Baker McKensie reports on IRS Revenue Ruling 2023-2, which states that assets in irrevocable grantor trusts won’t have basis adjustments upon grantor’s death.
The following Uniform Law Commission projects may be of interest to members of the ABA Section on Real Property, Trust and Estate Law.
The Corporate Transparency Act established a federal beneficial owner register for US entities. Final regulations were issued by FinCEN on 9/29/2022 and the register is set to begin on 1/1/2024.
The Supreme Court limited non-willful Report of Foreign Bank and Financial Accounts (FBAR) penalties to $10,000 per year; willful and criminal penalties remain.
The Baker McKenzie tax team explain how Bittner v. United States clarified the penalty framework for non-willful Report of Foreign Bank and Financial Accounts (FBAR) cases.
The McDermott Will & Emery tax group provided an overview of the United Kingdom’s tax system for individuals, focusing on the key factors affecting their tax liabilities and outlining the main taxes…
This article discuss certain benefits and risks for leases that fall under Section 467 of the Internal Revenue Code.
This article discusses a recent decision out of the US Bankruptcy Court for the Southern District of New York regarding its application of a “time approach” versus a “rent approach” when calculating…
This article highlights how trademark law may afford a landlord a vehicle to halt short term rental advertising when subleasing is prohibited by a lease.
This article discusses recordation and transfer tax implications lenders should consider in the context of foreclosures and deeds-in-lieu, using the Washington, D.C. metro area as a case study.
This article provides practical tips for developers and electric vehicle charging station operators to consider in negotiating shopping center charging station agreements.
Life goes on: This case note highlights a recent decision findinga lease with a term longer than the life of the originallandlord/life estate holder runs with and binds the property.
Compassion mindfulness practices can help us build that bridge and walk across it in balance. The final article to the three part series.