|
SERIES LLC AMENDMENT TO THE ILLINOIS LIMITED LIABILITY COMPANY ACT
The Illinois Limited Liability Company Act (the “Act”) was recently amended to permit the organization of “Series Limited Liability Companies” (“Series LLCs”). The Series LLC amendment provides a new alternative organizational structure to business ventures that have previously utilized multiple limited liability companies to engage in a common transaction, such as real estate investors or land developers.…read more
DEDUCTING THE BUSINESS USE OF YOUR HOME
The federal income tax deduction for the business use of a home has a good dollars-and-cents upside for those who qualify. Some detailed questions have to be answered correctly to get to that point, however. Not surprisingly, the IRS publication on the subject makes use of a complex flowchart filled with “yes or no” questions to guide taxpayers to a determination of eligibility for the deduction.…read more
INADEQUATE NOTICE OF TAX SALE
Gary bought a house that he and his wife lived in for 26 years. When the couple separated, Gary moved out, but he continued to pay the mortgage for another four years until it was paid off in full. The loan was gone, but not the property taxes--they went unpaid when the mortgage company that had previously been paying them was out of the picture.…read more
NON-OWNER CAN BE LIABLE UNDER FHA
Among the kinds of conduct prohibited by the federal Fair Housing Act is the making of any statement with respect to the sale or rental of a dwelling that indicates a preference, limitation, or discrimination based on race, religion, sex, handicap, familial status, or national origin. The most common violators of this law are the actual owners of dwellings or individuals acting as agents for owners. A federal appellate court, however, reinstated a lawsuit brought by the United States against an individual who had spoken neither as an owner nor as an agent for an owner.…read more
WHERE TO SUE? WEBSITES CAN AFFECT JURISDICTION
In a nation of 50 different systems of state courts and a highly interconnected national economy, the issue of when one state’s courts can assert jurisdiction over a nonresident person or business has always been fertile ground for litigation. State legislatures have addressed the matter with laws that are the civil counterparts to the notion that criminals cannot escape the “long arm of the law.”…read more
QUALIFIED PERSONAL RESIDENCE TRUST
Federal estate tax law provides a method by which families can reduce the tax consequences of transferring the family home to the younger generation. The device for accomplishing this is called a qualified personal residence trust (QPRT).…read more
|
