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Income Taxes › Section 1031

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
McNees Wallace & Nurick LLC

PA DOR Issues Guidance On Like-Kind Exchanges

McNees Wallace & Nurick LLC on

On September 27, 2022, the Pennsylvania Department of Revenue (“DOR”) issued a revision of Personal Income Tax Bulletin 2006-07 (the “Bulletin”), which confirms that recent Pennsylvania legislation reversed longstanding...more

Foster Garvey PC

Tax Planning Out of Fear Usually Doesn’t End Well

Foster Garvey PC on

It is not unreasonable to anticipate that there will be a federal tax policy transformation following a change in the political control of the White House, the U.S. Senate and the U.S. House of Representatives. What may be...more

Sheppard Mullin Richter & Hampton LLP

Code Section 1031 Like Kind Exchange Deadlines Extended

Sheppard Mullin Richter & Hampton LLP on

On April 9, 2020, the IRS issued Notice 2020-23 (the “Notice”) which expands the filing and payment deadline relief announced by the Internal Revenue Service (“IRS”) in March. The March announcement gave taxpayers until July...more

Foster Garvey PC

President Obama’s Administration Continues Its Quest to Limit the Ability to Defer Income Under IRC § 1031

Foster Garvey PC on

As reported in my November 2014 blog post, President Obama’s administration wants to limit taxpayers’ ability to defer income under IRC § 1031. In response to former House Ways and Means Committee Chairman David Camp’s...more

BakerHostetler

Keep Your Collection Away from the Collectors: Tax Planning for Fine Art

BakerHostetler on

Appreciation of fine art can create challenging tax issues, but with proper planning collectors can minimize the estate, gift, and income tax consequences of their collections. For taxpayers hoping to keep their works...more

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