Hindsight in 2020: The Biggest Reasons Relatives Wish Their Loved One Had An Estate Plan
We have all heard the phrase that hindsight is 20/20. Often, going through a situation is one of the best ways to learn how to navigate it, or help others, if one encounters a similar scenario in the future. But what about when the difficulty of a situation falls on others, who have no power to…
Syndicated Conservation Easement Transactions: Internal Revenue Service Announces Increased Enforcement Action
The Internal Revenue Service (“IRS”) issued a November 12th announcement titled: IRS Increases Enforcement Action on Syndicated Conservation Easements (“Memorandum”) See IR-2019-182. The Memorandum states that the IRS is increasing from an enforcement standpoint its focus on syndicated…
IRS Issues Safe Harbor for Application of Section 199A Deduction to Rental Activities
November 14, 2019
by Craig R. Cockrell
On September 24, 2019, the IRS issued much-needed guidance clarifying whether owners of rental real property may qualify for the 20 percent qualified business income deduction under Section 199A of the Code. The guidance, set forth in Revenue Procedure 2019-38, provides a safe harbor for real…
Are Hospital Clinics Tax Exempt in Arkansas? Court of Appeals Weighs in on the Bounds of the Public-Charity Tax Exemption
It is widely recognized that the public-charity tax exemption in the Arkansas Constitution covers charitable hospitals, provided they meet certain criteria established by Arkansas Supreme Court case law. But what about a free standing clinic owned and operated by a charitable hospital? And does…
Property Tax Valuation: Wisconsin Appellate Court Addresses Impact of Environmental Contamination
September 10, 2019
by Walter G. Wright, Jr.
A Wisconsin Court of Appeals (“Court”) addressed in an August 27th opinion an issue involving the impact of environmental contamination on the tax valuation of a parcel of real property. See State of Wisconsin ex rel Ronald L. Collison, Appeal No. 2018AP669. A Milwaukee real property owner argued…