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Archive for the ‘Real Estate Tax’ Category

Commercial Landlord and Property Manager Alert: Complying with Florida’s New Rent Tax Rate

Published: December 21st, 2017

By: Mark E. Holcomb Vicki L. Berman

The Florida Legislature reduced the state commercial rentals tax rate from 6% to 5.8% for rental periods beginning on or after January 1, 2018. This article guides commercial landlords and property managers in complying with that rate change.  While the reduced tax rate applies to commercial rental consideration, it does not apply to other charges […]

The Florida Commercial Rent Tax: Four Traps for the Unwary

Published: March 28th, 2017

By: Robert S. Goldman

As the only American state with a sales tax on commercial rentals, Florida has a history of presenting businesses with unwelcome surprises in the form of audit assessments. What follows below is a summary of the top four misunderstandings that create taxpayer exposure. Tax base is broader than just “rent.” The measure of tax is […]

Tax Court Holds that Sale of Real Property Resulted in Ordinary Income Rather than Capital Gain

Published: August 26th, 2015

By: Stephen R. Looney

In Fargo,[1] the Tax Court held that a couple had ordinary income from a property sale by a partnership in which they were partners because the property was sold in the ordinary course of business.  The taxpayer, husband and wife, were partners in Girard Development, L.P. (GDLP), an entity subject to the partnership procedures under […]

Dates Announced for 2015 Florida Agriculture Financial Management Conference

Published: May 29th, 2015

Orlando, Fla. – The executive committee of the Florida Agriculture Financial Management Conference (FAFMC) recently announced the dates for this year’s conference on August 27-28, 2015 at the Omni Orlando Resort at ChampionsGate. Some of the nation’s leading agricultural and economic experts will be in Orlando to address financial strategies impacting one of Florida’s top […]

Tax Court Denies Conservation Easement Deduction Because Property Did Not Constitute a “Qualified Real Property Interest”

Published: March 25th, 2015

By: Stephen R. Looney

In Balsam Mountain Investments, LLC,[1] the Tax Court took a very restrictive view of what qualifies as a “qualified real property interest” under Section 170(h)(2)(C), in granting summary judgment in favor of the IRS disallowing a charitable contribution deduction for a conservation easement. In 2003, Balsam Mountain Investments, LLC executed a perpetual conservation easement agreement […]

“Can a Pre-Petition State Tax Lien Foreclosure Be Avoided as a Fraudulent Transfer?”

Published: June 13th, 2014

Lynn Hinson, a shareholder in Dean Mead’s litigation practice, authored the article titled, “Can a Pre-Petition State Tax Lien Foreclosure Be Avoided as a Fraudulent Transfer?” The article was published in the American Bar Association Section of Litigation Bankruptcy and Insolvency – News & Developments on June 12, 2014. His article may be viewed here: Can a Pre-Petition […]

“Camp Proposal on Tax Reform Contains Many Changes and Surprises” in Tampa Bay Medical News

Published: May 27th, 2014

By: Stephen R. Looney

Dean Mead shareholder and Chair of the firm’s Tax Department, Stephen Looney, authored the article “Camp Proposal on Tax Reform Contains Many Changes and Surprises,” published in the May 2014 edition of Tampa Bay Medical News. The article may be viewed via the following link: Camp Proposal on Tax Reform. This article was reproduced with permission from Tampa Bay […]

Tax Court Upholds Real Estate Development Co. Application of Completed Contract Method of Accounting to Home Construction Contracts

Published: April 16th, 2014

By: Stephen R. Looney

     In Shea Homes, Inc., et al. v. Comm’r, 142 TC 3 (2014), the Tax Court held that the taxpayers (three related real estate development companies) correctly applied the completed contract method of accounting to their home construction contracts by their interpretation of the “subject matter of the contract” as not only including the houses, […]