News & Analysis as of September 20, 2024

Property Tax › Internal Revenue Code (IRC)

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Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction. However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities. less -

IRS Private Letter Ruling Concludes REMIC Can Hold C-PACE Assessments

Dechert LLP on 6/13/2024

Dechert LLP recently obtained an IRS private letter ruling (“PLR”) on behalf of an asset manager concluding that certain C-PACE assessments are “obligations . . . secured by an interest in real property” for purposes of the...more

Steps for the Long-term Success of Your Brand & Business

Farella Braun + Martel LLP on 9/6/2023

Family wineries face certain common issues when it comes to succession planning, and there are steps you can take to help ensure the longevity and success of your brand and business. Step 1 – Develop a Plan - Benjamin...more

SALT Select Developments - August 2023

Baker Donelson on 8/18/2023

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Valuation of Conservation Easement Determined by U.S. Tax Court

Pullman & Comley - For What It May Be Worth on 10/27/2022

A trial before the United States Tax Court recently determined the value of a conservation easement imposed on a Georgia golf course which was being contested by the Internal Revenue Service. Relying on the “before and after”...more

A Summary of Inflation Reduction Act’s Main Energy Tax Proposals

Proskauer - Tax Talks on 8/8/2022

On August 7, the Senate passed the Inflation Reduction Act of 2022 (the “IRA”). The IRA contains a significant number of climate and energy tax proposals, many of which were previously proposed in substantially similar form...more

The Source of Income from the Sale of Personal Property

Freeman Law on 4/15/2022

The Source of Income from the Sale of Personal Property Generally, income from the sale of personal property is “sourced” to the residence of the seller. If the seller is a U.S. tax resident the source of the income is deemed...more

Finance Provisions of the 2021 Budget Bill

Smith Anderson on 11/19/2021

On November 15, 2021, after months of negotiations and four and a half months into the new fiscal year, the North Carolina General Assembly released Senate Bill 105, its proposed budget bill (the "Bill"). Both Chambers...more

Like-Kind Exchanges Under IRC Section 1031: A Primer

Mitchell, Williams, Selig, Gates & Woodyard,... on 10/25/2021

Individual and business clients engaging in real estate transactions often have an interest in like-kind exchanges under Internal Revenue Code Section 1031 (hereinafter “1031” or “Section 1031”). Clients are usually aware...more

US Treasury Issues Guidance on the ARPA Claw-Back Provision

McDermott Will & Emery on 5/13/2021

Earlier this week, the US Department of the Treasury (Treasury) issued formal guidance regarding the administration of the American Rescue Plan Act of 2021 (ARPA) claw-back provision. The guidance (Interim Final Rule)...more

Georgia General Assembly adjourns with new tax legislation

Eversheds Sutherland (US) LLP on 6/30/2020

In the last days of the legislative session, the Georgia General Assembly passed key legislation, including conformity to the federal tax law, a new rideshare fee, changes to interest payments on direct pay permit holder’s...more

Tax Cuts and Jobs Act Taxes Some Incentives - ACREL News & Notes

Bradley Arant Boult Cummings LLP on 5/17/2018

Section 118 provides “[i]n the case of a corporation, gross income does not include any contribution to the capital of the taxpayer.” The regulations promulgated under Section 118 under prior law provide, with respect to...more

Draft North Carolina Tax Legislation Released

Smith Anderson on 4/18/2018

On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more

Georgia Legislature enacts significant income, sales, and property tax legislation

Eversheds Sutherland (US) LLP on 4/5/2018

The Georgia legislative session concluded on March 29, 2018. In addition to two major bills relating to federal tax reform, Georgia enacted several other pieces of notable tax legislation....more

Six Tips for Tribal Governments to Reduce Tribal Member Taxes in 2018

Holland & Knight LLP on 2/26/2018

• President Donald Trump on Dec. 22, 2017, signed the Tax Cuts and Jobs Act, the first major overhaul of the U.S. tax system in over 30 years. • Although few of the enacted provisions are specific to Indian Country, several...more

The New Tax Law: Impact on Illinois Local Governments

Holland & Knight LLP on 1/10/2018

The new tax reform law – the Tax Cuts and Jobs Act – has been extensively reported in a variety of media outlets. Most discussions focus on the reduction in individual and corporate tax rates, the availability of deductions...more

Virginia Real Property Tax Prepayment Limitation Under the New Federal Income Tax Law

Williams Mullen on 12/29/2017

Many individual taxpayers are rushing to prepay their real property taxes in anticipation of the new lower cap of $10,000.00. Not everyone will be able to take advantage of the tax planning idea. ...more

Current Issues for Higher Education Real Estate Lawyers

Bowditch & Dewey on 11/9/2017

Campus Real Estate, Property Management, Tax Credits The 15th Annual Higher Education Real Estate Lawyers conference was held in San Francisco, where attendees listened to and learned from both in-house and outside counsel at...more

Spotlight On Alabama: A Busy Tax Year in Review

Baker Donelson on 10/29/2015

It has been a busy year for developments in Alabama state taxation. In this tax alert we review many of the significant developments that have occurred over the last 12 months....more

North Carolina Tax Reform (2015 Edition)

Smith Anderson on 9/25/2015

North Carolina’s General Assembly is continuing the overhaul of the State’s tax system that it began in 2013. That year, the General Assembly slashed corporate and individual tax rates, eliminated many income tax deductions...more

Tax Changes Made by Maine's 127th Legislature

Pierce Atwood LLP on 8/24/2015

The Maine Legislature ended its tumultuous session on July 16, 2015. After an advisory opinion by the Maine Supreme Court, we now know which bills actually became law. As usual, a number of significant tax issues were...more

Property Valuation Topics: Winter 2015

Pullman & Comley, LLC on 2/11/2015

Thorny Exemption Issue Discussed - Limited Liability Company X owns property in the Town of Windham which it leases to Corporation Y. Both entities are tax exempt under the Internal Revenue Code. Both entities...more

The Broad Reach of the Internal Revenue Code’s Taxing Power

Holland & Knight LLP on 3/4/2014

Two interesting stories coming out of California were reported in the media last week, both of which dealt with the issue of what constitutes taxable income. Generally speaking Internal Revenue Code Section 61 defines what...more

Revised Rev. Proc. 2014-12 Clarifies New Guidance on Rehabilitation Tax Credits

Williams Mullen on 1/13/2014

On January 9, 2014, the Internal Revenue Service (“IRS”) issued a revised version of previously released Rev. Proc. 2014-12, providing a safe harbor for the allocation of IRC Sec. 47 rehabilitation tax credits in tax credit...more

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Property Tax › Internal Revenue Code (IRC)

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