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|Own a Stake in a Million-Dollar Residence? The IRS's New Policy May Benefit You!|
Duane Morris LLP;
October 7, 2016, previously published on August 30, 2016While it is common knowledge that the Internal Revenue Service (IRS) allows a deduction for mortgage interest, many are unaware of the limits on the amount of the tax deduction. A taxpayer may deduct interest on up to only $1 million of acquisition indebtedness, plus interest on up to $100,000 of...
|Generating Steam Heat: Materials and Labor Used to Build Power Plant Exempt From Florida Sales Tax|
Jonathan A. Feldman, Michael J. Kerman; Sutherland Asbill & Brennan LLP;
October 6, 2016, previously published on October 6, 2016The Florida Department of Revenue advised that certain materials and labor a taxpayer plans to use to construct a combined heating and power plant will be exempt from Florida sales and use tax. The plant will produce electricity for sale. Florida exempts purchases of machinery and equipment...
|Jointly-Owned Property: Not Always the Right Plan|
Cheryl A. Jones; Pessin Katz Law, P.A.;
October 6, 2016, previously published on September 23, 2016For any number of reasons, you have decided to add a partner, child, or close friend as a joint owner on one or more of your assets. Perhaps you are concerned about becoming disabled, and want to know that your loved one can easily pay your bills and manage things for you. Perhaps you want to...
|An Update on Mrs. Clinton’s Estate Tax Proposals|
Charles Reid Barrineau, Edward H. Brown, Joshua A. Ehrenfeld, James M. McCarten, Allen Sullivan; Burr & Forman LLP;
October 3, 2016, previously published on September 2016Since we published our Burr Alert summarizing each presidential candidate's estate tax proposals earlier this month (FAMILY-CONTROLLED BUSINESSES -- TAX TARGETS AGAIN: Newly Proposed 2704 Regulations and Presidential Candidates' Positions ("Tax Targets Again")), Mrs. Clinton has expanded...
|Empty Miles, Empty Factor? Texas Comptroller Clarifies "Empty Miles" Treatment in Transportation Apportionment Factor|
Timothy A. Gustafson, Chelsea E. Marmor; Sutherland Asbill & Brennan LLP;
October 3, 2016, previously published on October 4, 2016The Texas Comptroller of Public Accounts issued a franchise tax letter clarifying that “total mileage” for purposes of computing the Texas special apportionment formula for transportation receipts may either include or exclude “empty miles” provided symmetry is maintained...
|Kentucky Court of Appeals Finds Retroactive Statute Constitutional|
Andrew D. Appleby, Chelsea E. Marmor; Sutherland Asbill & Brennan LLP;
October 3, 2016, previously published on October 3, 2016The Kentucky Court of Appeals held that a Kentucky statute, which retroactively reduced vendors’ 1% deduction of the sales tax collected and remitted to Kentucky to $1,500 in any monthly reporting period, did not violate the Kentucky Constitution. Wal-Mart argued that the statute violated the...
|Reversing Course—Proposed Regulations Reverse IRS Ruling Position on Treatment of Income from CFCs and PFICs for RIC Qualification Purposes|
Michael R. Miles, David A. Roby, Rich Sun; Sutherland Asbill & Brennan LLP;
October 3, 2016, previously published on October 3, 2016On September 27, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) issued proposed regulations (REG-123600-16) (the Proposed Regulations) under section 851 addressing the income test applicable to regulated investment companies (RICs) that hold interests in certain...
|Proposed Changes to Dutch Dividend Withholding Taxation|
Suzanne Hop, Reinier van de Steenoven, Thomas van der Vliet; Greenberg Traurig, LLP;
September 30, 2016, previously published on September 26, 2016Currently, dividend distributions from corporations such as NVs and BVs that are residents of the Netherlands are generally subject to a 15 percent Dutch dividend withholding tax. This rate may be reduced under an applicable tax treaty. A Dutch cooperative is, however, not subject to Dutch dividend...
|NYC Tax Appeals Tribunal Finds LLC Owes Real Property Transfer Tax Under Step Transaction Doctrine|
Ted W. Friedman, Charles C. Kearns; Sutherland Asbill & Brennan LLP;
September 28, 2016, previously published on September 23, 2016The New York City Tax Appeals Tribunal held that the Petitioner, a Delaware LLC, owed New York City real property transfer tax (RPTT) on the transfer of an interest in certain real property. The Tribunal applied the step transaction doctrine and treated the contribution of the Petitioner’s...
|Minnesota DOR to Pay Taxpayer's Attorney's Fees from Challenging a Not "Substantially Justified" Assessment|
Eric J. Coffill, Alla Raykin; Sutherland Asbill & Brennan LLP;
September 28, 2016, previously published on September 26, 2016The Minnesota Supreme Court upheld the Minnesota Tax Court’s award of attorney’s fees to a taxpayer that had challenged the Minnesota Commissioner of Revenue’s assessment of sales and use tax. The Minnesota Supreme Court affirmed the Tax Court decision, because it reasonably...