Qualified Opportunity Zones were included as part of the Tax Cuts and Jobs Act which became law in December 2017. The zones were originally introduced as the Investing in Opportunity Act sponsored by South Carolina Senator...more
5/10/2018
/ Capital Gains ,
CDFI Fund ,
Community Development ,
Economic Development ,
Internal Revenue Code (IRC) ,
Investment Funds ,
Investors ,
IRS ,
LIHTC ,
Low-Income Issues ,
New Legislation ,
New Market Tax Credits ,
Opportunity Zones ,
Real Estate Development ,
Real Estate Investments ,
Section 1031 Exchange ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Trump Administration
In June of 2016, the Internal Revenue Service (IRS) changed its procedure for granting discharges of estate tax liens and implemented centralized handling of applications for discharge. Historically, Specialty Examination...more
In Notice 2017-10, the IRS has determined that certain conservation easements are now “listed transactions” for purposes of federal tax reporting. “Syndicated” conservation easements are conservation easements donated by a...more
Partnerships and LLCs are common choices of entity for family-owned businesses, due to their flexibility and the many uses to which they can be put – including pooling of family assets, succession planning, asset protection,...more
9/15/2016
/ Business Succession ,
Business Valuations ,
Closely Held Businesses ,
Comment Period ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Family Limited Partnerships ,
Gift Tax ,
IRC Section 2704 ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Proposed Regulation ,
Succession Planning ,
Transfer of Assets ,
Transfer Taxes ,
U.S. Treasury
The “hobby loss” rules of Internal Revenue Code Section 183 are commonly overlooked limitations that restrict the amount of loss a taxpayer may claim from an “activity not engaged in for profit” – i.e., a hobby. The...more