News & Analysis as of October 19, 2024

Like Kind Exchanges

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Trust Beneficiary Engages In Like Kind Exchange Using Trust Property

Rivkin Radler LLP on 6/11/2024

It is a basic principle of the income tax that the gain or loss realized by a taxpayer from the conversion of property into cash, or from the exchange of property for other property that differs materially in kind from the...more

Real Estate Partnerships and Section 1031 Exchanges

Allen Matkins on 7/13/2022

Allen Matkins partner Jared Kassan participated on a panel earlier this year to discuss legal issues surrounding partnerships and 1031 exchanges. The panel began by discussing the traditional “drop and swap” strategy with its...more

“Opaque Income Sources” + “Tax Gap” = More Enforcement + Tax Hikes = Anyone’s Guess

Rivkin Radler LLP on 5/25/2021

Tax Gap- In a report released last week, the U.S. Treasury Department explained that the so-called “tax gap” – i.e., the difference between the amount of federal income taxes owed by taxpayers for a taxable year and the...more

Conformity, The Lockdown, And New York’s Audit Of Like-Kind Exchanges

Farrell Fritz, P.C. on 6/8/2020

Conforming- About sixty years ago, New York revised its personal income tax law to achieve close conformity with the Federal system of income taxation. The stated purpose for the revision was to simplify tax return...more

California Office of Tax Appeals Upholds Taxpayer Friendly "Drop and Swap" Case

Allen Matkins on 2/11/2020

On January 28, 2020, the California Office of Tax Appeals (OTA) denied the California Franchise Tax Board’s (FTB) request to rehear In the Matter of the Appeal of Sharon Mitchell (OTA Case No. 18011715). This decision may...more

Bracewell Tax Report: April 2018

Bracewell LLP on 4/17/2018

The Bracewell Tax Report is a periodic publication focused on developments in federal income tax law, including the recently enacted Tax Cuts and Jobs Act, with emphasis on how such developments impact the energy, technology...more

Impact of 2017 Tax Act on Real Estate Activities

Sullivan & Worcester on 2/2/2018

The first, global observation to share is that the real estate industry dodged a lot of potential bullets during the tax reform process and came out smelling like roses – indeed, actually came out ahead, overall, under the...more

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Transportation, Ports and Maritime Industry?

Schwabe, Williamson & Wyatt PC on 1/12/2018

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Manufacturing, Distribution and Retail Industry?

Schwabe, Williamson & Wyatt PC on 1/11/2018

How are REITs impacted by the Jobs Act?

Hogan Lovells on 12/20/2017

On December 15, 2017, the Conference Committee of the U.S. Congress approved the Tax Cuts and Jobs Act (the “Jobs Act”). The Jobs Act is expected to be approved by both Houses of Congress and signed by President Trump. The...more

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