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Real Estate

IRS-approved spinoff of telecom assets highlights expansive approach to REIT form

IRS-approved spinoff of telecom assets highlights expansive approach to REIT form

Real estate investment trusts (REITs) have long been considered tax-favored vehicles for promoting investment in real estate, in that they basically escape entity-level taxation and are required to pay out 90% or more of their income to shareholders. However, there appears to be a growing trend for certain companies that don’t fall cleanly within the […]

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On remand, Tax Court rules that facade easement lacks value & disallows charitable deduction

On remand, Tax Court rules that facade easement lacks value & disallows charitable deduction

On remand from the Second Circuit, which reversed the Tax Court’s initial disallowance of a facade easement deduction based on lack of specifics in the appraisal, the Tax Court in Scheidelman v. Commissioner,  TC Memo 2013-18, has concluded that the taxpayer wasn’t entitled to a deduction because the easement had no value for charitable contribution […]

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Tax Court declines to impose 40% penalty substantial underpayment penalty where underpayment wasn’t from misvaluation

Tax Court declines to impose 40% penalty substantial underpayment penalty where underpayment wasn’t from misvaluation

Editor’s Note:  a good case and victory for taxpayers in the case of Blak Investments v. Commissioner, T. C. Memo. 2012-273.  A complete copy of the Court’s opinion is here. The Honorable Juan F. Vasquez, Judge, U.S. Tax Court, issued the opinion, and Judge Vasquez  declined to impose the Code Sec. 6662(h) 40% gross valuation […]

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Limiting deductions may affect home values, right?

Limiting deductions may affect home values, right?

Editor’s Note:  Proposals to limit real estate write-offs are expected to be considered as part of tax reform negotiations on Capitol Hill, and may have a drastic affect on home values, as reported in the LA Times.  Here’s the article. What would happen to home values in the event that popular real estate deductions for […]

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Tax tips: Reporting a loss on a rental property — just the tip of the iceberg, . . .

Tax tips: Reporting a loss on a rental property — just the tip of the iceberg, . . .

As reported by Jan Norman, OC Register, in the question and answer session with Raphael Tulino, spokesman for the IRS in the Orange County/San Diego area, there is a good discussion of the beginning rules regarding deduction of real estate expenses.  This article caught my eye since the IRS has began, over the past few […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney