Under the Tax Cuts and Jobs Act (“TCJA”), a provision was enacted to spur economic development and job creation in distressed communities. Under Section 1400Z a taxpayer may elect to defer gain from the sale or exchange of any property to or with an unrelated person before December 31, 2026 [...]
Under the Tax Cuts and Jobs Act (“TCJA”), a taxpayer holding an “applicable partnership interest” is required to recalculate any net long-term capital gain realized “with respect to” the “applicable partnership interest” by applying a three-year holding period (instead of the standard one-year holding period). Internal Revenue Code (“IRC”) § [...]
We often have clients that want to nominate non-residents of Florida to serve as the Personal Representative of their Florida probate estate. In doing so, it is important to closely read the applicable Florida statute, as Florida law is very specific with respect to when a non-resident of Florida can [...]
Florida’s First District Court of Appeal recently held a church’s complaint challenging the denial of an ad valorem tax exemption should be dismissed for lack of subject matter jurisdiction. In doing so, the court provided a good review of the statutory requirements for a taxpayer to maintain an action contesting [...]
By: Kevin M. Helmich, Esq. Beggs & Lane, RLLP Your parents call and tell you that they are nominating you as the “successor trustee” in their estate planning documents. What does that mean? For purposes of this article, I am going to assume that your parents have appointed you as [...]
The choice as to the appropriate type of entity to use for a business venture has historically been fairly straight forward. With regards to a closely held business, a “pass through” entity avoiding taxes at the entity level was generally the most attractive alternative if the choice was available. While [...]
By Terrie Didier Insurance policies can be complicated and sometimes require a flowchart to determine whether a loss is or is not covered after considering the exclusions and the exceptions to the exclusions. But some basic points for understanding insurance policies are discussed below. • There are eight general forms [...]
By Russell F. Van Sickle As of June 30, 2017, last year’s controversial Department of Labor (DOL) rule increasing the minimum annual salary for most overtime exemptions to $913 per week ($47,476 annually) can now be declared dead. However, the DOL has not abandoned its plans to increase the minimum [...]
The 1031 Exchange: Section 1031 of the Internal Revenue Code provides an exception from the rule requiring the current recognition of gain or loss realized upon the sale or exchange of property. Under §1031(a), no gain or loss is recognized if property held for productive use in a trade or [...]
By: Kevin M. Helmich, Esq. Through a consistent program of annual exclusion gifting, an individual can dramatically reduce the size of his or her taxable estate. For those persons fortunate enough to have an estate with a value in excess of the unified credit equivalent ($5.49 million in 2017), an [...]
