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Results: 1-10 of 63

FINRA identifies concerns with marketing of real estate investment products

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • May 10 2013

FINRA recently signaled a continuing focus on the marketing of real estate-related products by issuing a Regulatory Notice expressing concerns about

N.Y. “mansion” tax held to be due on purchase of residential real property from U.S. government

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • May 2 2013

In a petition brought to challenge the denial of a refund claim, a New York State Administrative Law Judge held that the New York State "mansion tax"

New York real property owned by a partnership not includible in decedent’s New York estate

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • December 5 2011

The Department of Taxation and Finance has ruled that a nonresident decedent’s interest in a revocable trust that held an interest in a partnership that held New York State real property was not includible in the decedent’s New York gross estate

A summary comparison of BDCs and REITs

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • October 2 2009

As we have discussed in our prior client alerts, BDCs and REITs have witnessed a resurgence of late

Non-profit’s 99-year lease insufficient for property tax exemption

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 1 2011

The Appellate Division, Second Department, affirming a New York City Tax Commission decision, has held that a not-for-profit organization with a 99-year lease on real property is not eligible for the property tax exemption available to non-profits under Real Property Tax Law ("RPTL") 420-a

City Tribunal holds lease payments made after WTC destruction were not subject to commercial rent tax

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • November 2 2011

The New York City Tax Appeals Tribunal has held that lease payments made to the Port Authority after the destruction of the World Trade Center on September 11, 2001, were not subject to commercial rent tax because there were no “premises” after the total destruction of the buildings

Supreme court curtails effort to expand RESPA

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • May 25 2012

In a case very closely watched by the financial services industry, the Supreme Court today unanimously rejected the effort to broaden reach of the Real Estate Settlement Procedures Act ("RESPA"

Recent California State Board of Equalization legal opinion letter could create confusion regarding the proposition 13 change in ownership rules for legal entities

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • November 5 2012

On September 5, 2012, the California State Board of Equalization’s (“Board”) legal staff (“Staff”) issued a legal opinion letter (“Letter”) in which the Staff reversed a Proposition 13 (“Prop 13”) property tax change in ownership rule for transfers of interests in legal entities that the Board had adopted and followed for more than 25 years

Merger of two residential cooperatives subject to real estate transfer tax twice

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • April 1 2011

The Department of Taxation and Finance has issued an Advisory Opinion holding that the merger of two legally separate private housing cooperative corporations results in application of the New York State real estate transfer tax, not once but twice

Consideration paid for combined apartments properly aggregated for “mansion tax” purposes

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • April 1 2011

A husband and wife each separately contracted to purchase stock in a cooperative housing corporation for two apartments that the seller had previously combined into one, each for a purchase price of less than the $1 million threshold for application of the New York "mansion tax" on residential real property

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