Tax Commercial Real Estate

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Autumn Statement 2015 - Real estate tax update

On 25 November the Chancellor delivered the 2015 Autumn Statement. From a real estate perspective, there were a few significant announcements. Stamp duty land tax (SDLT) Additional 3% on all bands on "additional"...more

IRS Issues Favorable Rules for Retail and Restaurant Remodeling Costs - Retail Did You Know?

Dear Retail Clients and Friends, On November 19, the IRS released Revenue Procedure 2015-56, which provides a safe harbor method of accounting for costs incurred by retailers and restaurants in remodel and refresh...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

Bankruptcy Beat: The Second Circuit Establishes a Binding Standard For Lien Extinguishment Under a Plan of Reorganization

The Second Circuit Court of Appeals recently issued an opinion, City of Concord, N.H. v. N. New England Tel. Operations, LLC (In re N. New England Tel. Operations LLC), 795 F.3d 343 (2d Cir. 2015), addressing an issue of...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

Hospitality, Food and Beverage Industry Newsletter

We are pleased to share the first edition of our Hospitality, Food and Beverage Industry Newsletter with you. This Newsletter addresses important recent legal developments affecting the hospitality and restaurant industry and...more

MoFo New York Tax Insights - Volume 6, Issue 11

Resident Is Not Subject to Use Tax on Yacht Briefly Docked in the State - In Matter of Michael Pellino, DTA No. 825869 (N.Y.S. Div. of Tax App., Oct. 1, 2015), a New York State Administrative Law Judge concluded that...more

Pennsylvania Court Decision Bolsters Uniformity Challenges in Real Estate Tax Assessment Appeals

Judge Wettick's recent decision in the case of S&D Shah Corporation v. Allegheny County Board of Property Assessment Appeals & Review, GD 15-13517 (Al. Cty. Comm. Pl. 2015), provides an additional arrow in the quiver of...more

IRS Releases Final Regulations Facilitating P3s and Mixed-Use Developments, and Remedial Actions

On October 26, 2015, the Internal Revenue Service released final allocation and accounting regulations (the Final Regulations) under Section 141 of the Internal Revenue Code of 1986, as amended (the Code) related to...more

Five Considerations Before Selling a Vineyard or Winery

Whether to sell a vineyard or winery is one of the most significant decisions an owner will make. There are financial, career, lifestyle, and other factors that go into the choice, and the calculation is different for each...more

At Long Last – Allocation and Accounting Rules

Good things come to those who wait. The tax-exempt bond industry has waited 18 years for a missing reserved section of the private activity bond regulations, the allocation and accounting regulations, Treas. Reg. Section...more

Russia’s New Advanced Development Territories Law: Far East Focus

An initiative to spur investment in this underdeveloped region. Amid the ongoing loud noise surrounding the situation in Ukraine (and in Syria) and the related sanctions and counter-sanctions, a new Russian development...more

Property Taxes: A Shopping Center May Not Always be a Shopping Center

In the world of real property taxes, Valuation + Classification = Assessed Valuation. Sounds simple, right? The County Assessor determines the first factor, valuation (subject to certain guidelines under applicable Arizona...more

How to Avoid Needlessly Exposing a Client's Assets to Creditors in an Estate Plan or Trust

Estate planners often recommend that their clients hold title in community property or in a trust in which the real property interests are held as community property. They do this primarily to give the client the benefit of...more

New Flexibility for Joint Ventures Using Tax-Exempt Bond-Financed Property

On October 26, 2015, the IRS released final regulations under Sections 141 and 145 of the Internal Revenue Code concerning the use of property financed with tax-exempt bond proceeds. The bulk of the new regulations fill a...more

City of Chicago to Tax Assignments of Mortgages

Recently the City of Chicago’s Department of Finance issued Real Property Transfer Tax Ruling #4, which clarifies the intent of the City’s Real Property Transfer Tax. The ruling details the application of the exemptions to...more

New IRS Regulations for Mixed-Use Projects Financed With Tax-Exempt Bonds Have Practical Importance

On October 27, 2015 the U.S. Treasury Department and Internal Revenue Service published final regulations concerning the treatment of “mixed-use” projects financed with tax-exempt bonds. These new regulations have significant...more

Tax Planning for Chinese Investment in U.S. Real Estate

According to recent estimates, Chinese investors represented the largest group of foreign investors in U.S. real estate in the second quarter of 2015 with $1.9 billion in acquisitions. In the last 12 months, Chinese investors...more

Abandoned Property Filing Deadlines Approach

Winter is right around the corner. For businesses that have abandoned property on their books (and virtually every operating entity has abandoned property, whether it knows it or not), that means due diligence letters must...more

Buyers of Mississippi Real Property Relieved of Liability For Nonresident Seller Tax Withholding

The responsibility for withholding, reporting, and paying tax on the gain realized on the sale of real property by a seller who is not a resident of the State of Mississippi is now back where it belongs: with the seller. ...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

Six Recommendations For Clients With Connections to France

There have been a number of changes to EU laws recently that have had, or will have, a direct impact on your clients who have connections with France. There are six stand-out issues that are worth careful and immediate...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

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