Changes May Be Coming for The Alabama Limited Liability Company Act

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The Alabama House of Representatives recently passed House Bill 2 (HB2), sponsored by Rep. Paul DeMarco (R-Vestavia Hills), sending it to the Alabama State Senate.  HB2, tentatively named the “Alabama Limited Liability Company Law of 2014,” seeks to modernize Alabama law applicable to LLCs in order to attract new businesses. One significant change in HB2Read More

Home-Builder Tax Victory Creates Significant Planning Opportunities

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During a recent discussion about representing developers, fellow attorney Greg Rhodes reported to our Tax Group that real estate developers were delivered a significant victory in a recent U.S. Tax Court case involving a California homebuilder.  The case, Shea v. Commissioner, 142 T.C. 3 (2/12/2014), which involves the relatively unsexy (even in the tax world) conceptRead More

Sirote Attorneys Crystal H. Holmes and Cheryl Howell Oswalt elected to CREW

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I am pleased to announce that Sirote attorneys Crystal H. Holmes and Cheryl Howell Oswalt have been installed as President and President-Elect of Birmingham CREW, respectively. CREW is a commercial real estate association in Birmingham for women and men who work in the commercial real estate industry. Crystal represents financial institutions, as well as borrowers,Read More

Application of the new net investment income tax to real estate professionals

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The Health Care and Education Reconciliation Act of 2010 added a Section 1411 to the Internal Revenue Code.  Section 1411 imposes a 3.8% tax (the NII tax)  on the net investment income of an individual whose modified adjusted gross income (MAGI) exceeds a threshold that varies depending on the taxpayer’s filing status ($200,000 for single-filersRead More

Historic Tax Credit application lottery results released

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Historic Tax Credit application lottery results were released on Wednesday, October 2nd as follows: Federal Reserve Bank of Atlanta, Birmingham Branch (Birmingham) Redmont Hotel (Birmingham) 951 Government Street Building (Mobile) The Webber Building (Montgomery) Powell School (Birmingham) Avondale Fire Station #10 (Birmingham) Jefferson Davis Apartments (Montgomery) Hunter House (Mobile) Tuscaloosa VA Building #33 (Tuscaloosa) Ft.Read More

Three things to know about Alabama’s new historic tax credit

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Beginning October 1, 2013, real estate developers can apply to the Alabama Historical Commission for a tax credit by supplying an application, a rehabilitation plan, and a schedule of estimated expenditures. Sirote can assist you with our application delivery service to the Commission, with an October 1 “opening” to receive applications. Read my recent articleRead More