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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 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, Karl and his wife, Leslie Ruth Stallknecht, moved to Dumfries, Virginia and opened the firm now known as Rice & Stallknecht, P.C. |
Karl practices law almost exclusively in the area of investment real estate. Some of his favorite work is in the area of like kind exchanges of property pursuant to Section 1031 of the Internal Revenue Code. He has handled exchanges involving transactions in many states. He particularly enjoys assisting clients in structuring difficult transactions as exchanges which might otherwise not qualify for exchange treatment. 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. He has lectured extensively on the subject of exchanges.
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 also works in the area of business sales, and frequently assists clients with forming business entities such as corporations and Limited Liability Companies.
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 handled appeals in the Virginia Supreme Court twice in 1996.
Karl is admitted to practice in Virginia, Georgia, and New York.
In 1985, while actively practicing law, Karl also obtained a real estate sales agent license and joined Stallknecht Realty, where he has earned Top Producer-Commercial, and Million Dollar Club-Commercial awards. He served as Vice- President of the Commercial, Industrial and Land Exchange, Inc. (CILE), a service organization affiliated with the Prince William Association of Realtors and later served as President, and then Director, of C.I.L.E.. Karl was a Director of the Council of Commercial Realtors of the Northern Virginia Association of Realtors from 1991 through 1994, serving as its treasurer in 1993.
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