED INVESTMENT Lawrence J. Lee* Introduction Place 99 lawyers or accountants (tax advisors) together and one can have 101 philosophies of investment sheltering. One approach-the authors- is set forth in this paper 1 But an excellent treatment of the subject is found in Clakins and Updegraft, Tax Shelters, 26 TAx LAwYER 493 (1973) to which the reader is referred.2 Conceptually the approach is four-fold: the homework phase, which in- volves isolating the taxpayers current tax status and placing this within the framework of the various taxes and deductions involved to arrive at the optimum investment; the psychological phase, which includes the taxpayers attitudes and business judgment; the lawyering aspect, which tests the