George Howell

Apr 18, 2024 | natlawreview.com | George Howell

The IRS ruled in PLR 202410005 that a REIT’s allocable share of tariffs paid by pipeline users qualifies as rents from real property under section 856(d) for purposes of the 75% and 95% gross income tests applicable to REITs.The pipeline at issue was regulated by a government commission. (A prior private letter ruling (PLR 202346008) identified the regulating entity for that taxpayer as the Federal Energy Regulatory Commission, which is responsible for regulating interstate gas pipelines.

Apr 10, 2024 | natlawreview.com | Jason Epstein |Daniel C. Lumm |George Howell |George Sibley

On April 3, 2024, the Securities and Exchange Commission announced charges against a registered investment adviser for recordkeeping failures regarding personal device communications and pre-clearance of securities transactions in employees’ personal accounts. The firm was charged and agreed to pay a $6.5 million dollar penalty and to implement improvements to its compliance policies and procedures.

Apr 10, 2024 | natlawreview.com | George Howell

In eagerly awaited, albeit non-precedential guidance, the IRS ruled in PLR 202413004 that “[t]he service provided by an EV Station is electricity.” With that, the IRS concluded that the amounts charged for the electricity consumed at the taxpayer’s EV charging stations, as well as increased rents for spaces including the amenity of EV charging stations, are qualifying rents from real property for purposes of the 75% and 95% gross income tests applicable to REITs. This result is consistent...