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Selling the Marital Residence: What Are the Tax Implications?
The marital residence is frequently the most valuable asset found in most divorce cases. Issues of valuation, possession and sale will all involve tax implications. The residence may include a houseboat, a house trailer or the house or apartment that the taxpayer is entitled to occupy as a tenant-stockholder in a cooperative housing corporation. It does not include personal property that is not a fixture. Treas.Reg. '1.121-1(b). Any gain represented by the difference between the present market value or sales price and the adjusted basis will have tax consequences. Such gain, unless excluded, will subject the taxpayer to a capital gains tax ' currently 15%. Thus, being familiar with the new rules on the exclusion of gain from sale of a principal residence is essential.
Exclusion of $250,000 of Gain
Under the Taxpayer Relief Act of 1997, incorporated into amended Internal Revenue Code (IRC or Code) ' 121, each taxpayer, regardless of age, can exclude up to $250,000 in gain on the sale or exchange of his or her interest in the principal residence where the ownership and use test is met, unless an election otherwise is made. IRC' 121 (F).
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?