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|Warning If You Have Not Paid Your 2012 Real Estate Taxes!|
Michael Ryan; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
April 27, 2015, previously published on April 15, 2015Some investor landowners and lender REO departments are holding Florida real estate and, for cash flow reasons, are not paying the real estate taxes. Some lenders are in workout or foreclosure mode holding a mortgage on distressed real estate. Real estate investors, REO holders, and mortgage...
|Ukrainian Legislative Developments on Real Estate Tax|
Myron B. Rabij; Dentons Canada LLP;
April 21, 2015, previously published on January 13, 2015Pursuant to the changes introduced to the Tax Code of Ukraine by the new Law of Ukraine No. 71-VIII dated 28 December 2014 which entered into force on 1 January 2015, new tax provisions with respect to immovable property tax have been implemented.
|Is Your Real Property Tax Too High? Now is the Time to Consider a Protest or Appeal|
Laura J. Genovich, Steven L. Owen; Foster, Swift, Collins & Smith, P.C.;
March 20, 2015, previously published on March 6, 2015As a result of an improving Michigan economy, real property values have been on the rise, and property taxes are following suit. Tax assessors have been busy at work assessing property values during January and February. If you own personal or commercial real property you either have, or will soon...
|Not So Fast My Friend: Tax Court Holds That A Part-Time Landlord Was Not Really A Real Estate Professional|
Matthew R. Ottemann; McGrath North Mullin & Kratz, PC LLO;
March 20, 2015, previously published on 1st Quarter, 2015Many people invest in rental real estate as a way to build wealth and invest for the future. However, one negative aspect of real estate investing is that, for many small-time investors, losses incurred in rental real estate cannot be immediately deducted. This is because of the IRS’ rules on...
|Tenth Circuit Deals Blow to Donor of Conservation Easement on Land Subject to Mortgage|
David M. Wooldridge; Sirote & Permutt, P.C.;
March 19, 2015, previously published on January 12, 2015Last week, the Tenth Circuit upheld the Tax Court's decisions Mitchell v. Commissioner, 138 T.C. No. 16 (2012), mot. for reconsideration denied, T.C. Memo 2013-204, to completely deny the taxpayer's deduction for the donation of a conservation easement where the donor failed to subordinate the...
|New Tax Court Conservation Easement Case: Balsam Mountain Investments, LLC Applying Belk|
Ronald A. Levitt; Sirote & Permutt, P.C.;
March 19, 2015, previously published on March 13, 2015The Tax Court issued its opinion in another Conservation Easement case, Balsam Mountain Investments, LLC v. Commissioner, T.C. Memo 2015-43 (J. Morrison) that involves an easement given in Jackson County, NC relating to a 22 acre tract of property. The Easement deed reserved to the landowner rights...
|Fourth Circuit Disallows $10 Million Conservation Eeasement Deduction by Imposing a Strict Requirement that Property Boundaries Be Fixed Perpetually, and Court Disregards the Easement's Savings Clause|
David M. Wooldridge; Sirote & Permutt, P.C.;
March 19, 2015, previously published on January 7, 2015Last month, the Fourth Circuit handed down its decision in Belk v. Comm'r, which is the first Appellate court opinion to interpret the Section 170(b)(2) requirement of a “qualified real property interest” in the context of donating a conservation easement. The Fourth Circuit held that...
|Congressional Tax Exemption on Federal Mortgage Entities; Alabama Business Privilege Tax Act|
Ashten Kimbrough Seay; Sirote & Permutt, P.C.;
March 19, 2015, previously published on January 26, 2015In this week's ALWU, we share with you a decision from the 11th Circuit Court of Appeals and a decision from the Alabama Court of Civil Appeals. The first concerns a Congressional exemption from taxation granted to federal mortgage entities, and the second deals with the Alabama Business Privilege...
|Real Estate Tax Exemption Issue Muddied Again|
Philip H. Lebowitz; Duane Morris LLP;
March 13, 2015, previously published on January 10, 2015On December 23, 2014, the Commonwealth Court of Pennsylvania logged another frustrating mile down the confused and confusing road of property tax exemption for purely public charities. In Fayette Resources, Inc. v. Fayette County Board of Assessment Appeals, the Court overturned a lower court...
|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...