Tax Notebook Blog

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Visit the Boutin Jones Tax Notebook to learn about the latest developments and rulings in California and federal tax law.

Opportunity Zone Basis Step-Up

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 basis step-up, you need to make your Opportunity Zone investment no later than December 31, 2021.

Appellate Court Finds Federal Conservation Easement Regulation Invalid

The Eleventh Circuit Court of Appeals recently invalidated a technical provision in the Treasury Regulations controlling conservation…

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California Registration and Taxation of Foreign Entities

Introduction. When must a foreign entity (i.e., a corporation, LLC, or limited partnership formed under the laws…

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Claiming the Employee Retention Credit for Past Quarters Using Form 941-X

The Employee Retention Credit (ERC) is a tax credit available to employers who have seen a reduction…

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IRS Excludes Cryptocurrency Exchanges From Section 1031

Cryptocurrency is cool these days. And since this Tax Blog aspires to be cool (with mixed results),…

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Revenue Ruling 99-6 and Section 1031: Bob and Jon’s Excellent Adventure—Part II

Bob and Jon were the members of Apartment LLC, an LLC taxed as a partnership, with Bob…

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

Jon was the sole member of Apartment LLC, a disregarded entity for tax purposes. Apartment LLC owned…

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Rev. Proc. 2021-20: A Safe Harbor for Missed PPP Deductions

On April 22, 2021, the IRS issued Revenue Procedure 2021-20, which provides a safe harbor allowing taxpayers…

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Tax Provisions in the American Rescue Plan Act of 2021

On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”),…

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

Persons interested in investing in real estate may not have the capital to purchase or develop real…

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