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March 2021 Update: SALT Deduction Workaround for Maryland Pass-Throughs Expanded and Improved

USA - March 16 2021 For all taxable years beginning after December 31, 2019, a pass-through entity (PTE) with Maryland-source income now can elect to be taxed at the PTE…

Elizabeth Fialkowski Stieff, Walter R. Calvert.

Issues and Limitations with the Maryland SALT Deduction Workaround

USA - September 22 2020 Effective July 1, 2020, a pass-through entity (PTE) with Maryland-source income can elect to be taxed at the PTE level (rather than the individual…

Elizabeth Fialkowski Stieff, Walter R. Calvert.

IRS Issues Proposed Regulations Defining "Real Property" for Like-Kind Exchanges

USA - July 21 2020 Before the Tax Cuts and JOBS Act of 2017 (the TCJA), Section 1031 of the Code provided that a taxpayer could exchange real or personal property held…

Elizabeth Fialkowski Stieff.

SALT Deduction Workaround Available for Maryland Pass-Through Entity Owners

USA - June 29 2020 Effective July 1, 2020, a pass-through entity (a PTE) with Maryland-source income can elect to have its Maryland taxable income be subject to…

Elizabeth Fialkowski Stieff, Walter R. Calvert.

IRS Relaxes REIT Distribution Requirement

USA - May 8 2020 Pursuant to the issuance on May 4 of Rev. Proc. 2020-19, the IRS has relaxed the annual income distribution requirement for publicly offered real…

Elizabeth Fialkowski Stieff.