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Final 2015 Cook County Equalization Factor Released

On Thursday, the Illinois Department of Revenue released the final 2015 Cook County equalization factor. The multiplier for 2015 is 2.6685. As the following chart demonstrates, the final Cook County equalization...more

Getting into a fix over landlord's fixtures and fittings

The recent Court of Appeal decision in South Essex Partnership University NHS Foundation Trust v. Laindon Holdings Ltd [2016] EWCA Civ 377 is a useful reminder that landlords should consider the interplay between the...more

Land Use Matters: Alston & Bird LLP, April 2016

Land Use Matters provides information and insights into legal and regulatory developments, primarily at the Los Angeles City and County levels, affecting land use matters, as well as new CEQA appellate decisions. Please...more

President Obama’s Administration Continues Its Quest to Limit the Ability to Defer Income Under IRC § 1031

As reported in my November 2014 blog post, President Obama’s administration wants to limit taxpayers’ ability to defer income under IRC § 1031. In response to former House Ways and Means Committee Chairman David Camp’s...more

PA Property Tax Reassessment Update

Several counties in Pennsylvania are conducting countywide property reassessments. This update provides status changes for Washington, Blair and Lancaster Counties, along with a set of important deadlines and basic assessment...more

El cielo es el límite

El cambiante paisaje urbano de Miami se prepara para su mayor mejora hasta el momento. Con la última decisión de la Administración Federal de Aviación de EE. UU. de permitir que los edificios alcancen una altura de 320 metros...more

Foundation: April 2016 • V Ol. III, Issue 1

In yet another sign of its aggressive campaign to fight money laundering, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has trained its sights on the high-end real estate market in New York and...more

Tax and Non-Tax Reasons to be Cautious about “Bad Boy Nonrecourse Carve-out Guarantees” - IRS Backtracks on Recent Conclusion that...

On April 15, 2016 the IRS reversed its controversial position that bad boy guarantees may convert nonrecourse debt into recourse debt. General Legal Advice Memorandum Number AM2016-001 released April 15, 2016 effectively...more

Are long-term leases that are not in registrable form in breach of the Planning Act (cap 232)? - A case study of Golden Village...

Under the Planning Act (Cap 232), leases of certain tenure (taking into consideration their renewal terms, if any) may constitute a subdivision for which subdivision permission is required. This issue was considered and...more

CFPB Director Cordray Responds to Senator Corker Letter

The CFPB responded to a letter from Senator Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated Disclosure (TRID) rule and possible...more

Professional negligence: conveyancers on both sides of a property purchase found liable to a defrauded buyer

In Purrunsing v. A'Court & Co (a firm) and House Owners Conveyancers Limited (2016) EWHC 789 (Ch) Judge Pelling QC in the Chancery Division of the High Court held that both the buyer's and seller's conveyancing solicitors...more

Colorado Court Decision Creates Uncertainty for Development Using Metro District Public Financing

On April 21, 2016, the Colorado Court of Appeals issued a decision related to the Landmark project in Greenwood Village (Landmark Towers Association v. UMB Bank, hereinafter “Marin”). The decision calls into question the...more

Montgomery County Subdivision Staging Policy Revamped

The Montgomery County Planning Board of the Maryland-National Capital Park and Planning Commission (“Planning Board”) is updating the Subdivision Staging Policy (“SSP”). We anticipate practical and innovation changes will be...more

IRS Reverses Position on “Bad Boy” Guarantees

Earlier this year, the IRS issued Chief Counsel Advice 201606027 (February 5, 2016) concluding that, for purposes of the basis and at-risk limitations, an LLC member’s guarantee of entity-level nonrecourse debt conditioned...more

Update – City of Los Angeles Releases List of 13,500 Soft First Story Buildings Targeted for Earthquake Retrofitting

The City of Los Angeles Department of Building and Safety (DBS) has released its list of wood frame soft-story buildings that may be required to undergo mandatory retrofitting. The list can be obtained by request to DBS, and...more

According to the Right and Good of Ancient Law

“You don’t know what you don’t know” is a popular catchphrase. So, do you know what a “betterment” is and how the law of betterments operates? Land use law has ancient roots. Sometimes, a case requires an appellate...more

Coming Soon To A Roof Near You: Solar Panels (At Least If You Live in SF)

This week, the San Francisco Board of Supervisors enacted an ordinance that will require that the developers of all new buildings of 10 floors or less that apply for building permits after January 1, 2017 install solar PV or...more

FinCEN Director Calvery: All Cash Real Estate Purchases are an AML Gap to Address

On April 12, FinCEN Director Calvery delivered remarks at the ACAMS AML and Financial Crimes conference. Calvery addressed the vulnerabilities of the real estate market to money laundering. Although FinCEN has addressed a...more

Difficulties Foreclosing in Massachusetts

Foreclosing a mortgage in Massachusetts can be a pain. Among the many, very technical requirements, a foreclosing mortgagee must be able to prove that it is the holder, or the authorized representative of the holder, of the...more

MassDEP Proposes Revisions to Facilities of Public Accommodation Regulations

After a multi-year study process involving an advisory group of stakeholders, the Department of Environmental Protection (MassDEP) is proposing revisions to regulations implementing the state waterways licensing program under...more

A Trifecta of Legal Victories for Lenders in Florida

Deutsche Bank Trust Co. v. Beauvais, Case No.: 3D14-575 (Fla 3rd DCA April 13, 2016) - Based on Beauvais, lenders should take a look at their loan documents, paying particular attention to any non-waiver and...more

Increased Costs Shifting South Florida Apartment Construction

At the Miami Finance Forum’s recent panel discussion regarding the current status of South Florida commercial real estate, panelist commercial developers stated they are responding to strong tenant demand across all sectors....more

IRS Reverses Position on Bad Boy Guarantees

As previously discussed, the IRS recently released a chief counsel advice memorandum that concluded that bad boy guarantees turned what would otherwise be a nonrecourse debt into a recourse debt for Section 752 purposes....more

Statutory Elimination of the Real Estate Broker's Fiduciary Duty

Will the California Supreme Court’s anticipated decision in Hiroshiike v. Coldwell Banker Residential Brokerage Company, significantly impact real estate agency law and the fiduciary duty of real estate agents? 25 states have...more

Two San Diego Projects Moving Forward

There are two interesting projects in San Diego County that are moving forward, both of which involve at least some use of eminent domain. The San Marcos Creek Specific Plan is proceeding in, not surprisingly, San...more

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