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Internal Revenue Service Real Estate Development

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Holland & Knight LLP

Tax Planning Prevails in Parkway Gravel Decision

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The U.S. Tax Court recently issued an opinion in Parkway Gravel Inc. v. Commissioner, Docket No. 10819-21, respecting the structure of a gravel company's sale of a land parcel known as the Freeway Pit. In finding for the...more

Akerman LLP

Maximizing Tax Credits by Installing Solar at LIHTC Projects

Akerman LLP on

The increased interest in installing solar at affordable housing projects is not surprising given that the IRC Section 48 energy investment tax credit (ITC) could subsidize as much as 70 percent of the cost and the Inflation...more

Bricker Graydon LLP

IRS (Incentive Review Season) Filing Period Now Open in Ohio - Submit Your Incentive Project Reports by March 31, 2024 to Remain...

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The annual ‘IRS’ filing period is in full swing in Ohio--not only for federal income tax, but also for Ohio’s real property tax incentive programs. Yes, it’s Incentive Review Season for Ohio’s political subdivisions...more

DarrowEverett LLP

Key Questions When Determining Eligibility for State Historic Tax Credits

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Real estate developers have long had ample reasons to take on projects involving historic buildings, courtesy of Section 47 of the Internal Revenue Code of 1986. As amended, Section 47 (the “Code”) provides for a...more

Rivkin Radler LLP

Debt or Equity? The Never-Ending Question For Closely Held Businesses

Rivkin Radler LLP on

What Was Intended? Transactions between commonly controlled, closely held businesses are often conducted in an informal manner. This is unfortunate because, in the absence of documentation, it is sometimes difficult to...more

Ballard Spahr LLP

IRS Issues Guidance on Clean Energy Tax Credits

Ballard Spahr LLP on

Summary - The IRS recently released guidance with respect to the new tax credit direct payment and transferability rules created under the Inflation Reduction Act enacted last August. The guidance explains how to register...more

Orrick, Herrington & Sutcliffe LLP

IRA: Energy Communities and Brownfields Tax Guidance: What Companies Need To Know

Initial guidance for the bonus credit amount for renewable energy projects located in “energy communities” answers numerous questions about how to prove a project qualifies for extra tax credits. The guidance—which is in...more

Parker Poe Adams & Bernstein LLP

How Real Estate Developers Can Benefit From a New Tax Rule

The Internal Revenue Service has now made it much easier for real estate developers across asset classes to benefit from the alternative cost method. It enables multi-unit developers to receive tax benefits for common...more

Greenberg Glusker LLP

What do real estate companies and executives need to do to prepare for 2023 and the expected economic slowdown?

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A few of Greenberg Glusker Real Estate Partners answer a key outlook question: What do real estate developers, investors, lenders, owners, and operators need to do to prepare for 2023 and the expected economic slowdown?...more

Lowndes

Bipartisan Bill Proposes Changes to Opportunity Zone Benefits

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If you acquired or built a senior living facility that is located in an opportunity zone, or are considering doing so, a recent bipartisan bill introduced in Congress proposes making changes to the opportunity zone rules. ...more

Sullivan & Worcester

Proposed Bipartisan Amendments to the Opportunity Zone Statute Could Have a Significant Effect on Current and Potential Investors

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Late last week, a bipartisan group of U.S. Senators and U.S. Representatives introduced an expansive bicameral bill, titled the Opportunity Zones Transparency, Extension, and Improvement Act (the “OZ Bill”). This proposed...more

Obermayer Rebmann Maxwell & Hippel LLP

Call to Increase Transparency Of Opportunity Zone Program

From the date of its inception, the Opportunity Zone Program has been criticized for its lack of transparency and reporting requirements. The original version of the law included reporting requirements, but some of those...more

Williams Mullen

Ding Dong, the OZ Ground Lease (May Be) Dead!

Williams Mullen on

As a practitioner who regularly advises clients on qualified opportunity zone (OZ) matters, I have spent the bulk of the past three years discussing ground lease structures. Developer clients initially cringed at the notion,...more

Snell & Wilmer

Opportunity Zone Incentive - Critical Dates in 2021

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Investors, fund sponsors, real estate developers, and businesses using or planning to use the Opportunity Zone incentive (the OZ Incentive) should be aware of some upcoming critical dates. Some of these dates are the result...more

Gray Reed

The 179d Tax Deduction

Gray Reed on

My law partner, David Gair, and I recently wrote a paper regarding the energy-efficient commercial building tax deduction (IRC § 179D).  The upshot is that the Consolidated Appropriations Act of 2021 recently made this...more

Winstead PC

Additional Short-Term Relief Granted for Qualified Opportunity Funds and Investments

Winstead PC on

As a result of the continuing COVID-19 impact on qualified opportunity funds (“QOFs”) and prospective investors therein, the IRS recently issued Notice 2021-10 (the “Notice”) in order to grant additional relief to QOF and...more

Stinson LLP

IRS Extends Relief for Qualified Opportunity Funds

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On January 19, 2021, the IRS issued Notice 2021-10, further extending relief for qualified opportunity funds (QOF) and their investors due to the COVID-19 pandemic. The IRS had provided relief last year in Notice 2020-39, and...more

Sullivan & Worcester

Internal Revenue Service Provides Additional COVID-19 Related Relief for Opportunity Zones Investors

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On January 19, 2021, the Internal Revenue Service (“IRS”) issued Notice 2021-10 (the “Notice”), which provides relief for Opportunity Fund investors from certain deadlines and testing requirements. The relief provided by the...more

Morgan Lewis

IRS Extends Previously Issued Relief to Qualified Opportunity Funds and Their Investors

Morgan Lewis on

The Internal Revenue Service (IRS) issued Notice 2021-10 on January 19, which extends relief to Qualified Opportunity Funds (QOFs) and their investors as a response to continued challenges brought on by the COVID-19 pandemic....more

Allen Matkins

Extensions of COVID-19 Relief for Opportunity Zone Funds

Allen Matkins on

In IRS Notice 2021-10 (the New Notice), the IRS granted relief to Opportunity Zone Funds because of the COVID-19 pandemic. The New Notice generally extends the relief that had previously been granted pursuant to IRS Notice...more

Lowndes

IRS Extends Much-Needed Opportunity Zone Relief

Lowndes on

This week, the IRS issued Notice 2021-10, which extends the June 4, 2020 relief that the IRS previously granted to opportunity zone investors and qualified opportunity funds (QOFs) in response to the ongoing COVID-19...more

Nutter McClennen & Fish LLP

CCA Benefits Low-Income Housing Projects

The Consolidated Appropriations Act, 2021 (the CCA) became law this past Sunday. The CCA has several features of interest to the low-income housing community. 4% Deal Floor: The 4% low-income housing tax credit is worthy of...more

Orrick, Herrington & Sutcliffe LLP

Financial Incentives for Carbon Capture, Use and Sequestration

Background. - While the fossil fuel industry continues to enjoy a number of tax incentives, a new generation of tax incentives were enacted in the early 2000s to promote the use of renewable energy. These include the...more

Morgan Lewis

IRS Provides COVID-19 Pandemic Relief for Qualified Opportunity Zone Investments

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With the issuance of Notice 2020-39 (the Notice), the Internal Revenue Service (IRS) has provided relief for Qualified Opportunity Zone Funds (QOFs) and for investors in QOFs. While the relief provided in the Notice does not...more

Obermayer Rebmann Maxwell & Hippel LLP

Additional Relief to Qualified Opportunity Zone Investors Impacted by COVID-19

In early April, the IRS provided relief to taxpayers affected by the COVID-19 pandemic by postponing due dates with respect to certain taxpayer and government acts.  See Notice 2020-23. Earlier this month, the IRS granted...more

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