People in Tax

At Court in Brief

Practice Points

Taxation

Hotel Valuation: Deduction for the Return on FF&E

An operating hotel is an amalgamation of distinct but essential components that contribute to its value: real property (land and improvements) as well as non-realty items including: (1) personal property (furniture, fixtures, and equipment or FF&E) and (2) intangible property (such as franchise brand or flag, goodwill, contracts, and reputation). As many jurisdictions tax only real property, valuing a hotel for property tax purposes involves distinguishing the real property components from the personal property components and the intangible property components.

Taxation

States Work to Avoid Impact of TCJA Limitation on State and Local Tax Deduction and IRS Weighs in on Attempted Workarounds

Since the amendment of Internal Revenue Code section 164(b)(6) to limit joint filing taxpayers’ deduction for state and local taxes to $10,000 annually (pursuant to the 2017 tax legislation, frequently called the Tax Cuts and Jobs Act or TCJA, P.L. 115-97), a number of states have considered or enacted various workaround measures to avoid or mitigate the effect of the new limitation on their residents.

Pro Bono Matters

Paths in Tax

In the Stacks

Tax Bits

Section News & Announcements

Section Events & Promotions

Sponsorship Acknowledgements

About ABA Tax Times

ABA Tax Times (ISSN 2381-5868) (formerly the NewsQuarterly) reports on developments pertaining to taxation, Tax Section news and meeting updates, and other information of professional interest to Tax Section members and other readers. Questions regarding ABA Tax Times can be sent to: taxweb@americanbar.org.

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