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Loeb Loeb LLP Los Angeles, GA Document Search Results (95) Show: results per page Sort by:  | Taxpayer Successfully Exchanges His Former Residence under Section 1031
Loeb Loeb LLP;
Legal Alert/Article May 20, 2013, previously published on May 2013 In Adams v. Commissioner (Tax Court, January 10, 2013), the taxpayer owned a home in San Francisco that he occupied as his principal residence. In 1979, the taxpayer moved out of the home and rented it to a tenant. In 2003, the tenant moved out and the taxpayer sold the home through an exchange...
| | President’s Fiscal Year 2014 Budget Contains Numerous Tax Provisions
Loeb Loeb LLP;
Legal Alert/Article May 20, 2013, previously published on May 2013 President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget contains a number of revenue-raising tax provisions. It is far too early to know whether Congress will enact any of these proposed provisions.
| | Tax Court Allows Some Discount in Valuing Fractional Interests in Works of Art
Loeb Loeb LLP;
Legal Alert/Article May 20, 2013, previously published on May 2013 In Elkins v. Commissioner (Tax Court, March 11, 2013), the decedent had owned an art collection consisting of 64 pieces, some of which were paintings by prominent artists including Jasper Johns, Jackson Pollock, Henry Moore, Sam Francis, Cy Twombly, David Hockney, Paul Cezanne, and Pablo Picasso....
| | Co-op Shareholder Permitted To Deduct Assessment for Damage Caused By a Casualty
Loeb Loeb LLP;
Legal Alert/Article May 20, 2013, previously published on May 2013 The United States Court of Appeals for the Second Circuit held that the shareholder of a cooperative housing corporation may deduct as a casualty loss her share of an assessment made to repair damage caused to the corporation's property by a casualty. In Alphonso v. Commissioner (2d Cir., February...
| | Be Careful What You Put In Your E-Mail
Loeb Loeb LLP;
Legal Alert/Article May 20, 2013, previously published on May 2013 The United States District Court for the Eastern District of New York recently held, in connection with a criminal prosecution, that information a lawyer sent to his client by e-mail was not protected by the attorney-client privilege. In United States v. Finazzo (February 2013), an estate planning...
| | California Considering a Bill Requiring Removal of Personal Information from Children's Social Media Accounts
Loeb Loeb LLP;
Legal Alert/Article May 20, 2013, previously published on May 2013 The California Senate has approved Senate Bill 501, which, if enacted, would provide significant fines for social networking sites that fail to remove the personal information of a child within 96 hours of receiving such a request. The bill provides that "a social networking Internet Web site...
| | Vermont Now Allows Entry Fees for Skill-Based Contests
Loeb Loeb LLP;
Legal Alert/Article May 20, 2013, previously published on May 2013 As of April 26, 2013, sponsors of skill-based contests in Vermont can require an entry fee or other consideration for entry.
| | Private Letter Ruling Suggests That Assets Held in a Grantor Trust and Not Included in Grantor’s Estate May Nevertheless Receive a Basis Increase
Loeb Loeb LLP;
Legal Alert/Article May 20, 2013, previously published on May 2013 In PLR 201245006, the IRS addressed a question that has been puzzling tax advisors for years. A person who was not a citizen or resident of the United States created a foreign grantor trust and funded the trust with shares of non-U.S. corporations. Upon his death, the trust provided that its assets...
| | California Launches Campaign to Collect Taxes from Out-Of-State Entities
Loeb Loeb LLP;
Legal Alert/Article May 20, 2013, previously published on May 2013 A common misperception is that an entity formed in a state other than California is not subject to tax by California, which is fueled by a considerable amount of advertising encouraging Californians to save taxes by incorporating out of state. In reality, where an entity is formed has no impact on...
| | Attempt to complete a reverse exchange fails before California State Board of Equalization
Loeb Loeb LLP;
Legal Alert/Article May 20, 2013, previously published on May 2013 In Appeal of Patricia Bragg (SBE, November 2012), the California State Board of Equalization (SBE) determined that the taxpayer had failed in its attempt to complete a reverse like-kind Section 1031 exchange. In a reverse exchange, the taxpayer locates a property he wishes to purchase before he...
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