I realize that the last post began with “This is the fourth and final in a series of posts reviewing the recently proposed regulations (‘PR’) under Sec. 199A of the Code” – strictly speaking, it was. Yes, I know that the title of this post begins with “The Section 199A Deduction.” Its emphasis, however
The Real Property Business and the Tax Cuts & Jobs Act
The Tax Cuts and Jobs Act of 2017 went into effect only two weeks ago. Many of its provisions represent significant changes to the Code, and it will take most of us several months to fully digest them, to appreciate their practical consequences, and to understand how they may best be utilized…
Rental Income or Self-Employment Income?
Skirting Employment Tax?
The Code imposes the self-employment tax on the net earnings from self-employment derived by an individual during any taxable year.
In general, the term “net earnings from self-employment” means the net income derived by an individual from any trade or business carried on by such individual, plus his distributive share (whether or…
Don’t Be Passive About Losing the “S” Election
They’re Still Here
Once upon a time, before the advent of limited liability companies (“LLCs”), taxpayers would occasionally acquire real property in a corporation rather than in a limited partnership.
The corporation may have been created to hold the real property, or it may have been an operating company that, for some misguided reason, decided…
Rental Income, or Not? That is the Question.
Why Speak to the Tax Adviser?
I don’t know about you, but most tax advisers hate surprises. I certainly do. Many taxpayers, on the other hand, seem to invite them. While I doubt that they look forward to being surprised, they often go into transactions without first looking into what the income tax consequences will…