Tax Law | JD Supra Legal News, Updates, Analysis, & Information

IRS to Focus on Housing Counseling Agencies

by Venable LLP on 5/16/2012

Earlier this year, the Internal Revenue Service’s (“IRS”) Exempt Organizations (“EO”) division unveiled its annual work plan. The plan highlights EO’s priorities for the year and is the best indicator of what the staff will...more

Final 2011 Cook County Equalization Factor Released

by Franczek Radelet P.C. on 5/14/2012

The Illinois Department of Revenue has released the final 2011 Cook County equalization factor. The factor for 2011 is 2.9706. The press release from the Department of Revenue is available here. The preliminary...more

Pennsylvania Supreme Court Issues Tech One Decision, Impacting Property Tax Valuation of Property Constructed Pursuant to Ground...

by Reed Smith on 5/4/2012

On April 25, 2012, the Pennsylvania Supreme Court handed down its much-anticipated decision in Tech One Associates v. Bd. of Prop. Ass’t. of Allegh. Co., et al. At issue in this case is a matter of significant importance to...more

Propery Valuation Topics - Spring 2012

by Pullman & Comley, LLC on 5/3/2012

In This Issue: - 2012 Revaluations Loom - Not All Comparables Are Equal - The Bubble Returns? - Odd Tax Exemption Case Decided Excerpt from 2012 Revaluations Loom The western Connecticut communities of...more

Short Sales Soar as Home Foreclosures Fall

by Lawyers.com on 4/27/2012

The foreclosure crisis isn’t over, but a new trend in real estate sales could be the light at the end of the tunnel for many borrowers and lenders. Short sales, which occur when homeowners sell their homes for less than what...more

Taxpayers Receive Tax-Exempt Interest on Settlement

by Fox Rothschild on 4/27/2012

In DeNaples v. Commissioner , 109 AFTR 2d 2012-1419 (March 19, 2012), the U.S. Court of Appeals for the Third Circuit, in partially reversing the U.S. Tax Court, held that taxpayers were in receipt of tax-exempt interest...more

Improvements A Builder Made To Property Were Taxable When The Builder Re-Conveyed Property Back To The Purchaser Of A Home.

by Warner Norcross & Judd - Appellate Practice... on 4/26/2012

In Eastbrook Homes, Inc. v. Department of Treasury, the Michigan Court of Appeals held that the improvements a builder made to property were taxable when the builder re-conveyed property back to the purchaser of custom built...more

FTB Reverses Course on Mello-Roos Taxes - For Now

by Allen Matkins Leck Gamble Mallory & Natsis... on 4/26/2012

After announcing its intention to add additional reporting requirements relating to real estate tax deductions, the California Franchise Tax Board (FTB) has abruptly changed course. The FTB recently announced that it would...more

School Districts Across the Country Face Property Tax Refund Exposure

by Franczek Radelet P.C. on 4/25/2012

It may seem as though paying property tax refunds is only a problem for school districts in Illinois, or perhaps only for school districts in certain parts of Illinois. But school districts across the country face the...more

No Change Of Ownership Assessment Exemption For Property Sold To Private Party Under Threat Of Condemnation

by Kronick, Moskovitz, Tiedemann & Girard on 4/24/2012

A California court of appeal recently rejected a landowner’s claim that newly purchased replacement property should be exempt from reassessment and the establishment of a new base year value because the landowner sold his...more

Orrick's Financial Industry Week in Review - April 23, 2012

by Orrick, Herrington & Sutcliffe LLP on 4/23/2012

In This Issue: - Financial Industry Developments · Volcker Rule Conformance Period Clarification · SEC and CFTC Rule Defining Swap-Related Terms · CFTC Final Rule and Interim Final Rule on Commodity...more

Practical Tips for U.S. Persons Owning Mexican Property Thru a Fideicomiso

by Snell & Wilmer L.L.P. on 4/16/2012

Every time I’m presented with a contract, I’m quickly transported to a small room in which Willy Wonka, played by Gene Wilder, is vehemently scolding the good natured Charlie Bucket and the poor, protective Grandpa...more

Budget 2012 – Stamp Duty Land Tax Reform

by McDermott Will & Emery on 4/13/2012

The UK Government Budget announced by Chancellor George Osborne on 21 March 2012 (the Budget) makes substantial changes in relation to the structure of stamp duty land tax (SDLT). The UK Government Budget announced by...more

New York Court of Appeals: No Due Process Violation Where Municipality Fails To Give Property Owners Notice of Buyback Rights in a...

by Reed Smith on 4/9/2012

On February 21, 2012, New York state’s highest court unanimously refused to extend due process protection to property owners challenging a tax lien foreclosure sale on grounds that they did not receive notice of their...more

Appellate Court Reaffirms Exhaustion of Remedies Doctrine in Assessment Cases

by Franczek Radelet P.C. on 4/5/2012

Tax objection complaints can be brought in any Illinois circuit court to challenge the taxes, assessments, or levies on a parcel of real property. However, where a taxpayer is challenging the assessed value of its property,...more

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Tax Law – May 24, 2012

Narrowed by: Residential Real Estate