It is a basic principle of the income tax that the gain or loss realized by a taxpayer from the conversion of property into cash, or from the exchange of property for other property that differs materially in kind from the...more
The Pennsylvania Statute of Repose for Improvements to Real Property, 42 Pa. C.S. § 5536 (PA Statute of Repose) is a powerful tool that provides protections to persons lawfully performing or furnishing the design, planning,...more
The Inflation Reduction Act of 2022 made significant modifications and additions to the energy credit available under Section 48 of the U.S. Internal Revenue Code of 1986, as amended (the “Code” and such credit, the “Section...more
Continuing with our series on the implications of the application of Section 704(c), the below discussion addresses the use of the traditional method with curative allocations. In Part 1 [insert link] we gave a broad overview...more
Property rights and the protection of personal belongings are essential aspects of any society governed by the rule of law. In the UAE, specific laws and regulations are in place to safeguard property....more
In Part 1 of our discussion on Section 704(c) (Part 1) we described the basic idea of how the inherent built-in tax gain or loss on a piece of property contributed to a partnership is allocated to the contributing partner. As...more
On October 21, 2022, the Supreme Court of Canada (the "SCC") released its decision in Annapolis Group Inc. v Halifax Regional Municipality, 2022 SCC 36 (“Annapolis”), affirming and clarifying the test for constructive taking,...more
As failed commercial property deals go, the one at the heart of Miriam Equities, LLC v. LB-UBS-2007-C2 Millstream Road LLC, 2022 NCBC 3, was not outside the norm for a Business Court transaction autopsy. There was a missed...more
The South Carolina Department of Revenue’s Government Services Division has issued a Decision giving South Carolina counties guidance regarding the 2019 tax sale in the wake of the South Carolina Supreme Court’s opinion in...more
Court Declines To Rescind Policy Based On Issues Of Fact As To Materiality Of Alleged Misrepresentations- Union Mutual disclaimed coverage for a fire loss at its insured’s restaurant and sought to rescind its policy based...more
On August 6, 2021, DEO updated their guidance to redefine the term “initiated” to also include “the Department will consider a proposed plan amendment to be 'initiated' on the date…...more
In my last post, “Real Estate Alphabet Soup: O is for Option” I continued my primer on the “alphabet soup” of real estate. This post continues to stir the “alphabet soup” with the letter “P.”...more
The Gift of a Remainder Interest in a Personal Residence Or Farm to Charity is a special technique that fits a small set of charitable donors. For those to whom it does apply, historically low interest rates make now the time...more
A declaratory order issued by the Federal Energy Regulatory Commission (the Commission) on January 30 in Docket No. RP20-41-000 grants pipeline developers greater certainty in planning and siting construction. The order was...more
In a ruling with far-reaching implications, the U.S. Court of Appeals for the Second Circuit recently held that pre-announcement information at the Centers for Medicare & Medicaid Services (CMS) about reimbursement rates...more
A mental image of a building sprouting wings and taking to the sky is one way to picture a flying freehold, but mention the phrase to most property lawyers and their hearts will sink. Discovering a flying freehold raises...more
Property boundaries have great significance in law and life. Julius Caesar crossed the Rubicon, the boundary between Gaul and Italy in violation of Roman law, and nothing was the same for him thereafter. ...more