Legal Updates & Commentary for Tax & Estate Planning
Sometimes you go for weeks without having to consider a particular tax issue in any depth. Then, unexpectedly, that issue comes to the forefront of several projects. That was my experience this past week when it seemed as though almost every other person who came to my office had a question concerning…
I sometimes wonder at the number of corporations that own real property.
It is often the case that the property is the corporation’s principal asset, which it leases to one or more commercial tenants, for example. That’s bad enough.[i]
There are other instances, however, in which the corporation is engaged in…
They’re Not Making Any More of It
Many of our clients own significant interests in real property, both on Long Island and in New York City. Some of these clients are more active investors than others. They may engage in like-kind exchanges in order to diversify their holdings. They may enter into relatively complex joint…
“Tax-Free” Basics
In general, gain or loss must be recognized upon the exchange of property by a taxpayer if the new property differs materially, in kind or extent, from the old property.
The purpose of the so-called “reorganization” provisions of the Code is to except from this general rule certain specifically described corporate exchanges that…
