Tax Court rejects IRS’s position that member interests in an LLC are limited partnership interests for passive activity rule purposes under IRC §469.

Tax Court rejects IRS's position that member interests in an LLC are limited partnership interests for passive activity rule purposes under IRC §469. Tax Court rejects IRS's position that member interests in an LLC are limited partnership interests for passive activity rule purposes under IRC §469.Tax partner Ed Kaplan successfully...

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When Is A Deal A Deal? Or, Can an Illusory Agreement Later Become Irrevocable and Enforceable?

The California Supreme Court weighed in on these questions with a recent ruling that has some real estate investors, brokers, and attorneys revising their forms for options and purchase and sale agreements. The Court ruled on March 18, 2010, in the case of Steiner v. Thexton (48 Cal.4th 411), that when a buyer can cancel a purchase a...

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