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There is a fairly customary practice in real estate development and construction intended to take advantage of the liability protections afforded by the Uniform Limited Liability Company Act. The practice is very...more
Earlier this year I wrote about a lake association facing liability for activities on a lot maintained by the association and used for lake access. You can review that post. Though there is no way for any individual or entity...more
In the case of Wandering Trails v. Big Bite Excavation released June 18, 2014, the Idaho Supreme Court clarified the requirements for piercing the veil of a limited liability company or LLC and thereby imposing liability on...more
Last week Governor Rick Scott signed into law SB 440, which became Chapter 2014-14 of Florida Laws. This bill removes the requirements imposed on residential condominiums under the Florida Condominium Act regarding elections...more
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
What is “Amalgamation”? It is a consolidation, joining, union or marriage of two or more parties. For condominiums, it means merging two or more similarly built and managed condominium corporations so that it becomes one...more
When I joined the Department of Corporations, it had no website and filings were made only in hard copy. In the ensuing years, the Department (now known as the Department of Business Oversight) created a website, established...more
One of the hot topics at the recent ABA Taxation Section meetings in Washington, D.C. was the IRS’s proposed regulations regarding the allocation of partnership recourse and nonrecourse liabilities under section 752 of the...more
On March 21, 2014, the Illinois Appellate Court entered a Rule 23 Order in Palm vs. 2800 Lake Shore Drive Condominium Association ("Palm II"). A Rule 23 Order may not be cited as precedent in other cases in Illinois courts,...more
On the heels of the long-awaiting reversal of the Spanish Courts II appellate decision, condominium associations have been hit again with a First District Appellate Court ruling which has the potential to drastically impact...more
One of the two most anxiously awaited cases on the Illinois Supreme Court’s civil docket was handed down this morning, and it was a big win for Illinois condominium associations: a sharply divided Court reversed the...more
Benjamin Disraeli is often credited with saying “With words we rule men”. I haven’t found a source for that particular quotation. Even if he never uttered or wrote those words, I like the quote and the idea that the former...more
Amazon.com’s recent announcement – that in the future it may utilize unmanned drones to deliver packages to individual residences – has created a host of novel legal issues that all homeowners associations should consider and...more
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
In 2007, the condominium termination statute (Section 718.117 of Florida Statutes) was completely rewritten to address problems with an aging condominium inventory and declarations that typically required 100 percent of unit...more
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
On January 3, the U.S. District Court for the Northern District of Illinois held that a relator failed to support allegations that the outside directors of a failed bank misrepresented to the FDIC the quality of the bank’s...more
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
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
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
As discussed previously on our blog, on December 14, 2012, the Michigan legislature enacted a law, Public Act 497 of 2012 (HR 4753), to prevent the uncapping of property taxes on certain transfers of residential property...more
The tale behind a real estate transaction usually follows the same pattern: a potential buyer approaches a seller after viewing the advertised property, negotiations commence and the parties arrive at a meeting of the minds...more
Upon the registration of a condominium plan at Land Titles (or the first phase of a condominium plan in the case of a phased development), a condominium corporation is created. The condominium corporation is the vehicle by...more
For California's high-earners and business owners, Proposition 30's passage in November 2012 was a "cross the Rubicon" moment. First, Proposition 30 increased tax rates retroactively to the beginning of 2012....more
On November 18, Federal Reserve Chair nominee Janet Yellen responded to a recent inquiry by Senator Elizabeth Warren (D-MA) seeking more details about the Federal Reserve Board’s process for determining whether bank officers...more
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