Monthly Archives: May 2021

26 05, 2021

Revenue Ruling 99-5 and Section 1031: Bob and Jon’s Excellent Adventure—Part I

2021-05-26T19:14:33+00:00May 26th, 2021|Tax Articles|

Jon was the sole member of Apartment LLC, a disregarded entity for tax purposes. Apartment LLC owned a small apartment building as its only asset. Things were going well with that apartment building.

Bob had some extra cash from golf winnings and was looking for a real estate investment. He saw how well Jon’s apartment building was doing, and asked if he Continue Reading

25 05, 2021

Opportunity Zone Basis Step-Up

2021-05-25T23:22:03+00:00May 25th, 2021|Tax Law Tips|

May 2021

Monthly Tax Law Tip

When you invest capital gain into a Qualified Opportunity Fund, to take advantage of the gain deferral provided by the Opportunity Zone provisions, your basis in the investment is zero. If you hold the investment for five years, your basis is increased by 10% of the amount of your investment. In order to take advantage of this Continue Reading