Joseph R. Albanese

Mr. Albanese is a graduate of Brooklyn College and New York University School of Law and was admitted to the New York Bar in 1958. He is also admitted to the U.S. District Courts for the Southern and Eastern Districts of New York and to the U.S. Court of Claims, the U.S. Court of Appeals for the Federal Circuit and the U.S. Supreme Court. Mr. Albanese is the managing partner of the firm and concentrates in estate planning, estate and trust administration, real estate financing, sales and leasing transactions and corporate matters. His experience includes representation of several major New York commercial and savings banks in connection with the closing of commercial and residential mortgage loans.

Mr. Albanese is a member of the Business Advisory Board of The First National Bank of Long Island. He has served as general counsel and a member of the Board of Directors of a publicly held corporation and currently serves as general counsel to several closely held business corporations. Mr. Albanese is a past President of the Queens College Speech & Hearing Center, and served as a member of its Board of Directors. He was appointed by the Governor of the State of New York and served as a member of the Council for the State University of New York College of Technology at Farmingdale, now known as Farmingdale State College. Mr. Albanese is a member of the North Shore Child and Family Guidance Association and the Nassau and New York State Bar Associations.

Vincent A. Albanese

Mr. Albanese is a graduate of the Duke University School of Engineering, where he earned a Bachelor of Science degree in Electrical and Biomedical Engineering; St. John's University School of Law; and New York University School of Law, where he earned a post-graduate LL.M. degree in taxation. He was admitted to the Connecticut Bar in 1992, the New York Bar in 1993 and to the U.S. District Courts for the Southern and Eastern Districts of New York, U.S. Court of Federal Claims, U.S. Tax Court, U.S. Court of Appeals for the Federal Circuit, and U.S. Court of International Trade.

Mr. Albanese concentrates in real estate, corporate, and trusts and estates matters. He is experienced in the sale, purchase and lease of residential and commercial real estate; representation of financial institutions and borrowers in real estate financing transactions including residential and commercial construction loans and mortgage loans; formation of business organizations, preparation of shareholder agreements, limited partnership agreements and limited liability company operating agreements; individual and fiduciary income tax returns, federal and New York State estate tax returns; wills; fiduciary accountings; probate and administration proceedings; estate planning; and guardianship proceedings. He is a member of the New York State and Nassau County Bar Associations.

New York University School of Law
LL.M.,

Vincent M. Albanese

Mr. Albanese attended Wesleyan University and St. John's University School of Law. He has practiced law since 1949 on his admission to the New York State Bar. He is also admitted to the United States District Court for the Southern and Eastern Districts of New York, the Circuit Court of Appeals for the Federal Circuit and the United States Supreme Court. Mr. Albanese concentrates in general civil litigation and real estate matters, including: land use; zoning, development, financing, construction, purchase, sale and leasing transactions; and foreclosure and condemnation proceedings. He has extensive experience in civil litigation in both jury and non-jury trials and appeals up to the New York State Court of Appeals, the highest New York State Court.

By appointment of the Governor of the State of New York in 1983, he served as a member of the New York State Board of Public Disclosure. He was nominated by the Governor and appointed by the United States Secretary of the Interior to serve on the Statue of Liberty Ellis Island Centennial Commission. Mr. Albanese was appointed by the Governor and served as a director of the New York State Urban Development Corporation. He was also appointed by the Governor as a director and continues to serve as chairman of the Queens West Development Corporation.

Mr. Albanese served as Chairman of the Board of Directors and continues to serve as General Counsel to the Greater Jamaica Development Corporation, a not-for-profit corporation, that he helped to organize in 1967 to implement the programs initially developed during his tenure as President of the Jamaica Chamber of Commerce. He has also served as President of the Queens County Bar Association; President of the Queens College Speech & Hearing Service Center; Director of the Queens Legal Services Corporation; and as Executive Committeeman of the Young Lawyers Section of the New York State Bar Association for the Tenth Judicial District. Mr. Albanese is a member of the New York and American Bar Associations.

Arthur L. Colozzi

Mr. Colozzi is a graduate of Queens College of the City University of New York, where he majored in accounting, and St. John's University School of Law. He was admitted to the New York State Bar in 1985, and the U.S. District Courts for the Southern and Eastern Districts of New York. He concentrates in real estate, corporate and commercial matters and has extensive experience in a broad range of transactions including sales and acquisitions of multi-family and commercial properties, commercial leasing transactions, real estate development and joint venture transactions, construction contracts, formation of business organizations, preparation of shareholder agreements, limited partnership agreements and limited liability company operating agreements, corporate mergers and acquisitions, construction and permanent real estate loan transactions, loan workout and restructuring transactions, tax-exempt bond mortgage financing transactions (including "80/20" and IDA financing transactions), preparation of cooperative and condominium offering plans and other general real estate, corporate and commercial transactions. He also concentrates in tax matters including individual, partnership and corporate income taxes, mortgage recording tax and NYS and NYC realty transfer taxes. Mr. Colozzi is a member of the Taxation Sections of the New York and American Bar Associations.

Richard H. Ferriggi

Mr. Ferriggi is a graduate of St. John's University, College of Business Administration, where he earned a Bachelor of Science degree in Accounting, and St. John's University School of Law. He was admitted to the New York State Bar in 1984. He is also admitted to the U.S. District Courts for the Southern and Eastern Districts of New York, U.S. Claims Court, U.S. Tax Court, U.S. Court of Appeals for the Federal Circuit and U.S. Court of International Trade.

Mr. Ferriggi concentrates in the areas of estate planning, estate and trust administration and corporate matters. He handles a wide range of matters including the preparation of wills, revocable and irrevocable trust agreements, probate proceedings, contested probate and accounting proceedings, preparation of formal and informal fiduciary accountings, preparation of Federal and New York State estate tax returns, including the audit of same, tax research and compliance in the areas of personal and fiduciary income taxation and estate and gift taxation, formation of business entities, preparation of shareholders' agreements, nominee agreements and voting trust agreements, negotiation and preparation of business acquisition/sale agreements and obtaining necessary licensing in connection therewith. Mr. Ferriggi has served as general counsel to several closely held business corporations. He has lectured in the areas of estate and post mortem tax planning. Mr. Ferriggi is a member of the New York State Bar Association, Trust and Estates, Tax, Elder Law and Real Property Sections and the American Bar Association, Real Property and Probate Sections

Nancy E. Gieanakos

Ms. Gianakos, a Family Law SuperLawyer (2013), concentrates her practice exclusively in family and matrimonial law. She is an active litigator, mediator and collaborative practitioner in the greater New York metropolitan area representing clients in divorce, distribution of marital property such as real estate, business interests and professional degrees, spousal and child support, custody/access rights of parents and grandparents as well as premarital/cohabitation agreements and post judgment enforcement proceedings.

She is an active member of the American Family Law Inns of Court; the Family Law Committee of the New York State Bar Association and the Matrimonial and Family Law Committees of the Nassau County Bar Association where she also serves on the Board of Directors and the Advisory Board of the Academy of Law. A former editor of the NCBA's Nassau Lawyer, she currently serves as the matrimonial focus editor and frequently writes and lectures on current issues in matrimonial law.

Ms. Gianakos is a magna cum laude graduate of the University of Hartford, BA 1978 and Western New England University School of Law, J.D., 1981. She is admitted to practice in Connecticut (1981), New Jersey (1992), New York (1993) and to the U.S. Supreme Court, Court of Federal Claims, Court of Appeals for the Federal Circuit and Armed Forces as well as the District Courts of Connecticut and Eastern District of New York.

Hyman Hacker

Mr. Hacker is a graduate of Brooklyn College and a magna cum laude graduate of St. John's University School of Law in 1988, where he ranked second in the graduating class and served as Executive Notes and Comments Editor of the Law Review. He was admitted to the New York Bar in 1989 and to the U.S. District Courts for the Southern and Eastern Districts of New York in 1991. Prior to his admission to the bar, Mr. Hacker was a teacher of social studies in the New York City high schools for eighteen years. After graduation from law school, Mr. Hacker was an associate at Cleary Gottlieb Steen & Hamilton, from 1988 to 1992, where he worked on major litigation matters, including product liability defense.

Since joining Albanese & Albanese in 1992, Mr. Hacker has represented parties in various types of commercial, construction, real estate and employment litigation through trial and appeals. Mr. Hacker also has advised clients on employment practices and employee benefits matters. Mr. Hacker has been a panelist at continuing legal education programs of the Brooklyn Bar Association. He is a member of the Nassau County Bar Association and has been a Mentor in the Nassau County Bar Association's Student Mentoring Project for more than ten years.

Maureen R. Healy

Ms. Healy is a summa cum laude graduate of Long Island University, where she majored in Economics, and St. John's University School of Law where she graduated in the top 4% of her class. She was admitted to the New York State Bar in 1984, and the U.S. District Courts for the Southern and Eastern Districts of New York in 1994.

Ms. Healy concentrates in commercial real estate, finance and other commercial matters and previously practiced law for 21 years at Dewey Ballantine LLP. She has extensive diversified experience in domestic and international real estate acquisitions, dispositions, financing, leasing and loan workout and restructuring transactions. Ms. Healy also has significant experience in various aspects of corporate, limited liability company and partnership law. Her experience includes representation of institutional, corporate and individual clients in connection with purchase, sale and financing transactions involving large and small hotels, office parks, hi-rise and single user office buildings, industrial premises, golf courses, shopping centers and malls; representation of lenders in connection with commercial mortgage loans for construction projects and permanent financing of all types of properties and in connection with the workout and restructure of defaulted loans and deed-in-lieu transactions; representation of clients in numerous tax free like-kind exchanges and related cash-out financings; representation of landlords of office buildings, retail properties, ground lease parcels and triple net leased properties of all types; and representation of tenants of large and small blocks of office space, including corporate headquarters. Ms. Healy is a member of the New York State, American and Nassau County Bar Associations.

Bruce W. Migatz

Mr. Migatz is a graduate of Boston University and St. John's University School of Law. He was admitted to the New York State Bar in 1976 and to the U.S. District Courts for the Eastern and Southern Districts of New York. In addition to trial and appellate work, including personal injury, commercial and criminal matters, Mr. Migatz concentrates his efforts in municipal and zoning law and serves as General Counsel to numerous co-ops and condominiums and is the Village Attorney for the Village of Asharoken. He is a member of the Nassau County and New York State Bar Associations, New York State Trial Lawyers Association and American Association for Justice (formerly known as the Association of Trial Lawyers of America). Mr. Migatz is a former associate adjunct professor at Nassau Community College, former Chief Deputy Town Attorney for the Town of North Hempstead and former Village Attorney for the Incorporated Village of Manorhaven. He has been a guest lecturer at St. John's University School of Law, New York State Building Officials Conference, Building Inspectors Association of Nassau County and The Long Island Chapter of A.I.A.

Diana Centrella Prevete

Ms. Prevete graduated magna cum laude in 1979 from St. John's University, where she majored in Political Science and Public Administration and in 1981 from St. John's University School of Law. She was admitted to the New York Bar in 1982 and to the U.S. District Court for the Southern and Eastern Districts of New York. Ms. Prevete concentrates in zoning, land use, real estate, commercial transactions and civil litigation. From 1982 through 1991, she served as Assistant Town Attorney, Chief Deputy Town Attorney and Town Attorney of the Town of North Hempstead, New York. In those capacities, she defended personal injury, property damage, civil rights, official misconduct and employment discrimination claims for the Town, which was self-insured. As Town Attorney, she supervised a staff of six attorneys. In addition to her personal injury and property damage defense experience, her varied experience also includes environmental, municipal and zoning matters and commercial and general litigation. She is a member of the New York State and Nassau County Bar Associations and has also served as a member of the Town of North Hempstead Board of Ethics.

Thoms O. Rice

Mr. Rice served as president of the now more than 78,000 member New York State Bar Association, the nation's largest voluntary bar association, from 1999 to 2000. He was admitted to the New York Bar in 1969, and subsequently, to the United States District Courts for the Southern and Eastern Districts of New York, United States Circuit Courts of Appeal for the Second and Eleventh Circuits, United States Tax Court, and Supreme Court of the United States.

Mr. Rice currently has served as an Adjunct Professor of Law at St. John's University School of Law, Touro College Jacob D. Fuchsberg Law Center, and Long Island University Graduate School of Business Administration.

Mr. Rice is a graduate of Fordham University, St. John's University School of Law, and New York University School of Law from which he received an LL.M. He concentrates in corporate and commercial, banking, real estate, and trusts and estates law. He has substantial experience in financial institutions regulatory compliance, the structuring of complex financial transactions, including mergers and acquisitions, all aspects of real estate acquisition, ownership and financing, and planning the preservation and transfer of wealth.

In addition to his service as president, Mr. Rice served as treasurer and as a district vice president of The New York State Bar Association. He is also a member of the Nassau County Bar Association and a former assistant district attorney for Kings County.

Mr. Rice maintains a commitment to various community organizations, including the Catholic Child Care Society of the Diocese of Brooklyn, where he served on the board of trustees, and the executive committee of the Brooklyn Diocese's wills and estates planning program. He previously served as a member of the Board of Directors of The New York Bar Foundation. He is also a former member of the Council of Regents of St. Francis College, Brooklyn, and has served as a member of the boards of trustees of the Brooklyn Bar Association, Xaverian High School and The Long Island Philharmonic Orchestra.

W. Scott Schneider

Mr. Schneider is a graduate of Hobart College and University of Bridgeport School of Law. He was admitted to the New York State Bar in 1988, the U.S. District Court for the Eastern District of New York in 1992 and the United States Court of Appeals, Second Circuit in 1994. Mr. Schneider served as an Assistant District Attorney for four years before becoming an Assistant County Attorney for the County of Suffolk, New York. As a senior trial attorney, he defended the County in numerous personal injury, civil rights and official misconduct cases and was appointed to serve as head of the County's New York State Court Trial Bureau where he supervised eight trial attorneys and their support staff. Since 2003, Mr. Schneider has focused on representing physicians, hospitals and other health care providers in the defense of medical malpractice actions.

In 2009, Mr. Schneider co-authored a chapter in Medical Malpractice In New York (3rd ed. 2009), the text book on medical malpractice litigation published by the New York State Bar Association. Mr. Schneider is a former associate adjunct professor at Stony Brook University, Dowling College and Suffolk Community College. He has also lectured on litigation and related topics for the New York State Bar Association and the American INNS of Court of the Touro College Jacob D. Fuchsberg Law Center.

Gary R. Steinberg

Mr. Steinberg is a cum laude graduate of Brooklyn College and a cum laude graduate of Vermont Law School where he served as a member of the Vermont Law Review and was appointed Managing Editor. He was admitted to the New York Bar and to the U.S. District Courts for the Southern and Eastern Districts of New York in 1977. Following admission to the Bar, Mr. Steinberg furthered his legal education in the post-graduate LL.M. program at New York University School of Law.

Mr. Steinberg concentrates in real estate, real estate financing and commercial transactions. He has extensive experience in sales and acquisitions; the preparation of condominium offering plans and the registration, development and sale of condominium projects; leasing; representation of financial institutions and borrowers in commercial lending transactions, loan restructuring and workouts and deed-in-lieu transactions. His diverse background also includes real estate development, construction and architectural agreements; representation of cooperative and condominium boards; real estate tax abatement and exemption matters and an array of other general real estate transactions. Mr. Steinberg also handles the formation, operation, sale and acquisition of business organizations and general commercial transactions. He has, by invitation, addressed several organizations on various real estate matters. Mr. Steinberg is a member of the New York State Bar Association and its Real Property Law Section, serves on the Advisory Board of a major national title insurance company and has served on the Board of Trustees of the Lexington Schoool & Center for the Deaf, the largest school for the deaf and hard of hearing community in New York State.

Debora G. Nobel

Associates

Ms. Nobel is a magna cum laude graduate of Yeshiva University and a graduate of New York University Robert F. Wagner School of Public Service, where she received a Master of Public Administration with a concentration in Health Policy and Administration. She received her law degree from New York Law School. Ms. Nobel was admitted to the New York Bar and to the U.S. District Courts for the Southern and Eastern Districts of New York in 1980. She has devoted her legal career to the representation of health care providers, including physicians, hospitals, dentists and podiatrists in the defense of medical malpractice litigation.

Prior to her admission to the Bar, Ms. Nobel was the Assistant Director for Medical Review and Evaluation, Office of Health Systems Management of the New York State Department of Health. In that capacity, she was responsible for the establishment of medical standards for the New York City Medicaid Ambulatory Care Program. Since 2006, Ms. Nobel has served as a member of the Executive Committee of the Theodore Roosevelt American Inn of Court.

William J. Nugent

Associates

Mr. Nugent is a graduate of Binghamton University, where he earned a bachelor's degree in psychology, and Fordham University School of Law. He was admitted to the New York State Bar in 1999. Mr. Nugent concentrates in estate planning, estate administration and probate, elder law and real estate. He has a wide range of experience in the preparation of wills and trusts; administration and probate proceedings; estate litigation; preparation of estate and fiduciary income tax returns; preparation of fiduciary accountings; elder law and Medicaid matters; transactional real estate; and corporate and limited liability company formation and related matters. Mr. Nugent is a member of the New York State Bar Association Trusts & Estates Section and the American Bar Association.

Barry A. Oster

Associates

Mr. Oster is a graduate of Cornell University and the State University of New York at Buffalo School of Law. He was admitted to the New York Bar in 1979, the U.S. District Courts for the Southern and Eastern Districts of New York, U.S. Supreme Court, U.S. Court of Appeals for the Federal Circuit and U.S. Court of International Trade. Mr. Oster is a senior litigation associate and concentrates in title insurance claims defense and diversified general litigation and appellate matters. He has prepared appellate briefs and argued in the Appellate Division. He is a member of the Nassau County and New York State Bar Associations.

Erica B. Slezak

Associates

Ms. Slezak is a graduate of Fordham University, where she earned a Bachelor of Arts in English Literature, and a cum laude graduate of St. John's University School of Law, where she was a member of the St. John's Law Review. She was admitted to the New York State Bar in 1995. Ms. Slezak began practicing law as an associate in the Private Clients Group of the New York office of White & Case, LLP, where she concentrated in the area of trusts and estates. She then joined the New York office of Paul, Weiss, Rifkind, Wharton & Garrison and continued her estate planning and administration practice as an associate in the Personal Representation Department. Following the adoption of her two children, she began her own practice, concentrating in trusts and estates and assisting families formed through international adoption with related domestic matters.

Ms. Slezak is a former Secretary of the Trusts, Estates and Surrogate's Court Committee of the Association of the Bar of the City of New York, and a current member of the New York State Bar Association, Trusts and Estates Section, Committee on Legislation. Her pro bono activities include the establishment of a Will Clinic in conjunction with Catholic Charities at their Day AIDS Treatment Center, work with the Queens Legal Services Wills Clinic and the St. Luke's/Roosevelt Hospital AIDS Project, and representation of several charitable organizations. In addition, she has been a member of the New York State Commission on Quality of Care, Surrogate Decision Making Committee since 1995.

Bruce B. Varney

Associates

Mr. Varney is a graduate of the University of Pennsylvania, where he earned the degree of Bachelor of Science in Engineering; Adelphi University School of Business Administration, where he earned the degree of Master of Business Administration; and St. John's University School of Law, where he served as Articles Editor of St. John's Journal of Legal Commentary. He was admitted to practice before the New York State Bar in 1994 and practice in the U. S. District Courts for the Southern and Eastern Districts of New York in 1995. Prior to his admission to the bar, Mr. Varney was employed as an electrical and computer engineer for eleven years. He is a member of the New York State and Nassau County Bar Associations. His experience includes personal injury and property damage litigation, including automobile accident, premises liability, products liability matters on behalf of several large liability insurers, landlord-tenant litigation, foreclosures, real estate transactions and mortgage closings.

Thomas S. Gulotta

Special Counsel

Mr. Gulotta graduated Phi Beta Kappa from Trinity College and with honors from Columbia Law School. He was admitted to the New York State Bar in 1969, and is also admitted to the U.S. District Courts for the Southern and Eastern Districts of New York, the Court of Appeals for the Armed Forces and the United States Supreme Court. Upon graduation, Mr. Gulotta was appointed as a Nassau County Assistant District Attorney. In 1971, he joined the law firm of Gulotta, Tully and Clavin and served as counsel to various State Legislative Committees before launching a distinguished career in elective office that spanned 24 years. He served as a member of the New York State Assembly, Town of Hempstead Presiding Supervisor and County Executive of Nassau County, a county larger than 15 states in the nation. As an elected official, Mr. Gulotta recorded the largest vote plurality in Nassau County's history. Mr. Gulotta retired from elective office to undertake new career challenges. He has extensive experience in governmental law; land use and zoning; trusts and estates; workers compensation; corporate mergers and dissolutions; and labor, criminal, matrimonial and real estate matters. In 2002, Mr. Gulotta was appointed and continues to serve as a Director of the United Nations Development Corporation. He is also the Chief Executive Officer of Executive Strategies Consulting, LLC and serves as a Director of Flushing Bank.

Robert A. Carpentier

Of Counsel

Mr. Carpentier is a graduate of Washington & Lee University, Western New England School of Law and Boston University School of Law, where he earned a post-graduate LL.M. degree in taxation. He was admitted to the New York Bar and the Massachusetts Bar in 1982, and to the U.S. Supreme Court, U.S. Tax Court, U.S. Claims Court, U.S. Court of Appeals for the Federal Circuit, U.S. Court of Appeals for the Second Circuit, U.S. Court of Appeals for the First Circuit, U.S. Court of International Trade, U.S. Court of Military Appeals, U.S. District Courts for the Southern, Eastern, Northern and Western Districts of New York. In addition to litigation in both state and federal courts, he handles a wide range of matters including estate planning, probate, taxation, real estate, family law, business law, bankruptcy, personal injury, education, election, municipal, tax certiorari, zoning, appeals and governmental relations.

Mr. Carpentier is a former Village Justice for the Incorporated Village of Manorhaven in Port Washington, New York. He was a member of Manorhaven's Board of Zoning Appeals and has acted as special counsel for the County of Nassau. He is active in various community organizations, including Briarcliff College and the Long Island Lutheran Memorial Endowment Fund, and he currently serves on the Board of Trustees of each institution. Mr. Carpentier is also a former member of the Board of Directors of Long Island Lutheran Middle and High School in Brookville, New York. Additionally, he is a former President of the Washington & Lee Long Island Alumni Association; Past President of the Port Washington Kiwanis Club and is a member of the Nassau County Bar Association.

George P. Esernio

Of Counsel

Mr. Esernio is a graduate of St. John's University School of Business and New York Law School and was admitted to the New York Bar in 1969. He was also admitted to the U.S. District Courts for the Southern and Eastern Districts of New York and the U.S. Court of International Trade. His experience includes representation of institutional, corporate and individual clients in connection with purchase, sale, leasing and financing transactions involving commercial and residential real estate, both in New York State and nationally, including syndication of apartment complexes. For many years, Mr. Esernio handled commercial and residential real estate matters in New York and Florida for the renowned developer, William J. Levitt. Mr. Esernio also has significant experience in the formation and dissolution of corporations, limited liability companies and the preparation of shareholder, limited partnership and operating agreements; the purchase and sale of supermarkets, funeral parlors, restaurants and liquor stores; liquor license applications; family and matrimonial matters; preparation of wills, probate and administration proceedings; and guardianship proceedings. He has served as Court Evaluator, Attorney for Alleged Incompetent Persons and, for many years, was the Court appointed guardian in one of the largest guardianship proceedings in Nassau County. Mr. Esernio is active in community and charitable organizations and has served as an officer, director and general counsel of the North Shore Boys & Girls Club, the South Queens Boys & Girls Club, the North Shore Soccer Club, the Joseph Licitra Scholarship Fund, the Justinian Scholars, the Jay's World Childhood Cancer Foundation and has been a member of the St. John's University Council, American Legion Post #336, the Community Against Substance Abuse, the Athletic Advisory Council at North Shore High School, the Open Campus Committee at North Shore High School and the North Shore Booster Club. He has been a member of the New York State, Nassau County and the Queens County Bar Associations.

John E. Schaefer, Jr.

Of Counsel

Mr. Schaefer became counsel to the firm on June 1, 2000. He is a cum laude graduate of Marist College and New York Law School. Mr. Schaefer was admitted to the New York Bar in 1973 and to the U. S. District Courts for the Southern and Eastern Districts of New York in 1975. Prior to entering private practice, Mr. Schaefer was an officer of a New York City based money center banking institution and then a member of the real estate loan and investment committee of a respected mutual life insurance company. He was previously a partner at an A.V. rated law firm founded in 1937 and a member of the New York County Lawyers Association. Mr. Schaefer handles matters involving real estate, banking, insurance, corporate, partnership and commercial law issues. He has successfully represented clients who have been involved in major real estate developments with new projects and structured investments utilizing construction and mortgage financing, joint ventures, bond issues, lender participations and tax deferred exchanges.