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Limited Liability Company (LLC) Business Expenses

Rivkin Radler LLP

Taxing A Foreigner’s Sale of a Partnership Interest – Déjà Vu All Over Again

Rivkin Radler LLP on

There is no denying that many parts of the Code are complex and, in some cases, too obscure for many “laypersons” to comprehend. Over time, this reality spawned the need for advisers who are both knowledgeable and experienced...more

Patton Sullivan Brodehl LLP

Can an LLC Member be Forced to Contribute to the LLC’s Debts?

Members of an LLC are required to pitch in equally for the LLC’s expenses and debts, right? Generally, no....more

Nutter McClennen & Fish LLP

Enhancing Investment Returns by Addressing Book/Tax Differences

Many business entities are LLCs. Usually, LLCs are taxed as partnerships. Like all tax partnerships, LLCs are subject to partnership tax rules. Applying those rules to your advantage can greatly enhance investment returns....more

Bowditch & Dewey

Are Your Unreimbursed Partner’s Expenses Deductible?

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Since the Tax Cuts and Job Act of 2017 (TCJA) was passed, a little-known deduction for unreimbursed partner’s expenses (UPE) has taken on more significance. Partner’s in partnership and members of an LLC often incur...more

Buckingham, Doolittle & Burroughs, LLC

Ohio Sales & Use Tax: Resale exemption denied where lease amongst related parties lacked a substantive business purpose.

Businesses commonly use what is referred to as a “dry lease” to obtain use of a corporate aircraft for several reasons. One benefit of these arrangements is the lessor’s ability to claim the resale exemption on the aircraft’s...more

Williams Mullen

IRS Gets “Bageled” in Tax Court Over Family Office Expenses

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A recent case, Lender Management LLC v. Commissioner of Internal Revenue, T.C. Memo. 2017-246, has created a window of opportunity for family offices to restructure their affairs and potentially deduct certain family office...more

Morgan Lewis

Benefit Corporations May Expense Payments to Charities

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In a General Information Letter addressing the tax treatment of benefit corporations, the Internal Revenue Service (IRS) stated that a taxable benefit corporation may deduct payments to charities as business expenses (and...more

Morrison & Foerster LLP

MoFo New York Tax Insights - Volume 7, Issue 10

Recent unpublished NYC Department of Finance Letter Rulings - We have obtained under the Freedom of Information Law several Finance Letter Rulings of interest, most involving the New York City real property transfer tax,...more

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