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Orrick's Financial Industry Week in Review

European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more

LIHTC exit strategies: Loan sale

Note: This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects....more

New Developments In The VAT Treatment Of Securitisation Servicing

HMRC are expected to consult on revisions to their published guidance to clarify the circumstances in which they will treat loan servicing in securitisation arrangements as exempt for VAT purposes....more

Australian Tax Alert: The Meaning Of "Creditable Purpose" In The Australian GST Act

Justice Davies recently handed down her decision in the case of Rio Tinto Services Ltd v FCT [2015] FCA 94, reported at 2015 WTB 7 [174]. This important test case considers the meaning of the expression "creditable purpose"...more

The valuation process for LIHTC projects in financial distress: Part II

Note: This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects....more

CDFI Fund FAQ clarifies subsidiary CDE dissolution/decertification Process

In a previous Housing Plus blog post on January 7, 2015, I described the various updates to the CDFI Fund’s Frequently Asked Questions document for the New Markets Tax Credit (“NMTC”) program. The most significant update may...more

Maine Governor Proposes Major State Tax Restructuring

Maine Governor Paul LePage has proposed a major restructuring of Maine’s tax system as part of his FY 2016-2017 budget submission. Generally, the governor’s proposal decreases the state’s reliance on income tax revenue and...more

CDFI Fund Releases Updated Compliance FAQ

On Friday January 2, the CDFI Fund released an updated Frequently Asked Questions document for New Markets Tax Credit (“NMTC”) questions relating to certification, compliance monitoring, and evaluation. The updated FAQ...more

Tax Extenders Signed into Law; Production Tax Credit Extended for Facilities Beginning Construction in 2014

Earlier today, President Obama signed the Tax Increase Prevention Act of 2014 (H.R. 5771) into law, following its passage through Congress on Tuesday. Among other things, the act will provide a one-year retroactive extension...more

Deregulate Local Government for Economic Growth: Streamlining Local Option Income Taxes and Other Reforms Can Unleash Indiana’s...

Indiana’s leaders have worked diligently over the past ten years to improve the climate for business. Taxes have been capped, cut, and eliminated. Out of date laws have been repealed or reformed, and new regulations have...more

Southeast State & Local Tax: Important Developments - November/December 2014

The Williams Mullen Southeast State and Local Tax (SESALT) team is pleased to provide you with a comprehensive recap of important tax developments around the Southeast....more

UK Legal HIghlights 2014 And Beyond

Welcome to our 2014 edition of UK Legal Highlights. This publication is a reminder of some of the most important and significant developments DLA Piper reported in 2014, along with some forthcoming developments to look out...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

International Tax News - December 2014

UK WILL IMPOSE CAPITAL GAINS TAX ON NON-UK RESIDENTS - The UK government aims to go ahead with plans to impose capital gains tax on sales of residential property from April 2015. The government has published...more

Draft Finance Bill 2015: Key Implications for U.K.-Based Alternative Asset Managers and Their Funds

Following not quite so hotly on the heels of the Autumn Statement as some would like, the U.K. government has now published draft legislation for inclusion in next year’s Finance Bill. ...more

UK Capital Gains Tax For Non-UK Residents: Government To Go Ahead With Plans To Impose CGT On Sales Of Residential Property From...

The government has published detailed proposals for imposing a capital gains tax (CGT) charge on non-UK residents who dispose of UK residential property. The new charge will take effect from April 2015 and will apply to all...more

2014 Extenders Clear the House

For many years now, Congress has contributed to tax uncertainty by extending certain favorable tax provisions on a year by year basis. Thus, for example, in 2014 these extenders have expired. Neither the IRS, who has to...more

UK Autumn Statement 2014

Today’s Autumn Statement saw financial institutions hit by a surprise proposal to limit the proportion of their profits which can be reduced by the carry forward of past losses, which will mean tax is paid on those profits...more

Autumn Statement 2014: Key Implications for U.K.-Based Alternative Asset Managers and Their Funds

Shortly after 12.30 p.m. today, the U.K. Chancellor of the Exchequer, George Osborne, delivered the last Autumn Statement before next year’s general election....more

Tax Measures in the 2014 UK Autumn Statement

Announcements support UK growth and prevent tax avoidance. On 3 December, UK Chancellor of the Exchequer George Osborne made a number of tax-related announcements in the 2014 Autumn Statement. Given the government’s...more

What are the unique dynamics of a low-income housing tax credit workout?

Note: This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects. ...more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update: November 2014

This is a brief update on recent Pennsylvania tax developments. Does New Governor Mean More Tax Reform? In the recent gubernatorial election, challenger Tom Wolf (D) defeated incumbent Governor Tom Corbett (R)....more

11th Circuit Holds Real Estate Developer Recognized Capital Gain on Sale of Contract Right

In reversing the Tax Court, the 11th Circuit in Long v. Comm’r allowed a real estate developer favorable capital gain treatment upon the sale of its rights to a land purchase contract for a condominium development, even...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

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