FEDS CHANGE TAX TREATMENT OF IRAs FOR NEARLY EVERYONE: WHAT YOU NEED TO KNOW
3/3/2020 | Articles & Alerts
By Devin S. Fox On January 1, 2020, a sweeping tax reform, known as the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE” Act) went into effect. This law, enacted at the end of last year with overwhelming bipartisan support, impacts virtually anyone who has established an IRA or other form of retirement plan. It has been hailed for provisions allowing for contributions to IRAs and commencement of required minimum distributions (RMDs) at later ages, yet these attributes […]
LIKE-KIND EXCHANGES OF REAL ESTATE
2/27/2020 | Articles & Alerts
Internal Revenue Code (“IRC”) Section 1031 provides that capital gain is not imposed on a taxpayer when property held for use in a trade or business or for investment is exchanged for “like-kind” property which is also intended to be used in a trade or business or for investment. IRC § 1031 is one of the few exceptions under Federal tax law to the requirement that gain be taxed on the disposition of property. Real estate is the most common property […]
CONTRACT WARNING: READ THE BOILER PLATE!
2/26/2020 | Articles & Alerts
Contracting parties are well advised to closely examine the entire contract and not just the main terms before signing. Unfortunately, many contracts unwisely rely on boiler plate language to the detriment of the contracting parties. For example, “standard” default and damages provisions are not always analyzed for consequences in the event of breach. A recent Pennsylvania appellate decision, Newman Dev. Grp. of Pottstown, LLC v. Genuardi’s Family Mkt., Inc., 98 A.3d 645 (Pa. Super. Ct. 2014), illustrates the disastrous consequences […]
ANYONE FOR POKER? How Commercial Landlords Can Properly Handle Chain Tenant Bankruptcies
2/26/2020 | Articles & Alerts
If you are a commercial landlord these days, you’ve probably had one (or more) of your national chain tenants file for bankruptcy within recent memory. Though the Bankruptcy Code gives Chapter 11 debtors an almost absolute right to walk away from unprofitable leases, some national chain debtors have used that power as a weapon, in order to extract significant concessions from their landlords. Landlords often give those concessions, because they think that they have little or no choice, and that […]
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