The New Jersey Tax Amnesty Program applies to state tax liabilities for tax returns due on or after February 1, 2009 and prior to September 1, 2017. The program provides incentives for taxpayers who come forward and pay delinquent state tax liabilities during the amnesty period. Taxpayers who take advantage of the program are relieved
Tax
Home Transferred to Trust with Retained Interest Subject to NJ Inheritance Tax
By Christopher P. Massaro, Steven M. Saraisky & Sarah G. Townsend on
The New Jersey Appellate Division recently issued its opinion in Estate of Van Riper v. Dir., Div. of Taxation, No. A-3024-16T4 (N.J. Super. Ct. App. Div. Oct. 3, 2018), upholding the Tax Court’s finding that the full fair market value of a marital home transferred to a trust was subject to New Jersey Inheritance…
Revenue Ruling 2018-29 Addresses Real Estate Investment in Qualified Opportunity Zones
By Steven M. Saraisky on
On October 19, 2018, the IRS released Revenue Ruling 2018-29, an eagerly awaited ruling addressing real estate investment in Qualified Opportunity Zones (“QOZs”). In brief, the Revenue Ruling holds that, for purposes of measuring whether a real estate investment is “substantially improved” so that it will qualify as “QOZ business property” and therefore will qualify…
Investors Consider Qualified Opportunity Zone Planning
Posted in Tax
Section 1400Z-2(a) of the Internal Revenue Code of 1986 (the “Code”), enacted as part of the 2017 federal Tax Cuts and Jobs Act is designated to spark long-term capital investment into low-income and urban communities, now called the “Opportunity Zone Program.” Via the Qualified Opportunity Zone Program, developers and investors can…