Over the last couple of years, several of my friends have become citizens of the country from which their parents emigrated to the U.S. Also during that period, some acquaintances took advantage of the so-called “golden...more
For the unfamiliar, a 1031 Tax Deferred Exchange is a key mechanism for taxpayers to maximize the sale of business and investment properties. For any current or aspiring real estate investor, this tool—found in Section 1031...more
Capital gains taxes can take a chunk out of the proceeds from an investment property sale – sometimes upward of 30% when federal and state taxes are combined. A 1031 tax deferred exchange is one way to defer paying capital...more
Assumed Liabilities- If a taxpayer were to sell the assets that comprise the taxpayer’s business, they would realize gain if the amount realized by the taxpayer from the sale is more than the taxpayer’s adjusted basis for...more
In 2017, the Tax Cuts and Jobs Act modified the rules for like-kind exchanges to apply only to real property not held primarily for sale. Prior to the Tax Cuts and Jobs Act, exchanges of machinery, equipment, vehicles,...more
OVERVIEW OF QUALIFIED OPPORTUNITY ZONE PROGRAM - The Qualified Opportunity Zone (QOZ) program, introduced in 2017’s Tax Cuts and Jobs Act, is a new incentive program for investments in over 8,700 QOZs located in all 50...more
On July 21, 2016, the IRS issued long-awaited regulations under Section 50 of the Internal Revenue Code (the “Code”) clarifying the manner in which “Section 50(d) Income” is to be recognized in lease pass-through investment...more
The IRS just published long-awaited temporary regulations under section 1.50-1T governing the section 50(d)(5) income inclusion rules. These rules apply to lessees of investment credit property when the lessor elects to treat...more