Karl M. Rice
Karl M. Rice graduated from Cornell University in Ithaca, New York in 1970. After graduation, he served as a Second and First Lieutenant in the U.S. Army until 1973, after which he attended Syracuse University Law School, graduating Magna Cum Laude in 1976. Karl practiced and taught law in Syracuse from 1976 to 1980. In 1980, he joined the faculty of Mercer University Law School in Macon, Georgia where he served as Director of Clinical Education and received tenure. After five years at Mercer, wanting to go back into law practice, 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 mainly in the area of commercial and investment real estate and small businesses. He works with clients in the purchase, development, leasing, and sale of real estate. He also works with small business owners, assisting them with the formation of business entities, drafting contracts and other documents, and buying and selling businesses.
Some of Karl’s 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, and New York. He has tried over twenty jury trials, and has handled many appeals in the three states in which he has practiced.
Karl is currently admitted to practice in Virginia and New York but is only active in Virginia.
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. While he no longer sells real estate, his experience as a real estate salesperson has helped him work more effectively with real estate buyers and sellers, as well as brokers and salespersons.
Karl’s outside interests have included bicycling, sailing, trekking and cooking. As a licensed racer, he raced bikes in the southeastern United States, and served as president of the Virginia Bicycle Racing Club. He has bike toured on the east coast, in the Canadian Rockies, and in Europe. Karl has sailed extensively in the Chesapeake Bay and the Potomac, as well as off shore. On foot, he has hiked in New York, Virginia and Georgia, and completed the Camino de Santiago, a 500 mile walk across Spain in 2013. He has other treks planned. Karl loves to cook, especially baking bread and making pizza in his wood fired oven.