Gridiron Alert: Ordinary income triggered in surprise upset of investment purpose

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Article by: Ronald Levitt and Ryan Moore It’s that time of year again – spring is over, summer has arrived, and every true red-blooded American (or maybe Alabamian) is obsessing over the world’s greatest sport – yes, I’m talking about the sport that truly matters: college football. While everyone has their own tradition or SaturdayRead More

Recent United States district court ruling highlights the importance of defining terms when drafting construction and real estate agreements

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Article by: Art Richey and Adam Sigman A recent ruling by a United States district court demonstrates that the fate of a multimillion dollar construction project can be decided by the interpretation of one word in a contractual agreement. In 2004, the Chicago Cubs and certain rooftop businesses adjacent to Wrigley Field entered into aRead More

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