Just compensation from a tax sale of property is determined based on the actual tax-sale price of the property sold, not on its fair market value.
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Topics
Tax Computation
Avoiding state tax surprises from collaboration agreements
Collaboration agreements, especially in the life sciences, sometimes unexpectedly transcend state boundaries, with consequences for companies’ apportionment and sales factor revenue sourcing.
New York City office-sharing agreements and commercial rent tax
A ruling by New York City’s Department of Finance indicates that businesses engaged in agreements to share office space may incur the city’s commercial rent tax.
ASC Topic 740 and state taxes continue to require due diligence
Properly accounting for state income taxes in financial statements has become more complex due to changing tax rules and business evolution.
Personal income tax: The other-state tax credit
This item focuses on how states classify certain business taxes for these other-state tax credit purposes, using recent California developments to illustrate how states may analyze this issue.
Sourcing Sec. 751(a) gain from nonresident’s sale of California partnership interest
Tax practitioners should be aware of the The California Franchise Tax Board’s two-step approach to transactions involving Sec. 751 gain.
State PTE elections: A big picture perspective
Practitioners may face a difficult analysis in helping their clients understand their possible PTE election opportunities.
Cryptoasset transactions: State corporate income tax implications
This item focuses on income classification and revenue-sourcing issues, with California law used to illustrate how states may address such issues.
Illinois PTE tax would provide SALT cap workaround
This item discusses Illinois Legislature’s S.B. 2531, which includes a PTE tax that allows a workaround to the federal $10,000 limitation for state and local tax deductions.
Business property taxes: COVID-19’s effect on valuation
The COVID-19-related downturn and its impact on
commercial property values offers an opportunity to claim favorable valuations on returns as they are filed or to challenge valuations from state taxing
authorities.
Would you like SALT with that trust?
The total tax owed by a trust can be significantly affected by the location of grantors, beneficiaries, trustees, and even trust assets.
Difficulties of applying IRC rolling conformity in some states
This item examines the complex approaches used by Colorado, Maryland, and Oregon to adopt the
IRC on a rolling basis.
COVID-19’s impact on withholding, unemployment insurance, and nexus
COVID-19 has added to employers’ compliance requirements.
State implications of Sec. 163(j) under TCJA and CARES Act
States’ approaches to TCJA and CARES Act conformity will be driven by budget estimates and whether they can follow the reduction to the federal taxable income base while still balancing their budgets.
State considerations of Sec. 163(j) carryforwards
The TCJA’s interest expense deduction limitation
rules in amended Sec. 163(j) create significant challenges and uncertainty for taxpayers at the state level.
SALT deduction cap rules finalized, safe harbor proposed
Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
Passthrough entity taxes: The next workaround trend?
Plans adopted by some states sidestep the new federal Sec. 164(b)(6) limitation, which may not apply to income taxes imposed on a PTE.
New federal interest expense limitation meets old state related-party disallowance
The interplay between Sec. 163(j) and state expense disallowance leaves taxpayers in a position of having to make important decisions in a vacuum
of guidance.
States’ treatment of GILTI and FDII: The good, the bad, and the ugly
Review the various approaches states use to account for the GILTI and FDII regimes introduced by the TCJA.
Tax treatment of state and local tax refunds clarified
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
PRACTICE MANAGEMENT
2026 tax software survey
CPAs rate their return preparation software’s performance during this year’s tax season.
