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Sohodojo Advisory Board Member
Jim Schneider
The Taxman86 Speaks...
03 July 2000
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The New World vs. the Old World; Stock Options may be king; Where is the Seattle Enterprise Community.

1. San Diego vs. Boston.

We have watched San Diego grow, and the University of California at San Diego [UCSD] is one of the best in the fields of science and telecommunications. See: Neil Morgan's Column, It is tough to beat Blacks Beach and the Hang Gliders at the Torrey Cliffs. But where is the Harvard Medical School where many of these young researchers are coming from, try 250 Longwood, Boston 02115 at the EZEC Locator and you will find the Boston Empowerment Zone [the 'Zone']. If you go to the HUBZone Locator and hit the same address you will see something very interesting, all of South Boston is either in their Empowerment Zone or their HUBZone.

We are not familiar with downtown Boston but suggest that their largest law firm Hale and Dorr is at 60 State Street, Boston 02109, one of the Country's Leading Real Estate Investment Banking firms, Boston Capital is at 1 Boston Place, Boston 02108, and one of their leading banks is headquartered at 175 Federal Street, Boston 02110. The Shops at 500 Washington St, Boston 02108 are also within the Zone. Add creative work/live housing and off you go.

Will all this talent, and the proposed tax incentives for Empowerment Zones come together? We think so.

2. Stock Options are now held by 10 Million Employees.

Last week another great Web site was launched which is one of the most interesting sites we have seen from a tax lawyer's point of view, and it will surely be a winner. Contained within the Site are many interesting articles on Stock Options and we suggest that this one says it all, and it was written in 1997.

The differences between Incentive Stock Options [ISO] vs. Non Qualified Stock Options [NQST], Stock Plans, and Restrictive Stock are all laid out in simple questions and answers but we could not find a discussion on Qualified Small Business Stock [QSBS] under IRC Section 1202 or the implications of the IRC Section 1045 Roll Over.

Will capital gains free zones affect stock options, and other equity kickers? We think so.

3. Where is Seattle's Enterprise Community?

An article in the Real Estate Section of the New York Times, by way of the San Diego Union/Tribune, hit our eye, "Downtown Seattle's Apartment Market Heats Up." See it here.

If you track the lead in the story you will find Harbor Properties, Inc., a local Seattle developer who has the right attitude and what a success. They along with many others have created something real special. If you check out 1601 5th Avenue, Seattle 98101, which is home to the Westlake Mall, across from Nordstrom at 1600 5th Avenue, Seattle 98101, at the EZEC Locator you will find the Seattle Enterprise Community. By the way it looks like the Westlake Area appears to be within the Enterprise Community, as is Seattle University at 600 Broadway, Seattle 98112.

What we are suggesting is that Universities, law firms, housing, and a great urban environment can be found in many interesting places, and with tax incentives the VC investors will follow.

Jim Schneider, LL.M.

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