Legislators in the State of California have introduced a new bill aimed at generating increased tax revenue, but unfortunately this short-sighted effort would sacrifice the state's long-term economic health for short-term, destabilizing gains. The proposed law, California Assembly Bill 2640, would essentially eliminate a company's ability to use 1031 like-kind exchanges (LKEs). However, Section 1031 of the tax code exists to promote healthy business activity, and is an especially powerful tool for small and medium-sized companies. LKEs have been ... (Read the rest of this entry)
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Category: ‘Regulation and Legislation’
California Assembly Bill 2640: a very bad idea for the citizens of California
February 26th, 2010 by Brent AbrahmCFO Mag: NOL carryback “a tax gift for the holidays”
December 10th, 2009 by Sam SmithTwo recent CFO analyses support the conclusions that Brent Abrahm and Joe Lane have reached regarding the impact of the newly enacted NOL carryback legislation. A Nov. 11 article asks "where's the cash," and advises businesses to "look behind them":
"The expansion of the NOL carryback period will accelerate a $33 billion refund of previously paid taxes for much of Corporate America in a very short period of time," says John McMahon, director for business tax services at Ernst... (Read the rest of this entry)
Finance and leasing expert Joseph C. Lane on NOL carryback legislation: “We have more reason to be optimistic than we’ve had in quite awhile”
December 8th, 2009 by Sam Smith
Accruit's new Channel 1031 series recently spent a few minutes talking with our friend, noted finance and leasing industry expert Joe Lane, about the implications of the newly enacted NOL carryback legislation. Joe was pretty positive about the impact of the law, concluding that we have more reason for optimism than we've had in quite some time.
Here are a few of the highlights of the interview:
- Detailed overview of what exactly the law does
- Impact:
- $33.2B in immediate
New law extends Net Operating Loss carryback to five years and expands the benefit to cover all businesses
November 11th, 2009 by Brent Abrahm
On November 6, President Barack Obama signed into law the Worker, Homeownership, and Business Assistance Act of 2009 (Public Law Number P.L. 111-92). This legislation provides welcome relief for companies across a wide range of industries that are working to stabilize their businesses and prepare for the eventual recovery of the economy.
According to the official Senate Committee on Finance release:
The net operating loss carryback (NOL) provision is expanded to allow U.S. companies of ...
(Read the rest of this entry)
Construction and equipment industries in a depression? New site urges action
October 19th, 2009 by Jim Burnett
The state of the construction and equipment industries is worse than most people realize. According to a new project just launched by our partners, Associated Equipment Distributors:
While the country is in recession, the state of the construction and equipment industries is more like a depression, reflecting the worst conditions our industries have seen since the end of World War II. Skilled, well-paid workers are idle while we tolerate a transportation infrastructure that is ever ...
(Read the rest of this entry)
Maine enacts new QI legislation
July 10th, 2009 by Sam Smith
From the Federation of Exchange Accommodators:
Dear FEA Members, As reported in the newsletter, Maine Public Law, Chapter 61, LD 165 which is codified as Section 1, part 10, Chapter 212-C, section 1395 et seq. Regulation of Exchange Facilitators was enacted by the Maine Legislature and signed on April 30, 2009. The new law will go into effect on Sept 12, 2009. The new law utilized much of the language in the FEA Model Act.... (Read the rest of this entry)
Proposed cap-and-trade legislation has significant tax and 1031 exchange implications
June 18th, 2009 by 1031 Tips
One of the Obama administration's priorities is the passage of a climate change bill. The administration believes that such a bill is necessary to reduce our country's energy costs and dependence on foreign oil, and also to cut global warming pollution. Just last month, the House Energy and Commerce Committee introduced a revised version of the American Clean Energy and Security Act of 2009 (ACES).
One of the major provisions included in the ACES bill ...
(Read the rest of this entry)
IRS reverses field with ILM 200911006: trademarks, trade names and other customer-based intangibles are subject to 1031 exchange
June 17th, 2009 by Sam Smith
In 2006 the IRS addressed the question of whether certain intangible assets were subject to Section 1031 treatment in TAM 200602034. In that case (Newark Morning Ledger Co. v. U.S., 507 U.S. 546 ) the IRS adopted a very restrictive position.
In TAM 200602034, the IRS discussed three categories of IP: (1) patents, (2) trade names and trademarks and (3) unregistered IP (e.g., customer lists, knowhow and other... (Read the rest of this entry)
Great summary of the Green Book
June 10th, 2009 by Jim BurnettF. Moore McLaughlin's firm (McLaughlin and Quinn, LLC) has created a fantastic review of the Obama Administration's Fiscal Year 2010 Revenue Proposal that I encourage you to read. Included are not only the implications of new income tax rates for individuals and the proposed modification to Capital Gains tax rates, but also the expiration of Oil & Gas corporate tax breaks and other tax changes. Here is a link to his article, and you can review the ... (Read the rest of this entry)