Section Newsletters

Articles on Taxation

Illinois transferee tax liability By John B. Truskowski State and Local Taxation, December 2002 Illinois has three statutes that directly govern transferee liability for taxes when a purchaser buys assets from another party.
REAL estate tax relief for not-for-profit corporations By Mary Nicolau State and Local Taxation, November 2002 Cook County offers a special classification for real estate tax assessment for properties owned by not-for-profit corporations.
2002 legislation—summary By Louise Calvert State and Local Taxation, October 2002 New laws of interest to state and local taxation practitioners.
Recent court decision By Timothy E. Moran State and Local Taxation, October 2002 On August 20, 2002 the Appellate Court ruled that the Illinois Property Tax Appeal Board (PTAB) cannot apply the median levels of assessment as determined by sales-ratio studies of the Illinois Department of Revenue (DOR) to commercial, industrial and vacant property in Cook County, and must instead utilize the provisions of the Cook County Real Property Assessment Classification Ordinance.
Current developments in income taxation of trusts and estates By Mike Drone Agricultural Law, July 2002 The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) brought major tax relief for individuals both in the income and estate tax areas.
The last tax shelter? By Richard M. Colombik Federal Taxation, January 2002 Tax shelters have been a bad word since legislation was designed to eliminate what was considered abusive.
Taxes for the general practitioner By Thomas F. Hartzell Agricultural Law, January 2002 Every member of our firm does income taxes and three members do Federal and State of Illinois estate tax returns.
Recent case summary By Stanley R. Kaminski State and Local Taxation, October 2001 The First District Appellate Court applied a literal reading of the Illinois Retailers' Occupation Tax and Use Tax and held that the transfer of title to an aircraft to an intermediary for ultimate transfer to the ultimate purchaser of the aircraft resulted in two separate sales.
An overview of the New minimum distribution rules: a “uniform” approach By James S. Zmuda Federal Taxation, March 2001 On January 11, 2001, the Internal Revenue Service ("IRS") issued new proposed minimum distribution regulations.
Estate and gift tax update By Karen V. Kole Federal Taxation, April 2000 Decedent created a revocable living trust which became irrevocable when he died.
Recent developments and trends for not-for-profit corporations By David R. Reid Federal Taxation, April 2000 Exempt organizations now constitute over 12 percent of the nation's gross domestic product.
State Tax Notes Submission Department Practitioners’ Meeting addresses host of sales and income tax issues By Garland Allen & Louise Calvert State and Local Taxation, April 2000 The Illinois Department of Revenue Practitioners' Meeting, held Friday, November 5, in Chicago, disclosed a number of Department positions and concerns, as well as practitioner issues.
Income tax treatment of state and federal grants By Don Johnson Federal Taxation, November 1999 Various state and federal agencies make grants of funds to both public and private corporations for economic development, improvement of public facilities and related purposes.
Partnerships and the new capital gain rules—new guidance from the IRS By Edward J. Hannon Federal Taxation, November 1999 In August, the IRS issued two proposed regulations that provide guidance on some of the previously unresolved issues facing partnerships and limited liability companies.
Procedure update By Carlos A. Saavedra Federal Taxation, November 1999 Code section 7122 authorizes the Secretary of the Treasury, and by delegation, IRS, to compromise any civil or criminal case.
Corporate and partnership tax update­ August, 1999 By Michael L. English Federal Taxation, September 1999 In Craven v. U. S., 83 AFTR 2nd Par. 99-526, a Georgia District Court ruled that a stock redemption incident to a divorce was tax free under Code Section 1041.
The cost approach ­The lost approach to value By Thomas A. Jaconetty State and Local Taxation, August 1999 For real property valuation, the cost approach rests upon an assumption that a prospective purchaser "would not pay more for a piece of property than it would cost to construct an equivalent piece of property."
Effective tax rates and estimated 1996 property taxes (collected in 1997) on a $100,000 home in 59 Illinois cities State and Local Taxation, August 1999
Raising local taxes: Turf wars resulting from dual taxation—round two By Alexander P. White State and Local Taxation, August 1999 The April 1998 issue of Tax Trends, Vol. 41, No. 6, included the article "Raising local taxes: Turf wars resulting from dual taxation," which reviewed an Illinois Appellate Court decision which declared the trial judge incorrectly held unconstitutional a village of Rosemont ordinance prohibiting the collection of Cook County's amusement tax at village facilities
Tax board’s “token assessment” of a building under construction is proper By Joanne P. Elliott State and Local Taxation, August 1999 Issue: Did the Property Tax Appeal Board properly assess a new, partially completed building, even though the building was not occupied until a year later?
Individual income tax update By Carlos A. Saavedra Federal Taxation, June 1999 Most individual taxpayers that are homeowners can itemize deductions due to the deductions for real estate taxes and home mortgage interest.
Chicago’s smorgasbord of taxes State and Local Taxation, March 1999 A new client enters your office stating their desire to open a new five-star hotel on the lakefront of downtown Chicago and wants you to handle any and all Chicago tax compliance issues.
Individual income tax updates By Carlos A. Saavedra Federal Taxation, February 1999 For quite a number of years, the IRS' standard mileage rate for automobile business use generally increased slightly from one year to the next.
Property Tax Appeal Board news By James W. Chipman State and Local Taxation, February 1999 On September 2, 1998, the Property Tax Appeal Board (board) adopted a new rule regarding the appropriate level of assessments to be applied by the board in appeals involving the major Cook County property classes.

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