Tax Law News and Insights

Several bills aimed at making changes to Louisiana severance tax laws were filed on Friday, the deadline for pre-filing bills to be considered during the Louisiana Legislature's upcoming regular session, which is a fiscal one. State Rep. Brett Geymann, chair of the House Natural Resources Committee, pre-filed H.B. No. 495, H.B. No....

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The gain on sale of land that is held primarily for sale to customers in the ordinary course of business is taxable at ordinary income rates (and not at the more favorable capital gains rates). In addition, those gains may be subject to self-employment tax. The prospective increase in sale...

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The Tax Court recently held that a hedge fund's basket option contracts were in substance tax ownership of the underlying basket securities. The hedge fund, through its affiliated entities, entered into 10 basket option contracts with a bank over several years. The fund and the bank characterized these contracts as...

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