President Biden proposes that all transfers of property by gift or as a result of death give rise to income taxable “as of” the times of transfer, based upon the difference between the property cost and its fair market value on the transfer date. Furthermore, all property that has been held in trust, a partnership …
Robert J. Donaher, Esq., Of Counsel to the firm and a former Deputy Attorney General for the New Jersey Division of Criminal Justice, was recently quoted in an article in the New Jersey Law Journal/Law.com entitled, “Does Impending Public Discourse VIolate Antitrust Rules? Plaintiffs Say Yes in Big Tech Suits.” Donaher commented on lawsuits by …
A number of months ago we wrote about the subject of passport revocation and non-issue, in part, in these opening words: In the past history of the country, U.S. persons’ passports or their eligibility for new passports would only rarely have been impacted by Federal tax considerations and never in isolation. Not anymore. During 2018, …
In 2020 we wrote a similar short piece raising a number of issues with New Jersey’s new Pass-Through Business Alternative Income Tax Act, effective for 2020 and subsequent years (the “Act” or “Act Tax”). If the Act Tax is elected, New Jersey imposes an income tax on the New Jersey source taxable incomes of S …
Section 170(h) of the Internal Revenue Code of 1986, as amended (the “Code”), sets forth rules allowing income tax deductions to taxpayers who grant conservation easements on real estate in perpetuity to qualifying non-profit organizations, generally within exacting requirements. But the beneficent congressional intentions behind their enactment of Section 170(h) had the unintended consequence of …
As insurers continue to issue blanket denials for COVID-19 business interruption losses, courts nationwide are seeing an influx of cases seeking a review from the denials. A Bergen County Judge recently denied a Motion to Dismiss filed by an insurance company and rejected the insurer’s claim that COVID-related losses cannot qualify as covered losses. In Optical …
When shopping for and preparing to purchase a first home, consumers must educate themselves about many new things that they had likely not had to address or think about as renters. Everything from the steps involved in making an offer to what rights they may or may not have with their new property can be …
When choosing a financial institution, you may decide to go with whatever option is close to your home or most conveniently located. Did you know that each bank is different and that a savings and loan is not the same thing as a commercial bank? According to Zack’s, the main difference between a savings and loan …
Buying and selling real estate in New Jersey is a detailed process that requires you and the other party to be timely and organized in negotiating a contractual agreement. When you are aware of which aspects of a real estate contract are central to your success throughout the transaction, you can be prepared to move …
When most people think of agile businesses adopting tech, banks rarely come to mind. For centuries, taking 90 days and more to process applications and submit approvals or denials were considered normal. Much of the application was also manual and paper-based, compelling customers to go into their local branches. The growth of online banks changed …
