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|New Five-Year Incentive In Cook County Expands Availability Of Property Tax Relief|
Zachary A. Kafitz, James B. Sarnoff; Sarnoff & Baccash;
June 8, 2016, previously published on Fall 2014The Class 7c Incentive or Commercial Urban Relief Eligibility (¿CURE¿) is a new five-year commercial property tax Incentive in Cook County that is targeted to help commercial property owners throughout the County by reducing a property¿s tax burden by essentially 60% for three years; 40% in year 4...
|Good News on “Bad Boy” Guarantees - IRS Reverts to Prior Position in Recent Legal Advice Memorandum|
Daniel O. Gaquin, Sohail Itani, Jeffrey A. Moerdler, Abraham A. Reshtick; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
June 6, 2016, previously published on May 12, 2016On April 15, 2016, the IRS released a generic legal advice memorandum (GLAM 2016-001) (the “April GLAM”) addressing the impact of so-called “bad boy” guarantees (also known as nonrecourse carve-out guarantees) on the characterization of underlying partnership debt as...
|Commercial Lease in Default? Practice Pointers for Landlords and Tenants|
Patrick A. Karbowski; McDonald Hopkins LLC;
June 2, 2016, previously published on May 23, 2016Is your commercial lease in default? Is a default looming on the horizon? Here are some practice pointers for landlords and tenants when it looks like a default is looming... or has arrived.
|Condo Contracts: The Need for Full Disclosure|
Raul Valero; McDonald Hopkins LLC;
June 2, 2016, previously published on May 6, 2016The real estate market in South Florida is ever changing, especially the condominium market. The speed in which properties develop is dictated by supply and demand. Some areas of South Florida are experiencing a flurry of development. As a result, litigation has also increased, and questionable...
|New Law Allows Cooperatives to Perform All
Activities and Prescribes Registration of
Katarina Djuric; TSG Law Office Tomic Sindjelic Groza;
May 26, 2016, previously published on May 24, 2016As of January next year, cooperatives and cooperative societies will be able to perform not only the current activities (typical of farmers’, agricultural, housing, student & youth cooperatives), but also all other activities not prohibited by the law.
|Introduction to Ontario’s Community Hubs Strategic Framework and Action Plan|
Brennan M. Carroll, Webnesh Haile, Nick G. Pasquino; Borden Ladner Gervais LLP;
May 26, 2016, previously published on April 22, 2016 The concept of multiple organizations sharing space and resources is not a new one. Since 2015, however, the Ontario government has expressed a new dedication to fostering these collaborations as a key element of the cost-efficient and effective delivery of services to Ontario's diverse...
|FASB Lease Accounting Changes|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
May 18, 2016, previously published on March 17, 2016The Financial Accounting Standards Board (FASB) is expected to finalize new lease accounting standards (“Standards”) within the coming months which will have very real consequences for owners and lessees alike. Under current accounting standards, a lease is classified as a...
|Do a Good Deed|
Jeffrey R. Huntsberger; McDonald Hopkins LLC;
May 16, 2016, previously published on March 8, 2016People often pay little attention to the instruments by which they convey or acquire real estate. This can be cause for concern, considering the value of the asset being transferred.
|Potential Pitfalls of New GAAP Rules Related To Leases|
Chad J. Richman; McDonald Hopkins LLC;
May 16, 2016, previously published on March 7, 2016On February 25, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02 Leases (Topic 842). Generally, a lessee under a lease with a term of 12 months or more will be required to recognize lease assets and lease liabilities on its balance sheet beginning...
|Open Permits Can Cause Headaches For Property Owners|
Gary M. Kaleita, Adam R. Lewis; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
May 10, 2016, previously published on April 8, 2016Permits are often an overlooked component of real estate transactions. So-called “open” permits can cause headaches for owners who are selling or financing their property. While title searches disclose encumbrances such as liens, mortgages, easements and restrictions, they do not...