Tax Exemptions

News & Analysis as of

Projected Inflation-Adjusted Estate, Gift and GST Tax Exclusion Amounts for 2017 Now Available

Based on the Consumer Price Index for the 12-month period ending August 31, 2016, Thompson Reuters Checkpoint has released their projected inflation-adjusted Estate, Gift, GST tax, and other exclusion amounts for 2017, as...more

Offshore Companies in the UAE

Whether there is a need to restructure a business, to protect assets or simply develop an international presence for a business, one of the ways of doing so, is by opening an Offshore company....more

IRS Continues Trend of Flexibility for Qualified Management Agreements (QMA’s) for Hotels Financed With Tax Exempt Bonds

The US Internal Revenue Service (IRS) recently continued a trend of pronouncements further extending flexibility in structuring a Qualified Management Agreement (QMA) for a hotel financed with tax exempt bonds without...more

California Ballot 2016: Pros and Cons of Props 62-67

This is part three of our ongoing series, California Ballot 2016, summarizing each of the 17 state-wide measures voters will encounter on the November ballot. Click these links: Props 51-56, or Props 57-61 to catch up on the...more

House Tax Policy Review Committee Update - Public Policy Alert from the South Carolina State House

The House Tax Policy Review Committee held its second meeting on Tuesday, September 13th, to discuss income and sales tax issues and statistics. Gordon Shuford with the South Carolina Revenue and Fiscal Affairs Office made a...more

Florida Open for Captive Insurance Business

After several decades, Florida is back in the business of licensing captive insurance companies. On Aug. 11, 2016, the Florida Office of Insurance Regulation issued a license to a nonprofit Florida corporation, pursuant to...more

Clinton and Trump Propose Diametrically Opposed Tax Plans

The tax plans proposed by the candidates are perhaps the most conventional element in an unconventional election year as both plans hew closely to their parties' proposals. In the broadest sense, Secretary Clinton's tax plan,...more

Put Me in Coach! Using Split Dollar Life Insurance Plans to Compensate Division I Coaches

In August 2016, the national sports media provided details regarding the compensation package for Coach Jim Harbaugh at the University of Michigan. It comes as no surprise to anyone that Division I football and basketball...more

The next chapter - A new bond linking financial returns to environmental or social goals could thrive. But securities law...

Shakespeare’s Juliet may not have ascribed great significance to a name but for securities lawyers and market participants alike there is significance to nomenclature. Social impact bonds, or investments that are intended to...more

Alabama Legislature Signals Reexamination of Tax Incentives and Exemptions: State and Local Tax Alert: Alabama Edition

Following a contentious special session in which multiple proposals for a state-wide lottery were debated then abandoned, the Alabama Legislature adjourned on September 7 after approving an approximate $640 million bond issue...more

MoFo New York Tax Insights - Volume 7, Issue 9

Appellate Division Holds That NYS Tax Department Properly Withheld Documents Requested Under FOIL - In a unanimous decision, the Appellate Division affirmed a decision of the Supreme Court, Albany County, which had...more

No Recess - The Importance of Post-Issuance Compliance Policies and Procedures for New York State School Districts

Tax-exempt bonds and notes, the interest on which is exempt from federal income taxation, are routinely issued by school districts across New York State to finance a wide variety of capital projects and to refinance existing...more

Taxation of termination payments – new government proposal will erode the scope of the £30,000 exemption

In July 2015, the government published a consultation on proposals to reform the tax treatment of termination payments, which was widely discussed with stakeholders. Nine months after the end of that consultation, the...more

The sukuk experience in Turkey

Turkey's government is determined to make Istanbul a financial hub for Islamic finance, regionally and globally. With a GDP of US$733.6 billion in 2015 according to the IMF, Turkey is the 18th largest economy in the world,...more

Holding Assets in Trust for the Next Generation

Over the past few years, we have seen a dramatic increase in the number of clients interested in holding assets in trust for their children. This is a trend we are noticing across the board, regardless of the size of the...more

IRS Issues New Management Agreement Safe Harbor Provisions, Providing Enhanced Flexibility for College and University Food...

New management agreement guidelines were issued by the IRS today in a new Revenue Procedure (Rev. Proc.) 2016-44. Rev_Proc_2016-44 provides revised safe harbors under which a private management contract does not result in...more

Government Set to Overhaul Taxation on Termination Payments

Currently, non-contractual compensation payments made solely on account of termination of an individual’s employment enjoy a favourable tax treatment in two respects – the payment can be made without deduction of income tax...more

Changes to tax treatment of termination payments

The UK Government has announced changes to the tax treatment of termination payments following the conclusion of its recent consultation. Draft legislation has now been published which will come into force in April 2018....more

D.C. Circuit Court Gives Victory to Conservative Non-Profit Groups Targeted by IRS

Last week, the U.S. Court of Appeals for the D.C. Circuit reversed two district court decisions that had dismissed the claims of dozens of conservative non-profit organizations (the "Plaintiffs") in the Internal Revenue...more

Videocast: Sutherland SALT Scoreboard – 2nd Quarter Highlights [Video]

Sutherland SALT tracks and tallies significant state and local tax litigation wins and losses in the quarterly Sutherland SALT Scoreboard publication. In this videocast, Charles C. Capouet and Elizabeth S. Cha share the...more

California Health Care District Financing Techniques

Across the nation, the delivery of health care services is undergoing a period of transformation. Much of this change is being driven by The Affordable Care Act signed into law in 2010. Many hospital facilities in...more

Insight on Estate Planning - August/September 2016

In This Issue: - Alternate valuation date: Flexible postmortem planning a plus when markets are volatile - The write stuff: A letter of instructions - Making the most of your GST tax exemption - Estate...more

Portability: A Useful Estate Planning Tool

The concept of "portability" in estate planning is the most substantial change to the estate planning landscape for married couples in recent memory. Introduced as a temporary feature by the 2010 Tax Relief Act, portability...more

The Economic Development Toolbox: Downtown Redevelopment Districts Provide Additional Economic Development Tools for Ohio...

On May 6, 2016, Governor Kasich signed Am. Sub. House Bill 233 (“H.B. 233”) authorizing Ohio municipalities to create Downtown Redevelopment Districts (“DRDs”) to encourage the rehabilitation of historic buildings and...more

Sales Tax Exemption for Manufacturing Held Inapplicable for Oil and Gas Equipment, but Questions Remain

Southwest Royalties, Inc. v. Hegar, No. 14-0743 (Tex. June 17, 2016)(“Southwest”), addresses the applicability of a sales tax exemption for property sold for use in manufacturing in the context of oil and gas production....more

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