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Significant Changes to U.S. Taxation of REITs and Investments by Non-U.S. Investors in Real Property under the PATH Act

On December 18, 2015, President Obama signed into law an omnibus appropriations bill which included the Protecting Americans from Tax Hikes Act of 2015 (the "Act"). In addition to extending or making permanent a number of...more

New FIRPTA Reform Creates PATH to Potential Benefits for Existing REITs and Foreign Investors in the United States

On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”). Among other changes, the PATH Act significantly modifies provisions of the Internal Revenue Code of...more

Property Tax on Italian Photovoltaic Plants to Decrease Sharply

There is good news for owners of photovoltaic (PV) plants in Italy. In circular no. 2/E, released on 1 February 2016 (the circular), the Italian Revenue Agency has provided official guidance on new rules enacted by on 28...more

New FIRPTA Changes Provide Significant Opportunities, But No Panacea for Encouraging Non-U.S. Investment in U.S. Real Estate

Under FIRPTA, a non-U.S. person’s gain from the sale of U.S. real property interests is treated as income that is effectively connected with a U.S. trade or business (“ECI”), and therefore, is subject to U.S. federal income...more

Business Rates: Looking Ahead in 2016 – The Good, The Bad and The Maybe

Business rates are charged on the majority of commercial properties, such as shops and offices, and represent one of the largest overheads for businesses. They are calculated using the rateable value of the property (the...more

Supreme Court of Pennsylvania Holds Lease Exception of Local Tax Enabling Act Does Not Prevent Business Privilege Tax from...

On December 21, 2015, the Supreme Court of Pennsylvania held that the exception in 53 P.S. §6924.301.1(f)(1) of the Local Tax Enabling Act (LTEA), which prohibits the taxation of leases and lease transactions, does not...more

PATH Act Changes to FIRPTA

The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act, Division Q of the Consolidated Appropriations Act, 2016, P.L. 114-113, enacted December 18, 2015) made some important changes to the U.S. federal income tax...more

It’s That Time Again! Property Tax Appeals in Connecticut: Know When to File

The deadline for appealing Connecticut local property taxes is approaching. For many cities and towns, that date is February 20 unless the town has extended the deadline. If a property owner does not file a tax appeal...more

Significant Changes Affecting REITs in The Protecting Americans from Tax Hikes Act of 2015

On December 18, 2015, President Obama signed into law the Consolidated Appropriations Act, 2016, an omnibus spending bill, with a division referred to as the Protecting Americans From Tax Hikes Act of 2015 (the “Act”), which...more

Extenders Bill Puts an End to Tax-Free REIT Spinoffs but Includes a Number of Favorable Changes to the Taxation of REITs

On December 18, 2015, the President signed the Omnibus Appropriations Act (the “Act”) into law. Notably, the Act contains a number of substantive changes to the tax laws applicable to “real estate investment trusts”...more

New Tax Law Includes Numerous Changes to REIT and FIRPTA Rules

On December 18, 2015, President Obama signed into law the “Protecting Americans from Tax Hikes Act of 2015” (the “Act”), a substantial piece of tax legislation that, among many other provisions, contains significant changes...more

"Extenders Bill Makes Important REIT Reforms and Closes Door on REIT Spinoffs"

President Obama signed into law a bill that will significantly reform the taxation of real estate investment trusts (REITs). Most notably, the Protecting Americans from Tax Hikes Act of 2015 (the Bill) prevents companies from...more

Congress Proposes Legislation Which Would Eliminate REIT Tax-Free Spin-Offs; Provision Would Also Fund FIRPTA Relief

In our December 3, 2015 REIT Alert we suggested that the Prop Co/Op Co structure implemented by a tax-free REIT spin-off may not be dead. On December 7, 2015 House Ways and Means Committee Chairman, Kevin Brady (R-TX)...more

Quick Guide to REIT IPOs - 2015

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

UK Autumn Statement 2015

This has been a rather underwhelming Autumn Statement by the Chancellor from a tax perspective as it is lighter in tax content than usual. Unlike in recent years, non-domiciled taxation did not feature prominently in this...more

How to Get in on the Offshore Fund Flow to the U.S.

A recent report estimates that foreign investors are expected to spend more than $70 billion on U.S. commercial real estate in 2015. Another report states that nearly a quarter of all recent commercial real property sales in...more

Tax Court Clarifies Meaning of Worthlessness for Real Property Loss Deductions

In the recently published case of Tucker v. Commissioner, T.C. Memo 2015-185, the Tax Court held that a taxpayer was not entitled to a loss deduction for real property subject to a recourse mortgage unless and until a...more

New Business Rates Relief Power for Scottish Local Authorities

From 31 October 2015, Scottish local authorities will have freedom to implement targeted business rates relief schemes within their own areas. The power to do so is introduced by section 140 of the Community Empowerment...more

New Rhode Island Acquired Real Estate Company Conveyance Tax Leaves Many Unanswered Questions

Effective July 1, 2015, Rhode Island now imposes a realty conveyance tax on the transfer of controlling interests in a “real estate company,” in addition to any other state taxes. Under prior law, if a person or business...more

IRS Announcements Create Market Uncertainty for REIT Spin-Offs

In issuing IRS Notice 2015-59 and Rev. Proc. 2015-43 last week, the IRS intentionally created significant market uncertainty about the viability of “PropCo/OpCo” spin-offs as part of the PropCo’s REIT conversion (e.g., where...more

New IRS Guidance Limits Tax-Free Spin-Off Rulings – Implications for REIT Spin-Offs

On September 14, 2015, the Internal Revenue Service (“IRS”) issued Notice 2015-59 (the “Notice”) and Revenue Procedure 2015-43 (the “Rev Proc”; together with the Notice, the “Spin-Off Guidance”). Under the Spin-Off Guidance,...more

The Treasury and the IRS Issue Spin-Off Revenue Procedure and Notice Announcing No-Rule Areas That Are Under Study

On September 14th, the IRS released Rev. Proc. 2015 43 (the “Rev. Proc.”) announcing new “no-rule” areas with respect to spin offs involving substantial amounts of investment assets, small amounts of active trade or business...more

Section 1031 Exchanges: Innovative Strategies and Issues

This webinar addresses the requirements for 1031 Exchanges, the various types of 1031 Exchanges, and issues involving 1031 Exchanges in partnerships, limited liability companies and tenant-in-common situations. Please...more

IRS Announces Intent to Tax Transfers to Partnerships

On August 6, 2015, the IRS issued Notice 2015-54 (the "Notice"),[1] which states that the IRS and Treasury Department intend to issue regulations under section 721(c) of the Internal Revenue Code of 1986 (the "Code") to...more

Treasury Imposes Toll Charge on Some Transfers of Assets by U.S. Taxpayers to Partnerships with Their Foreign Affiliates

On August 6, 2015, the Treasury and the IRS issued Notice 2015-54, which implements a Clinton-era tax provision intended to prevent U.S. taxpayers from using the partnership provisions of the Code to shift built-in gain on...more

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