- Part III of our succession planning series will cover passing your business on to future generations.
- With Baker Tilly’s assistance, Freedom's Path was able to assemble layered financing and leverage commitments to apply for and be awarded competitive 9 percent Low-Income Housing Tax Credits (LIHTC) in its first funding attempt. The project is intended to provide permanent, supportive housing and services to low and very low income veterans.
- Fargo v. Commissioner illustrates the principal lesson that all facts and evidence presented are considered in the evaluation of whether or not a taxpayer holds real estate in the ordinary course of business.
- When a taxpayer sells an asset, generally, a gain is recognized to the extent the proceeds from the sale exceed the taxpayer’s basis in the asset. While in some circumstances this is an easy rule to implement, determining the proper basis of the asset sold is often difficult. The ruling in David C. Costello, et ux. v. Commissioner clarified the process.
- Corporations considering spin-offs to form REITs and operating REITs should be familiar with important developments resulting from the recently passed tax extenders legislation.
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