June, 2023
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Understanding Substantial Economic Effect in Partnership Agreements
Partnerships provide a valuable framework for collaboration in business, but navigating the tax implications of partnership agreements can be complex. One critical, yet often overlooked concept, is the determination of a partner’s distributive share of allocable partnership items, which is covered under Internal Revenue Code (IRC) Section 704. Under IRC Section 704(b), if a partnership […]
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New Opportunity Zone Legislation Introduced
Congress introduces new OZ legislation to expand the program to rural census tracts and increase transparency through added informational reporting.
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Qualified Opportunity Zone Reminders
Opportunity zone stakeholders have several considerations to make regarding new investments and existing projects.
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Hidden Tax Consequences of Real Estate Foreclosures
Real property foreclosures can result in various tax consequences, largely dependent on the type of debt involved. Read on for the discussion.