Real Estate

Taxation of Real Estate Transactions - An Overview (590 2nd) (TPOR590)

 

Portfolio Description

Tax Management Portfolio No. 590-2nd, Taxation of Real Estate Transactions -- An Overview , examines the tax consequences of various real estate transactions, and is designed as an authoritative and practical working tool for attorneys, accountants, investors, syndicators, and others involved in the real estate field. The Portfolio describes the tax treatment of the acquisition, operation, ownership, and disposition of real estate, together with the information reporting rules specifically applicable to real estate transactions. Among the issues reviewed are determination of adjusted basis, financing, leasing, selection of the form of ownership, gross income from rent and discharge of indebtedness, operating deductions, depreciation and cost recovery, the rehabilitation and low-income housing credits, the passive loss, at-risk, capitalization, vacation home, home office, and similar deduction and credit limitations, cooperatives, condominium and homeowner management associations, amount realized, like-kind, involuntary conversion, principal residence, and other nonrecognition provisions, timing issues, and the treatment of real estate ownership by aliens and foreign corporations.

This Portfolio is intended as an overview of the tax factors affecting real estate ownership and operation. It is not an exhaustive or comprehensive analysis of every administrative and judicial decision affecting each issue involved in real estate planning. It is designed to provide a framework to which the user can connect the very specific and detailed discussions in Portfolios addressing particular issues, and to that end numerous references are made to other Tax Management Portfolios.

This Portfolio may be cited as Maule, 590-2nd T.M., Taxation of Real Estate Transactions -- An Overview .

James Edward Maule, B.S., University of Pennsylvania (1973); J.D., Villanova University (1976); LL.M. (Taxation), George Washington University (1979); Lecturer, Villanova University Graduate Tax Program and Tax Forum CLE Programs; Lecturer, Philadelphia Tax Conference; Lecturer, Philadelphia Bar Association Tax Section; former Lecturer, ALI-ABA; former Lecturer, Tax Management, Inc. & Continuing Legal Education Satellite Network; former Lecturer, Pennsylvania Bar Institute; former Lecturer, The Dickinson School of Law CLE Programs; member, American Bar Association, Section of Taxation, Committee on Formation of Tax Policy; member, American Bar Association, Section of Taxation, Committee on S Corporations (Consultant and former Chair, Subcommittee on Subchapter S and State Law; former Chair, Subcommittee on Comparison of Partnerships and S Corporations; former member, Task Force on Legislative Recommendation No. 86-1); member, American Bar Association, Section of Taxation, Committee on Teaching Taxation (former Chair, Subcommittee on Manuscripts and Unpublished Teaching Materials); member, American Bar Association, Section of Taxation, Tax Practice Management Committee; former member, American Bar Association, Section of Taxation, Committee on Tax Structure and Simplification (former Chair and Reporter, Phaseout Tax Elimination Project); former member, American Bar Association Tax Section Task Force on Pass-Through Entities; member, Philadelphia Bar Association Tax Section; author and owner, TaxJEM Inc., publisher of computer assisted legal instruction programs; owner and publisher, JEMBook Publishing Co.; co-owner, StarJEM LLC; developer, TaxCruncherPro, income tax planning software; author of numerous books, monographs, and book chapters; contributor to various tax and legal periodicals.