The U.S. Tax Court recently issued an opinion in Parkway Gravel Inc. v. Commissioner, Docket No. 10819-21, respecting the structure of a gravel company's sale of a land parcel known as the Freeway Pit. In finding for the...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
Section 1031 of the tax code allows sellers of investment property to defer capital gains if the proceeds are reinvested in "like kind" property within certain timeframes. Prior to 2018, 1031 exchanges could be used for many...more
Business owners have long taken advantage of the tax deferral benefits of so-called “1031 exchanges” or “like-kind exchanges.” Generally, an exchange of property, like a sale, is a taxable event. However, Section 1031 of the...more
President Trump just signed into law the most significant tax reform legislation since 1986. This legislation, formerly known as the Tax Cuts and Jobs Act (“the Act”), impacts aircraft owners directly. Beginning in 2018,...more
One of the most difficult challenges for owners of family-owned businesses is finding a way to turn their equity in the business into cash. Also, after putting years of hard work into a business, owners often have a desire...more
There is a long list of reforms that the Trump administration intends to tackle and one of the items on the list is tax reform. Although there are multiple proposals by various players and significant variations among the...more
The oldest of the 75 million baby boomers have begun turning 70 in 2016. Becoming a septuagenarian is a milestone in itself, but it also means that soon the IRS will likely be expecting you to start cashing out your...more
With the top tax bracket at nearly 40 percent, Indian tribes making substantial per capita distributions are asking what they can do to reduce their members’ tax liabilities. One option to consider is a deferred per capita...more