Scared enough? How overt or imminent must the threat of condemnation be?

Article Abstract:

US property owners who reasonably expect their property to requisitioned, appropriated or condemned by a government body have the right to sell their property without having income from the sale recognized for tax purposes. Under IRS rules, a reasonable expectation of acquisition or condemnation can arise only when oral or written notification that such an action is imminent has been given by an authorized government body or official. It is incumbent or property owners, therefore, to document such notifications.

United States, Real Estate, Real Estate and Rental and Leasing, Income tax, Eminent domain (Law)

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Disinterested generosity, rezoning, and the tax code

Article Abstract:

Appellate and District Court judges, as well as Tax Court judges and local tax examiners are increasingly being asked by the Internal Revenue Service to rule on whether gifts from such subjects as real estate developers to persons who have the power to bestow a benefit. Such inquiries oppose the discernment of judges and examiners since in every case the gift is from someone who could receive a benefit, to someone who has the power and authority to bestow a benefit.

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Abandoning the partner-ship

Article Abstract:

It can often be difficult, for tax purposes, to abandon an investment in a limited partnership. As two sample cases demonstrate, the IRS and courts will sometimes allow practical acts that fall short of title transfers to constitute abandonment. The IRS often rules, however, that taxpayers are not timely enough in reporting limited-partnership losses.

Limited partnership, Limited partnerships, Loss deductions

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