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News

1031 Could be a ‘Thing of the Past’

February 22, 2021 Media Mentions
Mainebiz

On February 22, Mainebiz published an article, “Is 1031 all done? An investment tool, commercial real estate boon faces elimination,” discussing how the 1031 real estate exchange tax benefit allows investors to defer capital gains tax from sales by investing into similar properties. This particular tax deferment has really been a benefit for commercial real estate, but now President Joe Biden’s tax plan proposes that 1032s are eliminated from investors that have incomes higher than $400,000.

Tax attorney Cheryl Johnson is quoted in the article: “The 1031 tax exchange was created in 1921, and originally used for types of exchanges where cash wasn’t readily available.” Cheryl states that it's a good thing and encourages people to stay invested.

To read the full article on Mainebiz.com, click here.

Firm Highlights

News

Jim Cohen Discusses “No Blank Checks” Citizen Initiative Before Maine Legislative Committee

Verrill Partner Jim Cohen was recently quoted in a Spectrum News article " Maine Ballot Initiative To Require Voter Approval For $1B Borrowing Gets Broad Support.” Maine LD 1772 is a citizen-initiated ballot question...

Matter

Advised Fortune 500 Company on Group Health and Welfare Benefit Plans

We were engaged by a Fortune 500 manufacturing company to provide legal and compliance services regarding its group health and welfare benefit plans. During the course of our representation, we have advised the company...

News

Verrill Welcomes Partner Andrew M. Walsh to Firm’s Business Law Group

Publication/Podcast

State Trademark Registration

The United States has two levels of trademark registration: state and federal. A state trademark registration is issued by a state office and protects a trademark only in that state, whereas a federal trademark...

Matter

Elections and Constitutional Law: Successfully Challenged Certification of Initiative Petition

In a victory for consumers and the ride-hailing public, the Massachusetts Supreme Judicial Court recently barred the Secretary of State from placing on the November ballot initiative petitions proposed by companies such as Uber...

Publication/Podcast

U.S. Tax Considerations When Buying Property Abroad with Ruth Mattson

Verrill partner Ruth Mattson was recently featured on The American College of Trust and Estate Counsel 's podcast series Trust and Estate Talk . In this podcast, U.S. Tax Considerations When Buying Property Abroad...

Blog

GLORY, GLORY, HALLELUJAH!

Remember that old parody of the Battle Hymn of the Republic we used to sing before there was an Internet? There are apparently many versions, but they all generally involve children inflicting various types...

Blog

New Options for Retirement Plan Distributions Under SECURE 2.0

This post summarizes the new distribution options, including penalty-free withdrawals, applicable to defined contribution plans under the SECURE 2.0 Act of 2022 (“SECURE 2.0”) and provides a timeline of their effective dates. The new...

Blog

Gag Clauses – New Guidance and Litigation Will Inform Compliance

Certain provisions of the Transparency in Coverage Final Regulations and the Consolidated Appropriation Act, 2021 (“CAA”) require group health plans and/or their vendors to report information to federal agencies. On December 31, 2023, group...

Event

Virtual Lunch & Learn: Human Resources in Small Business/Startups

Verrill associate Emily Waddell will be presenting at PROPEL 's Virtual Lunch & Learn: Human Resources in Small Business/Startups. In addition to presenters sharing their expertise, this session covers various Human Resource topics including...

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