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Documents on Taxation, Real Estate
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|Determining the IRS’s Fair Share: Considering Discounts to Establish the Value of Interests in Artwork for U.S. Transfer Tax Purposes|
William E. Keenen; Greenberg Traurig, LLP;
February 25, 2015, previously published on December 18, 2014 Under U.S. law, a tax generally is imposed whenever one individual gratuitously transfers an interest in property to another. This tax is computed on the value of the property interest transferred, whether during one’s life (to which the gift tax applies) or at one’s death (to which the...
|NY Sales Tax Hits Passive Investors in Limited Partnerships and Limited Liability Companies|
Eric Homsi, Mark A. Limardo; Olshan Frome Wolosky LLP;
February 6, 2015, previously published on January 12, 2015Next time you think about investing some “play” money in your friend’s trendy new restaurant, make sure you know what you’re getting into. If you’re not careful, you could find yourself on the hook for much more than you bargained for.
|Avoid Taxes by Entering into a Cottage 1031 Safe Harbor|
Kate E. Flewelling; Smith Haughey Rice & Roegge, P.C.;
October 23, 2014, previously published on October 2, 20141031 exchanges are often considered by real estate investors when they look to cash out of an investment. Generally speaking, a 1031 exchange (also referred to as a “like-kind exchange”) is a swap of one business or investment asset for a similar asset. For example, you own asset X,...
|Pennsylvania: The Business Privilege Tax does not Apply to the Rental Real Estate Business|
McDonald Hopkins LLC;
October 18, 2014, previously published on October 9, 2014In Fish, Hrabrick and Briskin v. Township of Lower Merion, the Commonwealth Court of Pennsylvania concluded that the imposition of the business privilege tax (BPT) on the appellants’/lessors’ (Appellants) rental income, defined as gross receipts from lease transactions, violates the...
|SDLT and Property Investment Funds|
October 16, 2014, previously published on October 2014The UK government has announced that it will be looking at whether any changes are needed to current stamp duty land tax ("SDLT") rules to cater for two specific forms of collective investment scheme designed for investors in the UK market.
|Commonwealth Court Rules that Pennsylvania Municipalities May Not Impose Business Privilege Tax on Rental Real Estate Business|
David M. Kuchinos; Blank Rome LLP;
October 7, 2014, previously published on October 2014Action Item: In a decision with wide-ranging implications and potential refund opportunities, Pennsylvania’s Commonwealth Court ruled on September 19th that Pennsylvania municipalities (other than Philadelphia) may not impose their business privilege tax (“BPT”) on a rental real...
|Tax Tangles: REIT Spinoffs: Opportunities and Issues|
Michael J. Grace; Whiteford, Taylor & Preston L.L.P.;
September 30, 2014, previously published on September 29, 2014This installment of Tax Tangles explains why more and more companies find enticing the prospect of transferring their real estate to a Real Estate Investment Trust (“REIT”) and highlights tax and business issues to consider in contemplating this strategy.
|Recent Developments Pertaining to Ohio Tax Foreclosures|
Benjamin Hoen; Weltman, Weinberg & Reis Co., L.P.A.;
September 23, 2014, previously published on September 9, 2014 There have been several recent developments in Ohio concerning Tax Foreclosures. First, on September 2, 2014, the Ohio Supreme Court issued a decision clarifying a lien holder's standing to redeem properties from tax foreclosure, by paying the taxes prior to the confirmation of the sale. Second,...
|Pay your Taxes before your Lender Redeems your Property|
Stephen D. Richman; Kohrman Jackson & Krantz PLL;
September 10, 2014, previously published on September 8, 2014A mortgage holder has the right to redeem (take back) real property that is the subject of a real estate tax foreclosure when the owner does not pay taxes on the land, according to the recent decision of the Ohio Supreme Court in In re Foreclosure of Liens for Delinquent Land Taxes v. Parcels of...
|Should You Rely On The IRS’ Thoughts Today When Planning For Your Spouse’s Future?|
Michael D. Shelton; Smith Haughey Rice & Roegge, P.C.;
August 29, 2014, previously published on August 18, 2014For many people retirement assets such as Individual Retirement Accounts (IRA) make up the largest portion of their wealth. IRAs are the assets that you hope to consume during your retirement years. You and your spouse worked hard to save these assets and, in many cases, you probably consider them...