Prop 19: California Real Property Tax Rules

Description

Review of California real property tax rules after the adoption of Proposition 19.

Highlights

• California real property system overview
• Changes to Prop 60/Prop 90 - transfer of existing assessed value to a new principal residence
• Changes to Prop 58 for "principal residence"
• Repeal of Prop 58 for "other real property"
• Alternative strategies using entities

Objectives

• Identify the history and applications of the unrelated business income tax (UBIT)
• Learn the implications of provisions contained in The Tax Cuts and Jobs Act, as well as, Temporary and Final Regulations and their implications for revenue-generating activities including operating businesses and alternative investments
• Recognize the definition of unrelated business income and its implications on both an organization's operating trades and businesses and investment activities
• Determine exclusions, modifications and exception to unrelated business income
• Identify debt-financed income
• Recognize the rules for deducting expenses in determining unrelated business taxable income, filing requirements, net operating loss rules, including implications of the CARES Act and the implications of earning unrelated business income beyond potentially paying tax
• Identify special rules for particular activities and types of entities
• Identify federal and state filing issues

Designed For

CPAs, CFPs, enrolled agents and attorneys.