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New Non-Resident Speculation Tax in Ontario

by Bennett Jones LLP on

The provincial government announced today that effective April 21, 2017, it is imposing a 15-percent non-resident speculation tax on the purchase or acquisition of interests in residential property located in the Greater...more

Tax Sales and Bankruptcy Stays

It is well understood that under section 362 of the Bankruptcy Code, a bankruptcy filing triggers an “automatic stay” preventing creditors from taking any act to obtain possession of or enforce a lien against property of the...more

UK Real Estate Aims for a “World’s First”

by Dorsey & Whitney LLP on

The Government has published a consultation document, proposing the introduction of a public register that details the identity of the ultimate owners behind foreign companies that purchase real estate in the UK. It is said...more

Properly structured foreign gifts of real property property can be estate and gift tax free

by Sanford Millar on

The investment in U.S. real property by Non-residents can be structured to minimize estate and gift taxes. The key is to structure the investment through a limited liability company, limited partnership or corporation so...more

When A “Tax Free” Exchange May Not Be Free of Tax

by Farrell Fritz, P.C. on

“Tax free” – two words that often bring great delight when they are spoken by a tax adviser to the owner of a business, whether he is considering the disposition of a single asset, or of substantially all of the assets, of...more

The Basics of 1031 Exchanges – Part Two: Structuring Partnership/LLC 1031 Exchange Cash-out Transactions

by Ward and Smith, P.A. on

This is part two of a two-part series on Internal Revenue Code Section 1031 tax-deferred exchange transactions. The first article provided an overview of the basic rules that govern 1031 exchanges. This article describes...more

Did San Francisco Eliminate its Transfer Tax Exception for Certain Gifts?

It seems that San Francisco may have just partially removed its exception from transfer tax that applied to gifts, but the Office of the Assessor-Recorder may not be aware. As a bit of background, transfer tax applies to...more

The Basics of 1031 Exchanges - Part One

by Ward and Smith, P.A. on

This is part one of a two-part series on Internal Revenue Code Section 1031 Tax-Deferred property exchanges. This first article will provide an overview of the rules that govern 1031 exchanges. Part two will deal with the...more

Michigan Governor Signs Law Excluding Library Taxes from Capture by Tax Increment Financing Entities

by Miller Canfield on

On Jan. 9, 2017, Michigan Governor Snyder signed into law a package of bills, all with immediate effect, that would exempt certain taxes levied for library purposes from being captured by tax increment financing authorities,...more

IRS Rules That Syndicated Conservation Easements With Inflated Appraisals Are Listed Transactions

by McNair Law Firm, P.A. on

In Notice 2017-10, the IRS has determined that certain conservation easements are now “listed transactions” for purposes of federal tax reporting. “Syndicated” conservation easements are conservation easements donated by a...more

The Evolution of Real Estate Crowdfunding — Some Links

Real estate crowdfunding remains one of “fin-tech’s” hottest stories in 2016. While crowdfunding remains a tiny percentage of overall real estate debt or equity deals, the share continues to grow....more

Public Decision Making newsletter - Summer Edition 2016

by DLA Piper on

This newsletter summarises recent developments in resource management and local government law in New Zealand that are of particular relevance to local authorities and decision makers. In this edition, we address recent...more

Disposing of Real Property in a Tax-Advantaged Manner

by Farrell Fritz, P.C. on

Many of our clients are heavily invested in real property. In some cases, this investment may be a single property in a prime location; in others, the client (and maybe his family) is in the business of owning and operating a...more

Real Estate Gazette: focus on Africa’s burgeoning real estate sector and investment opportunities Issue 26

by DLA Piper on

Think of Africa and chances are you will be transported to a sun-blushed savannah, where beautiful wild elephants roam across the plains. Or you may think of the monolithic churches of Ethiopia, the reggae and hip hop sounds...more

On safari: South Africa hunts deals in CEE and SEE

by DLA Piper on

The real estate community was abuzz in March 2016 when South Africa's Redefine Properties acquired a 75 per cent stake in Poland's Echo Prime Properties' 18-asset portfolio, a deal valued at EUR 1.2 billion....more

UK Autumn Statement 2016: inheritance tax and business property relief | Insights | DLA Piper Global Law Firm

by DLA Piper on

In the 2016 Autumn Statement, The Chancellor announced that reforms, originally proposed in Summer Budget 2015, to inheritance tax and business investment relief for non-UK domiciled individuals will come into effect from 6...more

You Can’t Escape From Escheats!

by Bennett Jones LLP on

Ontario’s New Corporate Forfeiture Regime and Corporate Record Keeping Requirements - What’s Happening? On December 10, 2016 Ontario will repeal the compact and concise Escheats Act (the “Old EA”) that has served...more

Slam on the Slam – A California Court Further Limits the Sham Guaranty Defense

by Ervin Cohen & Jessup LLP on

There has been much recent California case law regarding the sham guaranty defense and for good reason – success for a guarantor on this defense can eliminate a lender’s recovery of a deficiency against a guarantor of a...more

Why Affixing A Secretary’s Certificate Might Protect The Innocent

by Allen Matkins on

Transactional lawyers are used to obtaining officers’ certificates to back up their opinions or to deliver to the other party pursuant to a purchase or sale agreement. I wonder, however, how many buyers or secured lenders...more

Luxembourg Real Estate - Tax and Legal Developments

by Dentons on

This brief report provides a summary of the most recent Luxembourg tax developments that currently affect and will be affecting real estate practitioners throughout 2017....more

New draft regulation on REITs

by DLA Piper on

On 14 October 2016, the Polish government published a long-awaited draft of a new law on real estate investment trusts (REITs) (Polish: spólki rynku wynajmu nieruchomosci). The draft has now been referred to public...more

(UK) Business Rates and Compensation for Tenants

by Reed Smith on

Following our recent update on business rates, we are warning developers to look at their budgets for statutory compensation that may be due at the end of a 1954 Act protected tenancy because of the VOA’s reassessment of...more

The Benefits of Using Multiple “Single-Asset” Limited Liability Companies for Investment Properties

by Ward and Smith, P.A. on

Practicing real estate law means that I’m constantly talking with all types of clients, including large scale developers as well as individuals simply looking to do a little investing in real estate. Interestingly and...more

Final IRS Regulations Clarify That Certain Solar Assets May Qualify as Real Property for REIT Purposes

On August 30, 2016, the IRS issued final regulations that clarify and expand the definition of "real property" for purposes of qualifying as a real estate investment trust (REIT). The final regulations substantially follow...more

Anti-Corruption Laws and Other International Risks – What it Means for the Real Estate Industry and How to Protect Against Risks

by Ropes & Gray LLP on

Real estate investment involves many risks with which real estate investment managers are familiar. These range from “micro” risks, such as tenant disputes and defective property maintenance, to “macro risks” such as negative...more

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