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Trading or Investment?

The case of Terrace Hill (Berkeley) Ltd provides a further insight into the distinction between trading and investment. Originally published in Tax Journal, Page 6 , on March 13, 2015....more

Scottish Property Transactions Tax - March 2015

Scottish Parliament approves LBTT rates and bands - The rates and bands for the new Scottish property transactions tax known as the Land and Buildings Transaction Tax ("LBTT") have been formally approved by the Scottish...more

1031 exchange: a business strategy to defer capital gains tax, P.2

In our last post, we began speaking about the potential for businesses to take advantage of tax law to defer capital gains tax on business property they want to relinquish. One important thing to point out, though, is that...more

The Economic Development Toolbox: “The General Manager” – Property Tax Value Management

Managing costs is of key importance for any successful business. Property tax is a necessary cost of doing business, and it can be significant. The good news is that Ohio and other states provide options for challenging...more

Repair Reg Relief for Small Businesses? Not So Fast.

January 1, 2014, marked the date that the final Repair, Maintenance and Disposition Regulations (Regulations) went into effect and apply to any business with material and supplies, repairs or depreciable fixed assets. Since...more

How the Real Estate Industry Can Use the R&D Tax Credit

When most people think of the research and development (R&D) tax credit, they think of manufacturing. However, other industries can also benefit from this credit. In my August 5th post, we discussed the basics of the R&D...more

"Senate Finance Committee Takes Unanimous Step Toward FIRPTA Reform"

On February 11, 2015, the Senate Finance Committee unanimously approved a significant reform to the Foreign Investment in Real Property Tax Act (FIRPTA). The proposal demonstrates the continued bipartisan legislative...more

"Unlocking Value Through REIT Spin-Offs"

Real estate investment trust (REIT) spin-offs provide a means for companies to unlock the value of their real estate. Due to current economic conditions, more companies in more business sectors are considering separating...more

How Low Can You Go? Here’s A Clue: RPTL 720(1)

As The Desmond Hotel & Conference Center was gearing up for it’s New Year’s Eve celebration, on December 31, 2014, the Appellate Division (Third Department) handed down a decision in Village Square of Penna, Inc. v Board of...more

OSC Expects REIT Distributions Disclosure to Yield More Information

In the current low interest rate environment, yield-hungry investors have been particularly attracted to real estate investment trusts (REITs), which, as tax-efficient, flow-through investment vehicles, aim to pay regular...more

MoFo New York Tax Insights - Volume 6, Issue 2

In This Issue: - Governor Cuomo Releases 2015-16 Executive Budget, Including New York City Corporate Tax Reform - New Commissioner of Taxation and Finance - ALJ Holds That Husband Changed His Domicile to...more

IRS private letter ruling on non-conventional real estate assets enables taxpayer to convert to REIT: key points

The Internal Revenue Service recently released a private letter ruling regarding the treatment of certain assets as qualifying “real estate” for real estate investment trust (REIT) purposes. That ruling effectively enabled...more

Overview of UK Real Estate Structures and Transactions

This Overview provides a general summary of the different corporate structures that may be used to hold, and transact in, UK real estate (such as special purpose vehicles, property unit trusts, partnerships and REITS), the...more

Breaking The Code

I saw the movie Imitation Game last weekend, which is the story of Alan Turing and his role in breaking the Enigma Code which shortened World War II and saved millions of lives. (Spoiler Alert: He did it, we won.) Turing,...more

Rescission: Another Remedy to Address Unintended Tax Consequences

While the equitable remedy of rectification is often sought as a means to address unintended tax consequences, rescission is also an available remedy in the appropriate cases. The British Columbia Supreme Court’s decision in...more

Commercial Buildings in D.C. Face Potential Big Property Tax Increases Due in 2015

Landlords and tenants of commercial buildings in the District of Columbia should brace for potentially significant increases in their property taxes payable in 2015 and future years. The District of Columbia Office of Tax...more

The Economic Development Toolbox: “The Clean-Up Hitters” – Enterprise Zone and Community Reinvestment Area Property Tax Exemptions

Capital investment projects often involve tight margins, and every single dollar counts to ensure that the project is a success. For that reason, property tax exemptions are key components of any economic development...more

New UK Withholding Tax Exemption Set to Boost the UK Private Placement Market

On 4 December, George Osborne in his Autumn Statement, announced a new UK withholding tax exemption for interest payments on UK private placements. The announcement was followed by draft legislative clauses with the Finance...more

Business Privilege Taxes Paid On Leases Refund/Appeal Filing Needed By March/April 2015

On September 19, 2014, the Pennsylvania Commonwealth Court in Fish, Hrabrick and Briskin v. Township of Lower Merion, No. 1940 C.D. 2013, held that lease receipts are not taxable under local business privilege tax ordinances....more

Autumn Statement 2014

Yesterday, the Chancellor of the Exchequer delivered the UK 2014 Autumn Statement. Below we summarise some of the main announcements: Taxation of multi-nationals - Diverted profits tax (aka the "Google tax")...more

PA Tax Law News - December 2014

In This Issue: - Recent PA Sales Tax Guidance Concerning Natural Gas and Other Mining Activities - Focus on Pennsylvania Corporate Taxes - Application and Sale of Restricted Tax Credits -...more

High Court Affirms Theater, Church’s Entitlement to State’s “Mandatory” Property Tax Exemption

The Court of Appeals, New York’s highest court, recently published decisions in the Maetreum of Cybele v. McCoy and Merry-Go-Round Playhouse, Inc. v. Auburn cases. In these decisions, the Court affirmed that the exemptions...more

The Secret Is Out: The Documentary Transfer Tax Will Now Be Part of Public Record

The Documentary Transfer Tax Act allows each county and city to impose a tax on each deed, instrument, or writing by which any real estate is sold within the county at the time the document is recorded. Assembly Bill No....more

Pennsylvania Department of Revenue Clarifies Changes to New Realty Transfer Tax Law

The Pennsylvania Department of Revenue recently released an Information Notice explaining the implications of Act 52 of 2013, which enacted some significant changes to the Pennsylvania realty transfer tax, effective January...more

IRS Rules That Some Basis in Solar System Must Be Allocated to Structural Functions

On October 31, the IRS released Private Letter Ruling 201444025, which was addressed to a manufacturer of solar systems that are mounted on real estate. The nature of the real estate, along with many other interesting facts,...more

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