Karl M. Rice, Esq.
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Background
Karl M. Rice is a graduate of Cornell University in Ithaca, New York. After graduation, Karl
served as a First Lieutenant in the U.S. Army and graduated from Syracuse University Law
School, Magna Cum Laude in 1976. Karl practiced and taught law in Syracuse from 1976 to
1980. In 1980, he accepted the position of Director of Clinical Education at Mercer University
Law School in Macon, Georgia, where he later received tenure. After five years at Mercer, Karl
and his wife, Leslie Ruth Stallknecht, moved to Dumfries, Virginia and opened the firm now
known as Rice & Stallknecht, P.C.
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Law Practice
Karl practices law mainly in the area of investment real estate. Karl also enjoys other
transactional law work, especially in the acquisition and development of land and commercial
real estate, including the financing of these projects. He regularly drafts and negotiates
commercial leases, often, but not exclusively, representing the tenant. He also works in the
area of business sales, and frequently assists clients with forming business entities such as
corporations and limited liability companies.
Some of his favorite work has been in the area of like kind exchanges of property pursuant
to Section 1031 of the Internal Revenue Code. (Click here for more information). He prides himself on making the transaction
as simple as possible for the parties, especially the non-client purchasers and sellers who
might otherwise be reluctant to participate. He stresses that the transaction must be analyzed
as early as possible to make sure there is a real tax benefit from the exchange. Although in
recent years much of the exchange work has been done by large, national exchange companies,
brokerages, and title companies, Karl feels that in many, if not most, cases, bringing an attorney
into an exchange very early can help to avoid many pitfalls. He has lectured on the subject of
exchanges.
Although he does not currently spend much time in court, Karl has extensive litigation and
appellate experience, having handled litigation and appeals in the trial and appellate courts of
Virginia, Georgia, New York, and the United States. He has tried over twenty jury trials, and has
handled many appeals in the three states in which he has practiced.
Karl is admitted to practice in Virginia and New York.
Real Estate Sales
In 1985, while actively practicing law, Karl also obtained a real estate sales agent license and
joined Stallknecht Realty, where he earned Rookie of the Year, Top Producer-Commercial,
and Million Dollar Club-Commercial awards. He has served as President, Vice-President,
and Director of the Commercial Industrial Land Exchange, Inc. (CILE), a service organization
affiliated with the Prince William Association of Realtors. Karl has also served as a Director,
and as Treasurer, of the Council of Commercial Realtors of the Northern Virginia Association of
Realtors.
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