January, 2024
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The New (and Improved?) IRS Form 8308
Partnerships are required to file IRS Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, to report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items. […]
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Bipartisan, Bicameral Tax Proposal in the News
House Ways and Means Committee Chairman Jason Smith (MO – 08) and Senate Finance Committee Chairman Ron Wyden (D – OR) announced a bipartisan, bicameral tax framework that would “promote the financial security of working families, boosts growth and American competitiveness, and strengthens communities and Main Street businesses.” The proposal is titled, “The Tax Relief […]
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Chicago’s Proposed Documentary Transfer Tax Increase Hits a Roadblock
The Chicago chapter of the Building Owners and Managers Association (BOMA) filed a lawsuit last week to block a referendum vote on Mayor Brandon Johnson’s proposal to increase documentary transfer taxes on real estate property sales. Documentary transfer taxes in Chicago are currently imposed at a flat rate of 0.75% on the sales price of […]