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Alabama Property Tax Protest Season is Underway

The 2016 property tax protest season has arrived. In Alabama, property tax valuations are handled on a county-by-county basis. Some counties mail valuation notices to all taxpayers. Others rely on publication notice and only...more

Jefferson County Taxpayers Have Until June 9, 2016 to Protest Real Property Values

The Jefferson County Tax Assessor’s office mailed real property valuation notices on May 11, 2016. ...more

U.S. Tax Structures Utilized In Connection With Foreign Investment In U.S. Real Estate

U.S. real estate is expected to attract a record amount of foreign investment in 2016. The U.S. real estate market is perceived as a safe haven in light of economic uncertainty in China, the refugee crisis in Europe and the...more

Ohio Historic Preservation Tax Credit Program Testimony at Hearing Demonstrates Strong Support and Highlights Effectiveness

On April 28, 2016, the Ohio 2020 Tax Policy Study Commission (the “Commission”) held a public hearing on the future of the Ohio historic preservation tax credit (the “OH HTC”). As you may recall, the Ohio biennial budget bill...more

Montgomery County Proposes to Raise Recordation Tax

The Montgomery County Council proposes to increase the recordation tax charged on the sale and refinance (in certain circumstances) of property. Expedited Bill 15-16 proposes to raise the recordation tax rate for taxable...more

South Carolina Department of Revenue Audits

The South Carolina Department of Revenue (SCDOR) administers the state’s tax laws. Like the IRS, SCDOR audits tax returns, but only certain returns subject to South Carolina tax, such as South Carolina income tax returns,...more

Update: New IRS Memo on Bad Boy Guarantees

Prior Alert. The March 17 Alert noted that the IRS in a Chief Counsel Advice ("CCA") had discussed the effect that certain “bad boy carve-out guarantees” (that would trigger contingent guarantee obligations if, for example,...more

Three Ways to Guard Heirs From Big Wine Realty Tax Bill

Estate-planning is often focused on reducing or eliminating estate tax at death. As the estate-tax exemption has increased in recent years — currently $5.45 million and counting — there is a shift to planning for income and...more

West Coast Real Estate Update: May 2016 #1

IRS Reevaluates "Bad Boy" Carve-Outs - Before providing a non-recourse loan to a Limited Liability Company (LLC) – i.e., one for which the LLC members do not bear the risk of economic loss – a lender often will require...more

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

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

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

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

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

Country Survey Taking Security Over CIS Real Estate

As you know, secured loans often include real estate as a key element of the security package, whether the loans are granted for general corporate purposes, specific projects (e.g., commercial real estate and infrastructure)...more

Stamp duty land tax reforms

Stamp duty land tax – Reform of charging provisions for non-residential property - In his Budget 2016 speech, the Chancellor announced changes to the rules for calculating the stamp duty land tax (SDLT) charged on...more

Fiduciary Alert: IRS Again Extends Time for Consistent Basis Reporting via Form 8971 until June 30, 2016

Effective March 23, 2016, the Treasury Department and Internal Revenue Service published Notice 2016-27, once again extending, until June 30, 2016, the deadline for executors and other persons to complete and file Form 8971...more

IRS Releases April 2016 Interest Rates

Section 1274.--Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property - (Also Sections 42, 280G, 382, 412, 467, 468, 482, 483, 642, 807, 846, 1288, 7520, 7872.) Rev. Rul. 2016-09...more

Court Finds All of a Taxpayer’s Work for His Employer to be Personal Services in a Real Estate Business

The U.S. District Court for the Western District of Arkansas recently held that all of a taxpayer’s work for his employer, a property management company, counted toward the taxpayer’s satisfaction of the material...more

IRS Memo on Bad Boy Guarantees May Recharacterize Non-Recourse Debt as Recourse Liability

On February 5, 2016, the Office of Chief Counsel of the Internal Revenue Service (“IRS”) released a memorandum (a “Memo”) related to the appropriate tax treatment of individuals or entities that invest in real estate limited...more

UK Budget 2016: Real Estate

Yesterday George Osborne delivered the 2016 Budget. There were some significant announcements for the real estate industry....more

UK Tax Measures—Spring 2016 Budget

The spring budget includes a number of announcements that relate to taxation, the most significant of which is a “roadmap” for UK corporate taxation through 2020....more

UK Budget 2016 – Overview

The Chancellor has presented a packed March Budget bursting at its seams with measures impacting businesses and individuals alike... ..The first reference to tax in his statement was to "tax avoidance" and that tells...more

Assisting with Adaptive Reuse

Over the past 40 years, Boston-based WinnDevelopment has turned to a trusted partner in its legal counsel, Murtha Cullina LLP. In the last decade alone, the partnership has resulted in nearly 30 successful adaptive reuse...more

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