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Archive for the ‘Internal Revenue Service’ Category

Opportunity Zones Take Center Stage at Saunders Lay of the Land Conference

Published: April 2nd, 2019

By: Stephen R. Looney Michael D. Minton

Opportunity Zones – March 28 2019 (O2388011x9F8AD) The Saunders Real Estate “Lay of the Land” Conference took place on March 28 – 29th at the Omni Orlando Resort at ChampionsGate. Dean Mead tax attorneys, Michael Minton and Steve Looney, took the stage this year at a breakout session to speak about Opportunity Zones. Established by […]

IRS Issues Final Regulations on QBI Deduction Under Section 199A

Published: January 25th, 2019

By: Stephen R. Looney

On January 18, 2019, the IRS issued Final Regulations under new Section 199A (“Final Regulations”), which generally provides a deduction equal to 20% of an owner’s allocable share of the “qualified business income” (QBI) from a pass-through entity (S corporation, partnership, LLC taxed as a partnership or S corporation), or from a sole proprietorship. The […]

Qualified Opportunity Zones – Recent IRS Proposed Regulations

Published: November 13th, 2018

By: Stephen R. Looney

On October 19, 2018, the IRS issued Proposed Regulations addressing new Sections 1400Z-1 and 1400Z-2 relating to Qualified Opportunity Zones. Among other things, the Proposed Regulations confirmed that only capital gains (short-term or long-term) can be deferred under Section 1400Z-2. Section 1400Z-2 permits a taxpayer to defer recognition of a capital gain if an amount […]

IRS Issues Proposed Regulations on Section 199A Deduction

Published: August 9th, 2018

By: Stephen R. Looney

On August 8, 2018, the IRS issued Proposed Regulations under Section 199A as enacted by the Tax Cuts and Jobs Act, which generally provides a deduction of 20% of an owner’s allocable share of the “qualified business income” (“QBI”) from a pass-through entity (S corporation, partnership, LLC taxed as a partnership) or sole proprietorship. The […]

Steve Looney Speaks on Section 199A and S Corporations at NYU Tax Conference

Published: August 3rd, 2018

By: Stephen R. Looney

Stephen R. Looney, Chair of Dean Mead’s Corporate and Tax Department, recently gave a co-presentation on “Section 199A and Its Application to S Corporations” during the NYU School of Professional Studies Tax Conference in New York City. On July 26, Looney spoke about the use of S corporations under the new provision applied to both […]

IN THE ZONE – The Opportunity Zone

Published: May 31st, 2018

By: Brian M. Stephens

Tax Reform Opens New Possibilities for Florida’s Real Estate Investors Ask a 6th grade student about the secret to successful real estate investments. The parroted answer might be – “location, location, location”. Ask a seasoned real estate developer the same question. The answer may be similar but with a slight refinement – like “find the […]

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 […]