Category Archives: California

Noguez Gets More Charges

Posted on October 30, 2013 by Russ

Los Angeles County Assessor John Noguez finds himself facing more felony counts in the ongoing bribery/tax evasion scandal rocking the Los Angeles County Assessor’s Office. The new charges relate to three more building where Mr. Noguez and consultant Ramin Salari … Continue reading →

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The 2014 State Business Tax Climate Index: Bring Me the Usual Suspects

Posted on October 9, 2013 by Russ

The Tax Foundation released its 2014 State Business Tax Climate Index. In what will shock few readers of this blog, the usual suspects remain at both the top and bottom of the list. First, let’s look at the top states–the … Continue reading →

Posted in California, Legislation, Nevada | Tagged | 1 Comment

Sometimes, Pigs Do Fly (California Repeals FTB’s QSB Tax Grab)

Posted on October 6, 2013 by Russ

I look out the window of my office, and I saw the pig that flies: [The Flying Pig is via a Creative Commons license, from Wikipedia. And, no, I didn’t see one flying by my office in Las Vegas.] California … Continue reading →

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California Won’t Conform with Mortgage Debt Forgiveness for 2013

Posted on September 17, 2013 by Russ

If you have a short sale or a foreclosure and have cancelled debt, tax law treats that as income. However, Congress passed laws excluding most such debt from a short sale or foreclosure related to your principal residence from federal … Continue reading →

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California Is #1…For Highest Marginal Tax Rates for S-Corps

Posted on September 15, 2013 by Russ

The S-Corporation is a business structure that’s well liked by entrepreneurs. It allows for a flow-through entity, corporate protection, and (generally) favorable taxation. Of course, there are exceptions–in tax, there are always exceptions. The Tax Foundation has this wonderful map … Continue reading →

Posted in California, Nevada | 2 Comments

Two QSB Relief Bills on Governor Brown’s Desk

Posted on September 15, 2013 by Russ

The California legislature heard from business owners, and the business owners were angry. Their anger had to do with how California’s Franchise Tax Board decided to implement a court decision on Qualified Small Business Stock. The FTB decided that the … Continue reading →

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Bankruptcy Trumps a Deemed Sale

Posted on September 12, 2013 by Russ

The Wilshire Courtyard is a 1-million square foot office complex in Los Angeles’s “Miracle Mile” district. The complex’s mortgage debt was acquired through bankruptcy by a consortium led by McCarthy Cook, Blackstone Real Estate Advisors, and Merrill Lynch. California’s Franchise … Continue reading →

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California to Require Annual Reporting of Like-Kind Exchanges for Out-of-State Property

Posted on September 8, 2013 by Russ

Section 1031 exchanges are a popular means of deferring taxation on commercial property. Suppose in 1970 you purchased a commercial property in Los Angeles for $500,000. You decide to sell it, and discover that it’s now worth $2.5 million. One … Continue reading →

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Have I Got a Fixer-Upper for You

Posted on August 25, 2013 by Russ

If you want to rent a building in Sacramento (California’s state capital), I have one that’s perfect…for your enemies, that is. It does have some advantages: It’s a 24-story building right in the heart of downtown Sacramento. It’s owned by … Continue reading →

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California Goes After Flow-Throughs with Passive Investments in California

Posted on August 17, 2013 by Russ

Let’s say you’re the manager of a business in Florida. Your business has some excess capital, so you decide to invest in the RussFox Fund, LLC. Your investment makes up a whopping 0.02% of the fund. (Put another way, you … Continue reading →

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