Just prior to 2017 year end, Congress passed tax legislation that legislators and tax pundits alike describe as the most significant overhaul of the Internal Revenue Code since the 1986 Tax Act] championed by President Ronald Reagan. President Donald Trump signed that legislation into law shortly thereafter. It is not surprising that tax professionals are feverishly at work analyzing the impact of the Tax Cuts and Jobs Act of 2017 ("TCJA") on clients and industries. Similar to the 1986 Tax Act, expect the TCJA to significantly impact real estate businesses. However, that impact likely will be the exact opposite of the industry impact of the 1986 tax legislation.