Commercial Real Estate Tax

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MLPs, REITs and S&P's New Real Estate Sector Classification

On September 1, 2016, Standard & Poor's (S&P) upgraded real estate as a stand-alone sector within its Dow Jones Global Industry Classification Standard (GICS). GICS is the de facto classification system for equity securities...more

Hospitality Industry Law Newsletter

New Labor Code Section Prevents Employers from Using Out-of-State Choice of Laws Provisions in Contracts with California Employees - On September 27, 2016 Governor Jerry Brown signed a new law impacting the contract...more

IRS Updates Conservation Easement Audit Techniques Guide

On November 4, 2016, the IRS updated its Conservation Easement Audit Techniques Guide (CE Audit Guide) for the first time since March 15, 2012. According to the IRS’s introduction on its Audit Techniques Guide website,...more

How Trump’s Presidency Could Impact the Commercial Real Estate Market

Many economists believe that the Donald Trump presidency will bring with it an era of higher interest rates, inflationary policies, tax cuts and infrastructure spending. Such an environment would have mixed consequences for...more

UK Autumn Statement 2016: real estate

Interest relief restrictions - The adoption of the interest deductibility restrictions from April 2017 onwards will continue. The basic elements of the rules will remain as previously announced - a cap on deductions at...more

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

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

West Coast Real Estate Update: November 2016 #3

Owners, Developers Face Challenges Converting Parking to E-Commerce Delivery Space - Because millennials make up an increasing number of urban residents, owners and developers of apartment and condominium buildings are...more

Ontario Land Transfer Tax Rates to Increase on Commercial Properties

On November 14, 2016, the Government of Ontario announced a series of changes to the Land Transfer Tax Act as part of the Building Ontario Up for Everyone Act (Budget Measures) (Bill). If passed, the Bill will increase land...more

Quick Guide to REIT IPOs - 2016

Real Estate Investment Trusts (“REITs”) are endlessly inventive. They were first developed in the 1960s as a means for ordinary retail investors to hold interests in real estate. The REIT market has waxed and waned over the...more

Ontario Modernizing Land Transfer Tax

On November 14, 2016, the Ontario Minister of Finance, Charles Sousa, presented the 2016 Ontario Economic Outlook and Fiscal Review in the Ontario Legislature. Among the various proposals in the Outlook, the Minister proposes...more

New Regulations Issued Regarding CFCs and Investment in U.S. Property

Income earned abroad by U.S. controlled foreign corporations can often qualify for deferral of U.S. income tax. If the foreign corporation is a controlled foreign corporation (CFC), its U.S. shareholders may be taxable on...more

Philadelphia Real Estate Transfer Taxes Rising in 2017

Beginning January 1, 2017, Philadelphia’s real estate transfer tax will increase from 3 percent to 3.1 percent. That’s in addition to the Pennsylvania realty transfer tax of 1 percent, for a total of 4.1 percent....more

A Plethora of Propositions: Real Estate Tax, Land Use and Governance on the San Francisco Ballot

Admittedly the issues may appear benign compared to the Presidential race and the drugs, sex and other provocative topics on the state ballot. But San Francisco voters again face a long list of significant local propositions...more

Development of court practice on tax disputes regarding accrual of VAT in connection with transfer of inseparable improvements of...

On 3 November 2016 the Commercial Court of Moscow delivered a decision in case No. ?40 167541/16 140 1462....more

Beware a Prop W Higher Transfer Tax

Transfer tax on the sale of most commercial property in San Francisco will increase if voters approve Proposition W. If approved, Prop W will increase the transfer tax rate by 0.25% for sales valued above $5 million...more

Deference for Assessment Review Boards

Supreme Court of Canada Upholds Reasonableness as Standard of Review - The standard of review of a composite assessment review board’s decision to increase a property tax assessment is reasonableness, the Supreme Court...more

Private Ruling Exempts Property Management Services from Self-Dealing

A new private ruling may be of great interest to clients with substantial real estate interests who wish to contribute one or more properties to a family foundation. The ruling suggests that payment by the foundation to a...more

Recent Developments for Indonesian REITs

On 17 October 2016, President Joko Widodo signed Government Regulation No. 40 of 2016New Tax Incentives for Indonesian REITs"). 1 ("GR 40"). GR 40 changes the tax rate imposed on the transfer of property (land and building)...more

Tax Court Rules on the Transfer of Benefits and Burdens of Ownership in Tax-Deferred Exchanges

In the recently decided case of Estate of George H. Bartell v. Commissioner, 147 T.C. No. 5 (August 10, 2016), the U.S. Tax Court held that the like-kind exchange engaged in by the taxpayer’s S corporation should be respected...more

Construction Industry Scheme - taxing our landlords and tenants

The Construction Industry Scheme (‘CIS’) requires contractors to withhold tax from payments to subcontractors in relation to certain construction work. It is easy to assume that CIS only applies to mainstream contractors, but...more

Purchasers of NJ Tax Sale Certificates - What You Include in Your Proof of Claim Can Cause a Loss of Your Claim and Lien

In Princeton Office Park, the U.S. Court of Appeals for the Third Circuit affirmed the bankruptcy and district court rulings that the purchaser of a NJ tax sale certificate forfeited its claim and lien because it included the...more

Is Being a Real Estate Agent Sufficient to Show Material Participation under the Passive Activity Loss Rules?

In the recently decided case of Gragg v. United States, 118 AFTR 2d 2016-5091 (9th Cir. 2016), the U.S. Court of Appeals for the Ninth Circuit held that a taxpayer’s activities as a real estate professional were insufficient...more

Luxembourg Real Estate - Tax and Legal Developments

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

Development of court practice regarding property tax on energy-efficient buildings

On 16 September 2016 the Commercial Court of Kemerovo Region delivered a decision in case No. A27-13534/2016. In the context of the case, the court considered a dispute between OOO Novostroy and the Federal Tax Service...more

California real estate: Change the ownership, increase the tax

In 1978, Proposition 13 was added to the California State Constitution limiting increases in assessed value of real property to help California real property owners, particularly retirees, from suffering drastic increases in...more

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