Steve Looney, chair of Dean Mead’s Tax department, is quoted in an article titled, “Big tax bills could hit underwater owners” in the December 18, 2013 edition of the Orlando Sentinel. The article about the Mortgage Forgiveness Debt Relief Act expiring is provided here: http://www.orlandosentinel.com/business/os-mortgage-debt-forgiveness-20131213,0,3353972.story.
In Morehouse, the Tax Court held that the payments received by the taxpayers from the United States Department of Agriculture (USDA) Conservation Reserve Program (CRP) constituted self-employment income subject to the self-employment tax imposed under Section 1401. The taxpayer owned a number of acres of land in South Dakota, which he did not personally farm […]
Please note: This Tax Tip column will be published in the September–October 2013 issue of The Journal of Passthrough Entities, a publication of Wolters Kluwer Tax and Accounting. Introduction: On May 9, 2013, a Technical Advice Memorandum1 (the “TAM”) was issued with respect to a community development district (“CDD”) in Florida. Although the CDD and the developer that was […]
Charles H. Egerton and Christine L. Weingart have had an article published in the May-June 2013 Journal of Passthrough Entities entitled Options to Acquire Real Estate: When Will They Not Be Respected as “Options” for Tax Purposes?
The recently enacted American Taxpayer Relief Act of 2012, together with the new 3.8% tax on investment income that was added to the Code as part of the Patient Protection and Affordable Care Act, but first became effective for tax years beginning in 2013, are likely to have a significant impact on real estate investments. […]
It is a common planning tool for businesses that own real property used in their trade or business to own such real property in a separate entity (the “Real Estate Holding Company”), which has identical ownership to the entity that operates the trade or business (the “Operating Entity”). Typically, the Operating Entity leases the real property from the […]
The Internal Revenue Code Section 1031 allows taxpayers to defer the income tax on gains on the “sale” of property used in a trade, business or investment property if the taxpayer instead engages in an exchange of such property and acquires qualified replacement property (a “like-kind exchange”). During calendar year 2012, with the knowledge that […]
Earlier today, CNN.com reported that over one thousand counties nationwide are suffering drought conditions. Most of Florida’s counties are included in that list. Each year since 2006 the Secretary of the Treasury has extended the four-year period to acquire property similar or related in service or use (“Replacement Property”) under §1033 of the Internal Revenue […]