As previously discussed, the IRS and Treasury identified in July eight Obama era tax regulations that are burdensome on taxpayers. The next step for Treasury was to determine what to do with these regulations, and today we...more
10/4/2017
/ C-Corporation ,
Debt-Equity ,
Deregulation ,
Foreign Corporations ,
IRC Section 2704 ,
IRC Section 367 ,
IRS ,
Regulatory Reform ,
REIT ,
RICs ,
Section 337 ,
Section 385 ,
Summons ,
Transfer of Assets ,
U.S. Treasury
Earlier this year, President Trump issued Executive Order 13789, which ordered the Treasury Department to review all significant tax regulations issued after December 31, 2015 and identify regulations that impose an undue...more
7/18/2017
/ Business Taxes ,
Corporate Taxes ,
Estate Tax ,
Foreign Corporations ,
Generation-Skipping Transfer ,
IRS ,
REIT ,
RICs ,
Section 103 ,
Section 337 ,
Section 385 ,
Tax Reform ,
Trump Administration ,
U.S. Treasury
The IRS has released proposed regulations implementing the new centralized partnership audit rules. These regulations are virtually identical to the regulations that were released and then pulled in January of this year. ...more
6/15/2017
/ Conversion Requirements ,
Foreign Entities ,
Gain Exclusion ,
Income Taxes ,
IRS ,
Opt-Outs ,
Partnership Liabilities ,
Push-Out Requirements ,
REIT ,
S-Corporation ,
Tax Audits
The IRS released a flurry of new rules as the Obama administration came to a close. The attached presentation provides an overview of many of these developments in the partnership and real estate tax area, including a...more
1/25/2017
/ Audits ,
Books & Records ,
C-Corporation ,
Conversion Requirements ,
Disregarded Entities ,
Foreign Entities ,
Partnerships ,
Push-Out Requirements ,
REIT ,
S-Corporation ,
Trusts
One of the key benefits of a real estate investment trust (“REIT”) is that it is effectively a pass through entity for income tax purposes. While a REIT pays tax on its taxable income, it also receives a dividends paid...more
1/19/2017
/ Capital Gains ,
Corporate Taxes ,
Distribution Rules ,
Dividends ,
Income Taxes ,
IRS ,
Pass-Through Entities ,
Protecting Americans from Tax Hikes (PATH) Act ,
REIT ,
S-Corporation ,
Taxable Income
The Department of Treasury and IRS have finalized the regulations defining “real property” for purposes of the REIT rules. The regulations essentially adopt the proposed regulations...more
In a typical real estate transaction, the seller deeds the real property to the buyer. This transaction is simple and straightforward for both buyer and seller. Although it is simple, is it the best structure from a tax...more
Last Friday, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 ("PATH Act"), a permanent extenders package. Several provisions of the PATH Act are of particular importance to REITs. The...more
Earlier this year, I discussed the IRS’s recent no rule policy on spin-offs, and how that would likely have a chilling impact on spin-offs, particularly the common practice of businesses spinning off their real estate in a...more
On Monday, the IRS released Notice 2015-59. In it, the IRS announced that the IRS will no longer issue private letter rulings on whether a distribution satisfies the requirements of Section 355 for a tax-free spin-off where...more
The IRS has released yet another private letter ruling (Letter 201522002) in the REIT area. This time, the IRS addressed the REIT treatment of income from the rental of outdoor advertising space (i.e., billboards). At issue...more
In order to qualify for the tax advantages available for real estate investment trusts (“REITs”), the majority of a REIT’s assets must qualify as “real property”. As the areas that REITs are investing in continue to grow, we...more
In late April, Senator Orrin Hatch introduced Senate bill 915, the Real Estate Investment and Jobs Act of 2015. When a foreign person invests in property in the U.S., that person is subject to U.S. tax when he/she/it...more