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Tax Cuts and Jobs Acts Moves Forward in House and Senate

Trust and Estate Attorney Orlando
Published: November 20th, 2017

By: Kyle C. Griffin Matthew J. Ahearn

On November 16, 2017, the House of Representative passed the Tax Cuts and Jobs Act on a party-line vote (227-205), with several GOP representatives from California, New Jersey, and New York voting against the bill in part because it would reduce the deduction for state and local taxes. Later that same day, the Senate Finance Committee […]

Senate Releases Chairman’s Mark to Tax Cuts and Jobs Act

Trust and Estate Attorney Orlando
Published: November 10th, 2017

By: Kyle C. Griffin Matthew J. Ahearn

On November 9, 2017, the Joint Committee on Taxation released the Description of the Chairman’s Mark of the Tax Cuts and Jobs Act (the “Chairman’s Mark”) that is scheduled for markup by the Senate Finance Committee on November 13, 2017. The Chairman’s Mark shows that the Senate’s concepts for tax legislation contain significant differences from the […]

House Tax Cuts and Jobs Act Contains Significant Tax Changes Impacting Estate Planning

Trust and Estate Attorney Orlando
Published: November 3rd, 2017

By: Matthew J. Ahearn Brian M. Malec

On November 2, 2017, the House introduced the highly anticipated Tax Cuts and Jobs Act (“TCJA”).  If enacted in its current form, the TCJA would be the largest tax overhaul since 1986.  This Article will address certain provisions of the proposed legislation that impact estate planning. The TCJA generally maintains the current transfer tax regime […]

Built-In Gain Tax Not Triggered By S Corporation Conversion of LLC Interest

Published: October 18th, 2017

By: Stephen R. Looney

An S corporation that was previously a C corporation is subject to the built-in gains tax under Section 1374 if appreciated assets held by the corporation (measured from the beginning of the S corporation’s first taxable year) are disposed of during the “recognition period.”  The built-in gains tax is imposed at the corporate, rather than […]

ESOP Participants Treated as Related Persons for Deduction Deferral Purposes Under Section 267(a)(2)

Published: October 13th, 2017

By: Stephen R. Looney

Section 267(a)(2) contains a matching rule which requires that deductions resulting from items of expense and interest may not be taken in an earlier taxable year from the one in which the payee includes such item is gross income if the payor and payee are “related persons” within the meaning of Section 267(b).  Accordingly, whether […]

Stock Surrender and Repurchase Lacks Economic Substance

Published: September 27th, 2017

By: Stephen R. Looney

It has long been a basic tenet of federal tax law that, in order to be respected for tax purposes, a transaction must have economic substance.  In a recent decision, the Tax Court once again held that a purported sale or exchange lacking in economic substance will not be respected.  The case also demonstrates that […]

Bluegrass and Sunshine: Sales and Use Taxation of the Equine Industry in Kentucky and Florida

Published: August 30th, 2017

By: Mark E. Holcomb

By Erica L. Horn and Mark E. Holcomb[1] The equine industry has a long and esteemed history in the United States, with the first Thoroughbred races dating back to the early days of our nation. Thousands of people still gather each year at the Kentucky Derby, the Preakness Stakes, the Belmont Stakes and the Breeders’ […]

I Disagree with my Property Tax Assessment: Should I Petition The Value Adjustment Board?

Published: August 15th, 2017

By: Robert S. Goldman

In August each year, the elected local property appraisers of Florida issue assessment notices captioned “Notice of Proposed Property Taxes” to the owners of property in their counties. For historical reasons, these are generally referred to as “TRIM” notices. In addition to other information, the TRIM notices show the assessed value of the property, and […]