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NJ Tax Court orders refund of nonresidential development fee, but not to developer’s or municipality’s satisfaction

Fox Rothschild LLP
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USA
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December 19 2011

At least one New Jersey court has held, in connection with a refund claim, that the nonresidential development fee imposed by municipalities upon developers is premised upon the equalized assessed value of the building and related site improvements, rather than upon the value of the building, only; the value of the land upon which the development was constructed is not to be included in the calculation

Foreigners rush to invest in U.S. real property, but what are the tax issues?

Fox Rothschild LLP
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USA
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December 19 2011

Foreign investment in U.S. real property has increased in recent years, driven in part by the weakness of the U.S. dollar in relation, most notably, to the euro, British pound and Canadian dollar

NJ tax court denies municipality’s motion to compel production of tax returns relative to income-producing hotel property in pending property tax appeal

Fox Rothschild LLP
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USA
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November 22 2011

In a recent unpublished decision (HPT CW Properties Trust v. Township of Mount Laurel, Docket No. 003351-2010 (Decided October 27, 2011)), the Tax Court of New Jersey refused the efforts of Mount Laurel Township to compel the production of income tax returns of a plaintiff-taxpayer in a property tax appeal dispute

Increased foreign investment in United States requires review of the FIRPTA provisions

Fox Rothschild LLP
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USA
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November 9 2011

Under 26 IRC 897, which was adopted into law as part of the Foreign Investment in Real Property Tax Act (“FIRPTA”) in 1980, gain realized by a foreign person with respect to the disposition of an interest in US real property (“USRPI”) is characterized as income effectively connected with the conduct of a U.S. trade or business and subjects the foreign person to U.S. income tax on the net income derived from such gain at normal U.S. income tax rates

Tax assessment system challenge dismissed

Fox Rothschild LLP
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USA
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October 29 2011

A Philadelphia judge recently dismissed a challenge by a group of Philadelphia taxpayers challenging the city’s tax assessment practices

Real estate transactions under Section 1031 of the Internal Revenue Code

Fox Rothschild LLP
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USA
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October 17 2011

Section 1031 of the U.S. Internal Revenue Code (26 U.S.C. 1031) (the Code) sets forth that gains and losses for certain exchanges of property are not recognized

Credibility lessons from the Tax Court

Fox Rothschild LLP
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USA
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October 12 2011

The United States Tax Court recently issued an opinion that contains valuable lessons for any forum

Non-resident sellers of Canadian taxable property pose challenges despite recent reforms announced by Canada

Fox Rothschild LLP
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USA
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September 13 2011

Under 116 of The Canadian Income Tax Act (“CITA”), non-residents who dispose of certain taxable Canadian property, aka “Canadian Taxable Property”, must notify the Canada Revenue Agency (“CRA”) of the pending sale either prior to the disposition or within 10 days after the closing

PA Commonwealth Court issues important tax assessment appeal ruling

Fox Rothschild LLP
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USA
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August 21 2011

The Pennsylvania Commonwealth Court recently decided a tax assessment appeal involving a 486,086 square foot industrial facility in Erie County

Enterprise Zone Tax Credit Program

Fox Rothschild LLP
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USA
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July 25 2011

Did you know that you may be eligible to apply for tax credits under the Enterprise Zone Tax Credit Program administered by the Pennsylvania Department of Community and Economic Development?

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