Tax planning for troubled real estate and partnership transactions

Article Abstract:

An insolvent individual or partnership who voluntarily or involuntarily disposes of property must consider potential tax liabilities because any such disposition, including foreclosures, are considered sales or exchanges. A nonrecourse liability property requires the recognition of gain or loss equal to the difference between the debtor's adjusted tax basis and the liability. Recourse debt gain or loss is the difference between the tax basis and fair market value, and cancellation of debt income can be created. Special tax issues for partnerships and tax planning suggestions are included.

Real estate, Real property, Bankruptcy

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Service announces stripping transactions do not work under current law and will be target of new regulations

Article Abstract:

Stripping transactions, defined under IRS Notice 95-53 as transferred basis transactions and partnership interest transfers, may also include other transactions such as prepayment of future payment rights, intangible property licenses, and leaseholds. Notice 95-53 can also recharacterize transactions retroactively. The IRS may also apply several tax authorities to certain stripping transactions, including the business-purpose and substance-over-form doctrines or assignment-of-income principles.

Basis (Taxation)

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Creative tax planning for the disposition of real estate

Article Abstract:

The authors discuss tax considerations when choosing partnerships for real estate ownership entities, focusing on installment sales and capital gains.

United States, Capital gains tax, Land titles, Land title registration, Installment land contracts

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