Tax Law News and Insights

Very interesting update on the status of the proposed Chicago transfer tax increase and a reminder that the Mayor and City Council alone cannot modify the current system. Because the City Council cannot by itself modify the City's transfer tax system, it must either seek to have the state legislature...

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Massachusetts has passed a sweeping $1 billion tax relief package intended to boost the Commonwealth's affordability and competitiveness. Among other changes, the tax bill doubles the Massachusetts estate tax exemption to $2 million, closes a purported loophole in the implementation of the so-called Millionaire's Tax, and lowers the Massachusetts short-term...

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Last month, the First Circuit Court of Appeals affirmed the Tax Court's decision in TBL Licensing LLC v. Commissioner holding that a reorganization resulting in the outbound transfer of intangible property (IP) led to immediate recognition of the gain in the transferred IP under section 367(d). See No. 22-1783 (1st Cir. Sept. 8, 2023), aff'g 158 T.C. No. 1 (2022)....

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