James Leet

About James Leet

I'm still developing new interests. In the last few years, I've been very focused on hiking, gratefully experiencing the varied beauty of our world. I hiked the entire state of California - about 400 miles - from east to west. I went with a group of people over a long series of weekends and we hiked between 12 - 15 miles a day. I've also hiked the Milford, Routeburn and Kepler Tracks in New Zealand and Haute Route in Switzerland. In 2016, I finished the Laugavegur Trail in Iceland. Great hikes, but now I would like to hike the many trails in the USA.
17 03, 2021

Section 1061’s Application to Real Estate Carried Interests (or Not)

2021-03-18T00:00:26+00:00March 17th, 2021|Tax Articles|

Persons interested in investing in real estate may not have the capital to purchase or develop real estate. Ordinarily those persons will seek out investors to provide the capital, while retaining a profits interest in the venture (a “promote” in the real estate world) in exchange for managing and facilitating the venture. A promote held by such a service partner is Continue Reading

13 12, 2020

Section 199A, SSTBs and Related Parties

2021-01-09T00:42:11+00:00December 13th, 2020|Tax Articles|

Introduction. The Tax Cuts and Jobs Act of 2017 (the “Act”) added Section 199A to the Internal Revenue Code (the “Code”). Section 199A provides a deduction that reduces the effective tax rate on qualified business income (“QBI”) for owners of businesses taxed as sole proprietorships, partnerships, limited partnerships, limited liability companies, S corporations and similar pass-through entities (each hereinafter, a “pass-through Continue Reading

11 12, 2020

Section 1202 Qualified Small Business Stock Benefits Revisited

2020-12-14T21:14:55+00:00December 11th, 2020|Tax Articles|

As we make it through 2020 and into 2021, one should consider revisiting the choice of entity in ascertaining which type of business entity is the best entity for a client’s particular needs. Historically, flow-through entities such as partnerships, limited liability companies and S corporations have prevailed over C corporations. Generally, this is a good choice for planning an exit from Continue Reading