As the new tax plan makes its way through the process, real estate investors are finding few major downside challenges, according to Marcus & Millichap. However, the nuances of the new tax environment could hold subtle but significant implications that investors will need to consider. Key findings: Few substantive changes to 1031 tax-deferred exchanges, and business-interest deductibility or depreciation rules are widely considered positive by investors. Changes to carried interest, pass-through income, corporate tax rates and individual tax rates could cause investors to reevaluate business structures and holdings. After-tax yields will become an increasingly compelling attraction of real estate investment. The aggressive depreciation options and reduced taxes on pass-through income will be focal points for investors, says the report.—Lisa Brown