In a unanimous decision, a three-judge panel of the Louisiana Third Circuit Appeal affirmed the authority of the Louisiana Tax Commission to correct property tax assessments of #pipelines when a local assessor uses values that are too high or do not reflect fair market value. Cheryl Kornick represented the taxpayer in this matter.
New IRS guidance confirms no step up in basis for grantor trust assets that are not included in the decedent’s estate.
Rev. Rul. 2023-02 clarifies that the basis adjustment under section 1014 of the Internal Revenue Code does not apply to “step up” the basis for assets in grantor trusts treated as owned by the
Today the Louisiana Department of Revenue issued Revenue Information Bulletin No. 23-009, concerning partnership filing requirements for the 2022 tax year. The purpose of the RIB is to specifically provide administrative filing relief for certain eligible partnerships with regard to the 2022 tax year. However, the RIB does indicate that at the appropriate time these
Originally Posted on The Energy Law Blog
As announced in Louisiana Tax Commission Statewide Advisory 03-2021 on Hurricane Ida, pursuant to La. R.S. 47:1978.1, Louisiana Assessors in Parishes affected by Hurricane Ida have to reassess property for purposes of the upcoming annual property tax bills to take into account any reductions in fair market value