Tax Law News and Insights

On Nov. 28, 2023, the United States Tax Court issued an opinion with respect to competing motions for summary judgment in the case of Soroban Capital Partners LP v. Commissioner1, addressing the US federal self-employment tax liability of limited partners in a state law limited partnership. The Tax Court denied Soroban's motion...

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The Bottom Line The federal lifetime gift and estate tax exemption amount will increase to $13.61 million per person and $27.22 million per married couple next year. The annual federal gift tax exclusion amount will also increase to $18,000 per person in 2024 (or $36,000 for married couples who split...

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A Los Angeles County superior court judge dismissed a lawsuit that sought to invalidate Measure ULA, also called the mansion tax. Measure ULA, which took effect in April 2023, significantly increased documentary transfer tax on all real estate sales or transfers of over $5 million, with all taxes collected from...

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