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Documents on Taxation, Real Estate
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|IRS Decision on Florida CDD: Commercial Is Out; Residential May Be In|
Miranda F. Fitzgerald, Jason W. Johnson, Michael Ryan; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
June 14, 2013, previously published on June 11, 2013Community Development Districts are creatures of state law. They are quasi-governmental entities typically created for the purposes of issuing tax exempt bonds in order to finance the construction of real estate development infrastructure. Approximately 600 CDD’s currently exist in Florida....
|Rhode Island Real Estate Tax Appeals for Non-Profit Organizations|
M. Hamza Chaudary, Elizabeth McDonough Noonan; Adler Pollock & Sheehan P.C.;
June 13, 2013, previously published on June 2013It is clear that the municipalities in Rhode Island are facing tough financial times. Municipalities are eagerly searching for new sources of tax revenue to meet budgetary shortfalls. Unfortunately, this search has led to the assessment of real estate taxes on non-profit organizations, which...
|Three Major Lessons Taxpayers Can Learn from the IRS Scandal|
James E. Brown, Antoinette L. Ellison, Lynn E. Fowler, Charles E. Hodges, Susan S. Hu; Kilpatrick Townsend & Stockton LLP;
June 13, 2013, previously published on June 12, 2013On May 14, 2013, the Treasury Inspector General for Tax Administration (TIGTA) issued a report finding that beginning in early 2010, the IRS used “inappropriate criteria” to identify organizations applying for tax-exempt status under Internal Revenue Code section 501(c)(4), commonly...
|Tax Consequences of Short Sales and Foreclosures|
Edward Gonzalez PC;
June 3, 2013, previously published on Spring 2011Homeowners can incur tax liability when a lender forgives debt in a short sale or foreclosure. This question and answer discusses how this can happen and what to do to avoid it.
|Immediate Tax Deducts For Accrued Property Transfer Taxes|
Michael Rainer, Michael Rainer; GRP Rainer LLP;
May 22, 2013, previously published on May 22, 2013Whether real estate is being acquired entirely new in the context of property acquisition or if it was already in the partnership’s possession is an important fact.
|Taxpayer Successfully Exchanges His Former Residence under Section 1031|
Loeb Loeb LLP;
May 20, 2013, previously published on May 2013In 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...
|Philadelphia Tax Alert|
S. David Fineman, Gary A. Krimstock; Fineman Krekstein & Harris, P.C.;
May 15, 2013Over the last year, there has been uncertainty regarding Philadelphia real estate taxes for tax-year 2013. Recently enacted state legislation along with unsettled and shifting budget discussions at Philadelphia City Council have added to the confusion. Accordingly, we have summarized below some...
|Now You See It, Now You Don’t! The Demise of the Mexican Residential Trust (Fideicomiso), International Tax Consequences and Planning Considerations|
Enrique Hernandez-Pulido; Procopio, Cory, Hargreaves & Savitch LLP;
May 9, 2013, previously published on April 29, 2013Mexico has had a long standing Constitutional limitation on how foreign individuals and entities can hold title to real estate within
Mexico. Direct foreign ownership is allowed outside the “restricted zone” of 100 kilometers along the borders and 50 kilometers along the coasts, as...
|Adverse Possessor Of Religious Nonprofit’s Land Does Not Need To Pay Property Taxes To Obtain Title To Land|
Kronick Moskovitz Tiedemann Girard A Law Corporation;
April 17, 2013, previously published on April 16, 2013The law of adverse possession allows persons to obtain legal title to property by occupying the property for at least five years, and satisfying other requirements such as the payment of taxes on the property. In practice, the tax payment requirement prevents most occupiers from successfully...
|Court Finds Lien Holder Not Entitled to Redeem Real Estate Subject to Tax Foreclosure|
Benjamin Hoen; Weltman, Weinberg & Reis Co., L.P.A.;
April 15, 2013, previously published on April 10, 2013When a homeowner fails to pay property taxes, Ohio law requires the County Treasurer to commence foreclosure proceedings before the property can be sold at Sheriff's auction in order to satisfy delinquent taxes.