Recent News

October 3, 2008

Onda on Recent Development in Real Estate Tax

In today’s worsening economy, many taxpayers are faced with problems in selling and buying real estate. The uncertainty surrounding the market and the renewal of the favorable capital gain rates makes the tax consequences of real estate transactions a more important consideration. One of the major tax benefits of investment real estate transactions has been the tax deferred treatment provided for in Internal Revenue Code Section 1031. In order to qualify for this tax deferral treatment through a like-kind exchange, taxpayers are required to follow critical steps and avoid hazardous pitfalls.

The Business Tax committee is pleased to have Robert Onda, of Onda, LaBuhn, Rankin & Boggs, presenting the October 8 Taxing Matters Series CLE seminar on this topic. Mr. Onda will cover the general requirements for a like-kind exchange under I.R.C. Section 1031 and whether these like-kind exchange transactions make sense in today’s market. He will also provide an update on the recent developments in this area. Other topics include: safe harbor provisions for dwelling units under IRC §1031, as set forth in Revenue Procedure 2008-16; the affects of the recently issued Private Letter Ruling 20073002 on related party transactions; and solutions and ideas for Tenant-in-Commons (TICs) and financially troubled properties.

Register online or call 614/221.4112 for event #TX081008. Member cost is $35 prepaid/$40 day-of, non-member cost is $50 prepaid/$55 day-of, and non-attorney cost is $25 prepaid/$30 day-of.