Attached files
file | filename |
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EX-5.1 - EX-5.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv5w1.htm |
EX-1.1 - EX-1.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv1w1.htm |
EX-3.1 - EX-3.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv3w1.htm |
EX-12.1 - EX-12.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv12w1.htm |
EX-10.1 - EX-10.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv10w1.htm |
EX-99.1 - EX-99.1 - APARTMENT INVESTMENT & MANAGEMENT CO | d75849exv99w1.htm |
8-K - FORM 8-K - APARTMENT INVESTMENT & MANAGEMENT CO | d75849e8vk.htm |
Exhibit 8.1
Skadden, Arps, Slate, Meagher & Flom llp | ||
300 SOUTH GRAND AVENUE LOS ANGELES, CALIFORNIA 90071-3144 |
FIRM/AFFILIATE OFFICES | |
TEL: (213) 687-5000 |
| |
FAX: (213) 687-5600 www.skadden.com |
BOSTON CHICAGO |
|
HOUSTON | ||
NEW YORK | ||
PALO ALTO | ||
SAN FRANCISCO | ||
WASHINGTON, D.C. | ||
WILMINGTON | ||
| ||
BEIJING | ||
BRUSSELS | ||
FRANKFURT | ||
HONG KONG | ||
September 3, 2010
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LONDON | |
MOSCOW | ||
MUNICH | ||
PARIS | ||
SÃO PAULO | ||
SHANGHAI | ||
SINGAPORE | ||
Apartment Investment and Management Company 4582 S. Ulster Street Parkway Suite 1100 Denver, Colorado 80237 |
SYDNEY TOKYO TORONTO VIENNA |
Re: Certain Federal Income Tax Consequences
Ladies and Gentlemen:
You have requested our opinion concerning certain Federal income tax considerations in
connection with the offering (the Offering) by Apartment Investment and Management Company, a
Maryland corporation (AIMCO), to the several Underwriters named in Schedule A (the
Underwriters) of the Underwriting Agreement among Morgan Stanley & Co. Incorporated and Wells
Fargo Securities, LLC as representatives of the several Underwriters, AIMCO, and AIMCO Properties,
L.P., dated as of September 1, 2010, of 4,000,000 shares of AIMCOs Class U Cumulative Preferred
Stock, par value $0.01 per share (the Securities), pursuant to a shelf registration statement on
Form S-3 (Registration No. 333-150341-01) filed with the Securities and Exchange Commission (the
Commission) on April 18, 2008 (the Registration Statement), the base prospectus dated as of
April 18, 2008 (the Base Prospectus), and the prospectus supplement dated as of September 1, 2010
(the Prospectus Supplement, and together with the Base Prospectus, the Prospectus). All
capitalized terms used herein, unless otherwise specified, shall have the meanings assigned to them
in the Prospectus.
In connection with the Offering and with certain previous offerings of AIMCO stock and
securities, we have acted as counsel to AIMCO, and we have assisted in the preparation of the
Registration Statement, the Prospectus and certain other
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documents. In formulating our opinion, we have examined and relied on originals or copies,
certified or otherwise identified to our satisfaction, of the Registration Statement, the
Prospectus and such other documentation and information provided by you as is relevant to the
Offering and necessary to prepare the Registration Statement and the Prospectus or as we have
deemed necessary or appropriate as a basis for the opinion set forth herein. In addition, you have
provided us with certain representations and covenants of officers of AIMCO relating to, among
other things, properties, assets, income, distributions, stockholder ownership, organizational
structure and other requirements, and the past, present and future conduct of AIMCOs business
operations. We have assumed that such statements, representations and covenants are true as of the
date hereof, and will continue to be true, without regard to any qualification as to knowledge and
belief. For purposes of our opinion, we have not assumed any responsibility for investigating or
independently verifying the facts and representations set forth in such documents, the partnership
agreements and organizational documents for each of the corporations, partnerships and limited
liability companies in which AIMCO holds a direct or indirect interest (the Subsidiaries), the
Registration Statement, the Prospectus, or any other document, and we have not undertaken any
independent review of such information. We have, consequently, assumed and relied on AIMCOs
representations that the information presented in such documents or otherwise furnished to us
accurately and completely describes all material facts relevant to our opinion. We have also
relied upon the opinion of Altheimer & Gray dated May 8, 1998, with respect to the qualification of
Ambassador Apartments, Inc., a Maryland corporation, as a real estate investment trust (REIT)
under the Internal Revenue Code of 1986, as amended (the Code), for its taxable year ended
December 31, 1994 and all subsequent taxable years ending on or before May 8, 1998 (including the
short taxable year ending on May 8, 1998). In addition, we have assumed the qualification of
Insignia Properties Trust as a REIT under the Code and have relied upon the opinion of Akin, Gump,
Strauss, Hauer & Feld, L.L.P. dated August 4, 1998, in this regard.
In rendering our opinion, we have assumed that the transactions contemplated by the foregoing
documents have been or will be consummated in accordance with the operative documents, and that
such documents accurately reflect the material facts of such transactions. In addition, our
opinion is based on the correctness of the assumption that there have been no changes in the
applicable laws of the State of Maryland or any other state under the laws of which any of the
Subsidiaries have been formed. In rendering our opinion, we have also considered and relied upon
the Code, the regulations promulgated thereunder (the Regulations), administrative rulings and
the other interpretations of the Code and the Regulations by the courts and the Internal Revenue
Service, all as they exist as of the date hereof. With respect to the assumption, it should be
noted that the Code, Regulations, judicial decisions, and administrative interpretations are
subject to change at any time (possibly with retroactive effect). Any change which is made after
the date hereof in any of the foregoing bases for our opinion could affect our conclusions herein.
There can be no assurances, moreover, that any of
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the opinions expressed herein will be accepted by the Internal Revenue Service or, if challenged,
by a court.
Based upon and subject to the foregoing, for Federal income tax purposes we are of the opinion
that:
1. Commencing with AIMCOs initial taxable year ended December 31, 1994, AIMCO was organized
in conformity with the requirements for qualification as a REIT under the Code, and its actual
method of operation has enabled, and its proposed method of operation will enable, AIMCO to meet
the requirements for qualification and taxation as a REIT under the Code. AIMCOs qualification
and taxation as a REIT depend upon its ability to meet, through actual annual operating results,
certain requirements including requirements relating to distribution levels and diversity of stock
ownership, and the various qualification tests imposed under the Code, the results of which are not
reviewed by us. Accordingly, no assurance can be given that the actual results of AIMCOs
operation for any particular taxable year satisfy the requirements for taxation of a REIT under the
Code.
2. Although the discussion set forth in the Base Prospectus under the caption Certain Federal
Income Taxation Considerations, as supplemented by the discussion set forth in the Prospectus
Supplement under the caption Certain Federal Income Tax Considerations, does not purport to
discuss all possible United States Federal income tax consequences of the acquisition, ownership,
and disposition of the Securities, the discussion, although general in nature, constitutes, in all
material respects, a fair and accurate summary under current law of certain material United States
Federal income tax consequences of the acquisition, ownership and disposition of the Securities by
a holder who acquires such Securities, subject to the qualifications set forth therein. The United
States Federal income tax consequences of an investment in the Securities by an investor will
depend upon that holders particular situation, and we express no opinion as to the completeness of
the discussion set forth in Certain Federal Income Taxation Considerations, as supplemented by
the discussion set forth in the Prospectus Supplement under the caption Certain Federal Income Tax
Considerations, as applied to any particular holder.
Other than as expressly stated above, we express no opinion on any issue relating to AIMCO or
to any investment therein.
This opinion has been prepared for you in connection with the transaction described herein.
It may not be relied upon by anyone else without our prior written consent. We consent to AIMCO
filing this opinion with the Commission as an exhibit to a Current Report on Form 8-K, which will
be incorporated by reference in the Registration Statement, and to the reference to Skadden, Arps,
Slate, Meagher & Flom LLP under the caption Legal Matters in the Base Prospectus and Prospectus
Supplement. In giving this consent, we do not thereby admit that we are within the
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category of persons whose consent is required under Section 7 of the Securities Act of 1933, as
amended, or the rules and regulations of the Commission. This opinion is expressed as of the date
hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal
developments or factual matters arising subsequent to the date hereof, or the impact of any
information, document, certificate, record, statement, representation, covenant, or assumption
relied upon herein that becomes incorrect or untrue.
Very truly yours,
/s/ Skadden, Arps, Slate, Meagher & Flom LLP