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Hotel Reassessment Invalid When LLC Owning Hotel Sells 100 Percent Membership Interest But No Person Or Legal Entity Obtains More...

The rule set out in California Code of Regulations Title 18 Section 462.180(d)(1)(B) provides there is a change in the ownership of real property owned by an LLC, "when any corporation, partnership, LLC, or any person… obtain...more

Ocean Avenue LLC v. County of Los Angeles Affirmed; AB 2372 Passes Assembly

On June 3, 2014, in a published decision, the California Court of Appeal for the Second Appellate District affirmed the Superior Court ruling in Ocean Avenue LLC v. County of Los Angeles, holding that even though 100 percent...more

IRS Issues Another Significant Ruling on Spin-off of Real Estate

In certain recent transactions, a corporation distributes a subsidiary corporation holding the distributing corporation’s real estate assets to the distributing corporation’s shareholders in a tax-free “spin-off.” Not only...more

Proposed Section 752 Regulations Would Prohibit Bottom Guarantees And Impose Net Worth Requirements In UPREIT Transactions

The IRS has recently proposed regulations under Section 752 of the Code which, if finalized in current form, would radically change the use of guarantees in partnership transactions. Under these regulations, bottom guarantees...more

IRS Provides Discharge of Indebtedness Safe Harbor for Debt Secured by Interest in Disregarded Entity Holding Real Property

In general, discharge of indebtedness income is excluded from the gross income of a taxpayer (other than a C corporation) if the indebtedness is qualified real property business indebtedness (QRPBI). To qualify as QRPBI, the...more

IRS Issues Long-Promised Guidance Following Historic Boardwalk Decision

To welcome in the new year, the Internal Revenue Service (the “IRS”) issued Rev. Proc. 2014-12, 2014-3 I.R.B. 415, to provide administrative guidance to the federal historic tax credit industry in the aftermath of the Third...more

Winthrop & Weinstine Summary of Revenue Procedure 2014-12

Scope of the Guidance & General Information - 1. Application of the Guidance is limited to allocations of HTC from Buildings that are placed in service on or after December 30, 2013. 2. This means the Guidance...more

Safe Harbors for Rehabilitation Tax Credits

On December 30, 2013, the Internal Revenue Service issued much anticipated guidance, in the form of Revenue Procedure 2014-12, providing a safe harbor under which it will not challenge a partnership’s allocations of...more

RETT: Reentry of partner in property owning partnership

Transfer of interests leads to loss of qualification as a former partner within the meaning of Sec. 1 para 2a RETTA. The Federal Financial Court of Germany recently decided that real estate transfer tax (RETT) is due...more

BFH: Grunderwerbsteuer bei Wiedereintritt eines Gesellschafters in die Personengesellschaft

Verlust der (Alt-)Gesellschafterstellung in einer Personengesellschaft i.S.d. § 1 Abs. 2a GrEStG durch zivilrechtlich wirksame Übertragung des Mitgliedschaftsrechts. In einem kürzlich veröffentlichten Urteil (II R 3/11)...more

Revised Rev. Proc. 2014-12 Clarifies New Guidance on Rehabilitation Tax Credits

On January 9, 2014, the Internal Revenue Service (“IRS”) issued a revised version of previously released Rev. Proc. 2014-12, providing a safe harbor for the allocation of IRC Sec. 47 rehabilitation tax credits in tax credit...more

IRS Issues Important Historic Rehabilitation Tax Credit Guidance

Background - On December 30, 2013, the Internal Revenue Service issued its long-awaited historic rehabilitation tax credit guidance in the form of a Revenue Procedure that outlines a safe harbor for allocations of the...more

IRS Publishes Safe Harbor for Monetizing Certain Tax Credits

Following Historic Boardwalk Hall LLC v. Commissioner, 694 F.3d 425 (3d Cir. 2012), which rejected a partnership's allocation of rehabilitation tax credits to a purported partner, the Internal Revenue Service (IRS) recently...more

Contemplating IRS Safe Harbor for Rehabilitation Credits and Its Impact on the Energy Investment Tax Credit

The IRS recently issued Revenue Procedure 2014-12, providing a safe harbor under which the IRS will not challenge partnership allocations of “section 47” federal rehabilitation tax credits. In the aftermath of the IRS’s win...more

IRS Issues Long-Awaited Guidance Regarding the Allocation of Federal Rehabilitation Tax Credits

The Internal Revenue Service (“IRS”) recently issued guidance in Rev. Proc. 2014-12, providing a safe harbor for the allocation of IRC Sec. 47 rehabilitation tax credits in tax credit partnerships under IRC Sec. 704(b). The...more

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence?

Joint And POD Accounts: Weapon of Choice Of Transferees When Exerting Undue Influence? by James F. McDonough, Jr. on October 1, 2013 Will contests alleging undue influence are not uncommon. A will was, for many years,...more

Key Questions to Ask During Business Succession Planning

Key Questions to Ask During Business Succession Planning by Frank L. Brunetti on August 30, 2013 Succession planning is an essential component to business continuity, a smooth transition, and effective estate and tax...more

Bezos May Have Trouble Securing Tax Benefits With WaPo

Bezos May Have Trouble Securing Tax Benefits With WaPo by Frank L. Brunetti on August 21, 2013 Amazon.com founder and chief executive Jeff Bezos turned some heads when the billionaire decided to purchase the Washington...more

Endicott Interconnect Technologies Seeks Bankruptcy Protection

Endicott Interconnect Technologies Seeks Bankruptcy Protection by Joel R. Glucksman on August 2, 2013 Endicott Interconnect Technologies has filed for bankruptcy protection with the U.S. Bankruptcy Court in Utica, and...more

PA Tax Law News -- July 2013

In This Issue: PA Capital Stock/Franchise Tax Phase-Out Deferred; PA Board of Finance and Revenue Reconstituted as Independent Tax Tribunal; Annual PA Property Valuation Appeals Due Soon; Telecom Gross Receipts Tax...more

Maryland Expands Recordation and Transfer Tax Exemption to Include LLC Transactions

Effective July 1, 2013, Maryland’s recordation and transfer tax exemption for transfers of real property between related entities will be available to limited liability companies. The exemption, previously applicable only to...more

New Legislation on RETT Blocker Structures

For some time now legislative bodies have been discussing the implementation of rules according to which the acquisition of “economic” (wirtschaftliche) participating interests of more than 95 % on a consolidated basis in a...more

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

President’s fiscal year 2014 budget contains numerous tax provisions - President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget...more

Spotlight on Georgia: Certain Interesting Tax Developments

As in past years, there have been numerous interesting tax-related developments over the last 12 months in the state of Georgia. Just a few of these recent developments are summarized below...more

Top Ten Tax Mistakes For Restaurant Owners

If you are thinking about getting into the restaurant business there are a multitude of issues that you need to consider. One of the most important is taxes. By this I mean, doing the appropriate advanced planning and also...more

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