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OTA & Travel Distribution Update - March 10th, 2017

The Battle of Reports Continues [Short-Term Rentals]. By now, most everyone is likely aware of the AHLA funded study recently conducted by CBRE’s hotel division of Airbnb and its whole-unit / multi-unit hosts. The resulting...more

New stamp duties on shares transfer – Acquisition and disposal of equity interests in residential property holding entities

Purchases of residential properties in Singapore by companies attract Additional Buyer Stamp Duty (ABSD) of 15% rate in addition to usual Buyer Stamp Duty (BSD) of up to 3%. Seller Stamp Duty (SSD) is also payable if...more

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

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

Restrictive Endorsement

Restrictive endorsements when coupled with payment are still applicable to associations. As many may remember, The Florida Legislature amended Florida Statutes §718.116 and §720.3085 to include language relating to the...more

Avoiding the perils of joint investments in real property - A case study of Cheong Woon Weng v Cheong Kok Leong [2016] SGHC 263

Often, joint investments in real property present potential pitfalls, especially if the parties are closely related to each other and dispense with the formalities of proper records, which may often be the case. In this...more

“Succeeds to the Interests of” Does Not Require Assumption of Obligations: D&O Policy’s Insured v. Insured Exclusion Applies to...

On February 24, 2017, the Texas Supreme Court reinstated a state trial court ruling that an “insured-versus insured” exclusion barred coverage under a D&O policy for the costs of defending a lawsuit. Because the D&O insurer...more

Stay out of TROUBLE: Make sure your CPA is asking you the right QUESTIONS regarding Foreign Accounts!

US International tax is complicated. It often overwhelms US Taxpayers. That is why an international tax specialist CPA is the best choice for the work. Nonetheless, many Taxpayers seek the help of tax return preparers...more

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

“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

What is a Community Association? Unwrapping the Riddle

There are approximately 14,000 planned communities located throughout North Carolina, but very few of the nearly 3 million residents of such communities have a clear understanding of what the heck the community association...more

Court Affirmed Dismissal Of Breach Of Fiduciary Duty Claims Against Condo Board Members

In Brown v. Hensley, a condominium complex was damaged by a hurricane, and the board of the complex allowed the complex to be demolished. No. 14-14-00981-CV, 2017 Tex. App. LEXIS 727 (Tex. App.—Houston [14th Dist.] January...more

New Filing Guidance for PTEs Participating in Rehabilitation Credit Projects

In CCA 201641022 (October 7, 2016) (the “CCA”), the IRS issued new guidance regarding filing requirements for pass-through entities (“PTEs”) involved in rehabilitation credit projects. Under this new guidance, (1) a PTE may...more

Community Associations and the Second Amendment

The Second Amendment to the United States’ Constitution guarantees individuals the right to keep and bear arms. The Florida constitution contains a similar guarantee. With few exceptions, Florida law allows licensed...more

Indirect sale of real estate in the Russian Federation in the context of the beneficial ownership rules

On 17 January 2017 the Commercial Court of Vladimir Oblast delivered a judgement in case No. ?11-6602/2016 (the “Decision”) under the claim of Vladimir Energy RetailCompany1 Public Joint-Stock Company (the “Company”)....more

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

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

Day 17 of 30 Days to a Better Compliance Program-Uncovering Shell Companies [Video]

One of the more prescient authors I know is Ryan C. Hubbs, who in 2014, wrote an article for Fraud Magazine entitled “Shell Games”. Shell companies can come in different shapes and sizes. Shelf companies are those formed but...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

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

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

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

What Information Is My Community Association Required to Provide in Relation to Sales of Units?

During transfers of properties in condominiums or other planned communities, community associations are frequently contacted by prospective buyers, lenders or realtors with requests for information pertinent to the transfer....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

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

Recent Changes to the Florida Statutes Governing Homeowners Associations

Does your homeowners association require nominations from the floor for an election to the board of directors? Recent changes to the Florida Statutes governing homeowners associations have given some associations the right to...more

Trustee Lacks Standing to Assert Legal Malpractice Claims on Behalf of Debtors

The Massachusetts Bankruptcy Court (Panos, J.) dismissed an adversarial proceeding complaint brought against debtor’s counsel which alleged legal malpractice. The trustee alleged that debtor’s counsel committed malpractice...more

Disposing of Real Property in a Tax-Advantaged Manner

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

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