Meet the Co-chairs - TAGLAW
Lisa Spearman, Private Client Partner, considers the key points of the CGT regime as now extended to non residents owning property in the UK.
Many other countries charge tax on the basis of where a property is located rather than where the owner is resident, and it is therefore not altogether surprising that the UK has followed suit.
Contact: Marc Ausfresser; Berdon LLP (New York, New York, USA)
The IRS has proposed regulations to clarify what is real property for purposes of real estate investment trust (REIT) rules. Long overdue, it noted that no guidance has been published on this topic since 1975. The proposals define real property to include land, inherently permanent structures, and structural components. Safe harbors are provided for determining whether certain assets are or are not real property. The proposed regulations also identify certain types of intangible assets that are real property or interests in real property for REIT purposes.
Contact: Bruce Gorman; Berdon LLP (New York, New York, USA)
The deadline for filing RPIE (Real Property Income and Expense) forms for 2013 has been pushed up to June 2, 2014 from September 1. For future years, the deadline will be June 1. This form is required for all income producing properties within New York City with a value of over $40,000.