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In the News
In "Taxpayers Between a Rock and a Hard Place With City and State Transfer Tax Treatment of Residential Real Property", Joe Lipari and Aaron Gaynor discuss recent New York City tax guidance that provides that certain properties qualify for a lower city transfer tax applicable to residential real property. However, sales of these residential properties may qualify for the lower city transfer tax at the expense of becoming subject to a higher state transfer tax. Read more here.
Qualified opportunity zone investing, introduced as part of the 2017 Tax Cuts and Jobs Act, is an evolving area. On December 6th, associate Aaron Gaynor will be faculty speaker of the webinar Qualified Opportunity Zones: A New Real Estate Investment Structure. He will discuss the tax benefits, requirements and structuring considerations as well as new rules and guidance. More information is available here.
Michael Miller warns in a Law360 article "Wealthy Foreigners May Have Unexpected US Tax Connection" that: "[T]here are many people that believe if they're in the U.S. for less than half of the year, they don't have a problem. But that’s clearly not true.... It’s very easy to end up a resident without realizing it." Read the full Law 360 article here.
On November 15th, partner David Kahen is presenting at a seminar providing a Practical Introduction to LLCs. Discussion items include: the advantages and disadvantages of the LLC structure; the mechanics of forming an LLC; the use of equity-based incentive compensation; and tax issues and new legal developments relating to the use of LLCs. CLE credit is available for New York and certain other states. For more information and to register, click here.