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Articles by Jared Kassan
Tax Information for Those Impacted by the Los Angeles County Wildfires | JD Supra
As a Los Angeles-based firm, we are deeply saddened by the devastation caused by the recent wildfires. We remain committed to supporting our clients and friends during this time and are hopeful that the general tax information outlined below may be helpful as those affected by the wildfires begin to consider plans to recover and rebuild.
Tax Information for Those Impacted by the Los Angeles County Wildfires
As a Los Angeles-based firm, we are deeply saddened by the devastation caused by the recent wildfires. We remain committed to supporting our clients and friends during this time and are hopeful that the general tax information outlined below may be helpful as those affected by the wildfires begin to consider plans to recover and rebuild.
Attention Property Owners: Los Angeles and Santa Monica Approve ‘Mansion Tax’ Ballot Measures, Increasing Transfer Taxes on Sales Valued at $5 Million or More | Allen Matkins - JDSupra
Measure ULA takes effect on April 1, 2023. Under Measure ULA, there will be an additional “Homelessness and Housing Solutions Tax,” when the consideration or value of the interest or property conveyed (irrespective of any lien encumbrances) in the City of Los Angeles exceeds $5 million. This new tax will be in addition to the aforementioned 0.56% levy.
Real Estate Partnerships and Section 1031 Exchanges | JD Supra
DROP AND SWAP In this situation, the two partners who want to stay in the partnership own a two-thirds indirect interest in the property, and the partner who wants to leave owns a one-third interest. Using the drop and swap technique, the LLC and the third partner become tenants in common. This requires recognizing both parties as tenants in common and not a new partnership.
Real Estate Partnerships And Section 1031 Exchanges
Jared Kassan, a partner at law firm Allen Matkins, participated on a panel earlier this year to discuss legal issues surrounding partnerships and 1031 exchanges. The other panelists included Todd Keator from Holland & Knight, and Lou Weller from Weller Partners. The panel began by discussing the traditional "drop and swap" strategy with its associated issues and then went on to discuss alternatives. The panel focused on a fictional LLC with three owners, one of whom wants to leave the partnership.
California Voters Narrowly Reject Split-Roll Initiative, but Approve Changes to Property Tax Exemptions; San Francisco Voters Approve Higher Taxes on Businesses | Allen Matkins - JDSupra
On November 3, 2020, voters across the State of California were asked to consider various state and local ballot measures. The hardest fought campaign, Proposition 15, asked voters whether to rescind property-tax rules applicable to commercial and industrial property that generally require counties to assess property at its acquisition value, which rules were implemented in 1978 by Proposition 13.
San Francisco Proposes Doubling Transfer Tax for Certain Real Estate Transactions | JD Supra
This November, the residents of the City of San Francisco will either approve or disapprove a ballot measure that will double city transfer taxes on residential and commercial sales over $10 million. Real estate investors need to be cognizant of this potential tax increase in drafting their purchase and sale agreements, leases, and other real estate documents. If it passes, the amended transfer tax ordinance will become operative on January 1, 2021.
Proposition 13 Overhaul Qualifies for November Ballot | JD Supra
California Secretary of State Alex Padilla announced on Friday, May 29, 2020, that the revised initiative entitled "The California Schools and Local Communities Act of 2020" officially qualified for the November ballot. If passed, the initiative would establish a "split roll" where retail, office, commercial, and industrial real property would be taxed based on their market value, while residential property would continue to be assessed based on its purchase price.
COVID-19 Extensions for Section 1031 Exchanges and Opportunity Zones | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
California Office of Tax Appeals Upholds Taxpayer Friendly "Drop and Swap" Case | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
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