Fair Market Value

News & Analysis as of

IRS Proposed Regulations Under Section 305(c)

In April, the IRS issued proposed regulations interpreting deemed distributions under Section 305(c). Specifically, the proposed regulations would clarify the amount and timing of deemed distributions that result from an...more

Pennsylvania Property Tax Reassessment Update

Several counties in Pennsylvania are conducting countywide property reassessments. This update provides status changes for Washington, Blair and Lancaster Counties, along with a set of important deadlines and basic assessment...more

Oakley to Condemn Century-Old Building for Street Widening Project

As cities become more dense and urbanized, it is common for infrastructure to get outdated or insufficient to handle increased demand. We see this with roads, highways, schools, and even utilities. When new infrastructure...more

Pennsylvania’s New Law for Valuing Acquired Municipal/Authority Water and Wastewater Systems

On Thursday, April 14, 2016, Pennsylvania Governor Tom Wolf signed Act 12 of 2016 (Act 12) into law. Among other things, Act 12 revises Chapter 13 of the Pennsylvania Public Utility Code (the Code) to provide a framework for...more

Quebec Budget Presents Significant Proposals for Duties on Transfers of Immovable Properties

On March 17, 2016, Quebec’s Minister of Finance unveiled the 2016-2017 provincial budget (Budget) in which significant proposals to the system of duties on transfers of immovable properties were announced. This bulletin...more

The Complexities of Assessing Big Box Stores

Recently, Fair and Equitable Magazine published an article on the topic of the valuation and assessment appeals of big box stores, which make up a large volume of cases before the Property Tax Appeal Board and valuation...more

PA Property Tax Reassessment Update

Several counties in Pennsylvania are conducting countywide property reassessments. This update provides status changes for Washington, Blair and Lancaster Counties, along with a set of important deadlines and basic assessment...more

Be Organized to Preserve Your Charitable Deductions for Property Donations

3 Things to Remember About Documenting Charitable Gifts of Property, Securities and Art. Last month in this blog, we described five ways to be diligent about documenting charitable gifts of cash or out-of-pocket expenses...more

Appellate Court Notes

Appellate Court Advance Release Opinions: AC36040, AC36270 - Barton v. Norwalk - Congratulations to Elliott B. Pollack and Tiffany K. Spinella on their big win before the Appellate Court. This decision upheld a...more

Sixth Circuit Permits IRS to Force Sale of Residence Held by the Entireties Where Only One Co-owner Owed Tax

In 2002, the Supreme Court, in United States v. Craft, held that a federal tax lien could attach to one spouse’s interest in property held by the entireties even though the co-owning spouse was not liable for the unpaid...more

Navigant’s Consulting’s Report on Residential Solar Misconstrues Value of Tax Attributes

Navigant Consulting on February 19 submitted a report, Solar Project Return Analysis for Third Party Owned Solar Systems, to the Arizona Public Service (APS). The thesis of the report is that residential solar developers are...more

Closing California’s Perceived Prop 13 Corporate Loophole

SB 259, a bill that includes language to close the perceived loophole in the portion of Proposition 13 which governs “changes of ownership” in entities that own real property located in California, has been returned to the...more

Real Estate 101: Knowing Your Property Value and Challenging Your Tax Assessment

After months, maybe years, of planning, raising capital, obtaining permits and waiting out construction, your gleaming new building is open and occupied. Soon, you’ll get a simple, one-page letter from your county’s Tax...more

Tax Brackets: Revisiting the Tax on Gambling Winnings just in Time for the NCAA Tourney

March Madness is upon us and, at least until Thursday, all brackets have yet to be busted. When completing your bracket for your office pool or a pick ‘em group with friends, keep in mind the tax consequences if you hope to...more

Highmark Properties Revisited: Lender Credit Bids

The dust has yet to settle on the landmark decision of High Point Bank & Trust Co. v. Highmark Properties, LLC, 776 S.E.2d 838 (N.C. 2015). Before delving into the decision that should serve as a harbinger of imminent and...more

Big Changes in Lease Accounting: FASB Releases Final Standards

The Financial Accounting Standards Board (the “FASB”) released the long-anticipated final standards, Leases (Topic 842) (the “Final Standards” or “Topic 842”), on February 25, 2016, completing an overhaul of the lease...more

Delaware Law Updates - PECO Logistics, LLC v. Walnut Investment Partners, L.P.

Drafting LLC Agreements for Undesirable Outcomes: Sophisticated investor holds a “put right” but has no basis to challenge valuation on the units that are being “put.” A Delaware Court of Chancery opinion addresses a...more

New Jersey Property Tax Appeal Time

It is property tax appeal season in New Jersey. If you own or lease commercial, residential and/or investment property in New Jersey, now is the time to review whether you should file a 2016 appeal. If you own real...more

An overview of the new changes to the BC property transfer tax

On February 16, 2016, the BC Government announced some significant changes to the property transfer taxes collected when real property in BC is transferred. This overview provides you with key information on some of the new...more

Stark: A Stagnant Law For An Evolving Industry

The Stark Law was originally enacted by Congress in 1989 as the Ethics in Patient Referrals Act. Initially, it prohibited a physician from referring Medicare beneficiaries to clinical labs in which the physician had an...more

OIG Approves Hospital-provided Transcription Services Arrangement in Advisory Opinion 15-15

The Office of Inspector General (OIG) recently issued Advisory Opinion 15-15 and concluded that an arrangement under which a hospital proposed to provide transcription services to a radiology practice in exchange for fair...more

Deciphering the Final AMP Rule – Key Provisions Impacting Pharmacies, PBMs, and Manufacturers

In late January, the Centers for Medicare & Medicaid Services (“CMS”) released the much anticipated Covered Outpatient Drugs Final Rule with Comment (the “AMP Final Rule”). The rule creates the regulatory definition for...more

(US) Property Reassessment is Coming to Washington County, PA

Washington County, Pennsylvania recently concluded its first county-wide reassessment in over thirty-five years, with reassessment values effective for the 2017 tax year. Property owners will receive two separate notices...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

The United States Taxation of Bitcoins and Transactions Denominated in Bitcoins

On March 25, 2014 the Internal Revenue Service published Notice 2014-21 which described the United States taxation of Bitcoins and the United States taxation of transactions denominated in Bitcoins. This Notice generally...more

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