Tax Notebook Blog

Gray Line

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.

Opportunity Zones: Further Extensions in the Land of Oz

Good news from the Land of Oz: on January 19, 2021, the IRS issued Notice 2021-10, which…

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IRC Sections 121 and 1031 — Gain Exclusion and Deferral Riding Tandem

Intro. The residential real property market has been active recently for rental houses and principal residences  It…

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Proposition 19 Client Alert

California voters recently approved Proposition 19, which may significantly increase property taxes when real property is transferred…

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California Small Business Hiring Tax Credit Application Period Underway

On September 9, 2020, Senate Bill 1447 was signed into law and created a new tax credit…

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The CARES Act and Qualified Improvement Property

A provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act has provided a much-anticipated technical…

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Section 199A, SSTBs and Related Parties

Introduction. The Tax Cuts and Jobs Act of 2017 (the “Act”) added Section 199A to the Internal…

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The Long Arm of California’s Franchise Tax Board

In two recent decisions, both of which will be precedential, the California Office of Tax Appeals (OTA)…

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Section 1202 Qualified Small Business Stock Benefits Revisited

As we make it through 2020 and into 2021, one should consider revisiting the choice of entity…

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California 1031 Exchange Scoreboard: TAXPAYERS 3 – FTB 1

In recent years, the California Franchise Tax Board (the “FTB”) has become known for auditing like-kind exchanges…

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