Searching Content indexed under Real Estate and Construction by Grant Thornton LLP ordered by Published Date Descending.
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Florida Enacts Legislation Reducing Commercial Rent Tax Rate, Amending Sales Tax And Other Provisions
On May 25, 2017, Florida Governor Rick Scott signed legislation adopting the reduction of the state's sales tax on non-residential leases and licenses of real property
United States
7 Aug 2017
California Holds Documentary Transfer Tax Can Apply To Transfers Of Interests In Legal Entities That Own Real Estate
On June 29, 2017, the California Supreme Court held that the documentary transfer tax may apply to transfers of interests in legal entities that own real estate.
United States
1 Aug 2017
Final Regulations Under Section 956 Adopt An Aggregate Approach To CFCs Transacting With Foreign Partnerships
New, final regulations under Section 956 (T.D. 9792), addressing the treatment of U.S. property held by a controlled foreign corporation in connection with certain transactions involving partnerships.
United States
21 Dec 2016
Construction Of Inherently Permanent Structures Eligible For Section 199
The IRS released a technical advice memorandum concluding that a taxpayer's construction activities and the resulting gross receipts represented domestic production gross receipts (DPGRs)...
United States
29 Sep 2016
Florida Rental Tax Violates Federal Indian Law, But Utility Tax Permitted On Land Leased By Tribe To Non-Indians
The U.S. Court of Appeals for the Eleventh Circuit held on August 26, 2015 that federal law bars Florida's imposition of rental tax on commercial rent payments by non-Indian retailers for land owned by an Indian tribe.
United States
8 Apr 2016
FASB Issues New Lease Accounting Standard
On February 25, the FASB released ASU 2016-02, Leases, completing its project to overhaul lease accounting. The ASU codifies ASC 842, Leases, which will replace the guidance in ASC 840.
United States
15 Mar 2016
Fifth Circuit Upholds Tax Court: Land Developer Contracts Are Not Home Construction Contracts
The taxpayer in the case sold property to commercial builders or individual buyers who would then construct homes on the property.
United States
14 Nov 2015
IRS Extends Guidance Deadlines For Beginning Construction On Energy Projects
The Tax Increase and Prevention Act of 2014 pushed back the expiration dates for the PTC and ITC by one year.
United States
1 Apr 2015
Tenant Improvement Costs Aren’t Rental Income To Lessor
Certain payments made by a lessee to reimburse the lessor for tenant improvement costs above an agreed-upon allowance were not rental income to the lessor.
United States
26 Sep 2014
Proposed REIT Regulations Clarify ‘Real Property’ Definition
Proposed IRS regulations would define "real property" for purposes of an entity’s qualifying as a REIT and maintaining that qualification at the close of each quarter.
United States
16 Jun 2014
Planned Community Developer Wins In Tax Court On Completed Contract Method
The Tax Court has ruled in "Shea Homes Inc. et al. v. Commissioner" (142 T.C. No. 3) that planned community developers can use the completed contract method to recognize income.
United States
3 Mar 2014
Illinois Trial Court Holds Cook County Use Tax On Non-Titled Tangible Personal Property Is Unconstitutional
On October 11, 2013, Cook County Circuit Judge Robert Lopez Cepero held that the Cook County, Illinois use tax on non-titled tangible personal property cannot be imposed because it violates the Illinois Counties Code, the Illinois Constitution and the Commerce Clause of the U.S. Constitution.
United States
25 Oct 2013
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