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|Zoning and the Fifth Amendment: When do Zoning Regulations “Go Too Far”?|
Scott H. Hogan, Julie C. LaVille; Foster, Swift, Collins & Smith, P.C.;
March 20, 2015, previously published on March 6, 2015The Michigan Court of Appeals recently rejected a landowner’s challenge of a zoning restriction as a regulatory taking requiring just compensation under the Fifth Amendment. In Grand/Sakwa of Northfield, LLC v. Twp. of Northfield, 304 Mich. App. 137, 851 N.W.2d 574 (Mich. Ct. App. 2014), the...
|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...
|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...
|Supreme Court Rules for Borrowers In Decision Clarifying Rights of Rescission Under Truth in Lending Act|
Steven L. Owen, Patricia J. Scott; Foster, Swift, Collins & Smith, P.C.;
March 20, 2015, previously published on March 6, 2015The Truth in Lending Act (TILA) grants borrowers certain rights, including the right to rescind or cancel a mortgage contract within three days of signing the mortgage. It also gives borrowers three years to rescind if the lender fails to provide all of the required disclosures at closing. The...
|Who Gets the House?|
Thomas D. Begley, Douglas M. Nelson; Capehart & Scatchard, P.A.;
March 20, 2015, previously published on March 19, 2015Frequently, disputes arise between the executors and beneficiaries of an estate concerning the disposition of a deceased individual’s home. (The content of this blog applies to administrators of intestate estates and trustees of revocable living trusts as well. However, to make the reading...
|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...
|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...
|New Jersey Supreme Court Puts Question of Affordable Housing Compliance Back in the Trial Courts|
Robert Beckelman, Steven Firkser, Meryl A.G. Gonchar; Greenbaum, Rowe, Smith & Davis LLP;
March 19, 2015, previously published on March 15, 2015On March 10, 2015, in a unanimous (6-0) decision, the New Jersey Supreme Court clarified the procedures for determining affordable housing in the 566 municipalities in the state. The Court’s decision in In re Adoption of N.J.A.C. 5:96 & 5:97 dissolved the administrative remedy for...
|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...