James Duffy

New York

Social Media Manager at The 33rd Team

Social for @the33rdteamFB • Billboard guy • NYI for @GothamSN • @OV_Pod • Formerly @BostonGlobe, @TheSunUS • Opinions = bad

Articles

Did You Know That It Is Almost Always Better To Hold Business Real Estate In A Partnership Than In A Corporation - Even An S Corporation?

1 week ago | mondaq.com | James Duffy

This is true because:The income of partnerships and LLCs (taxed as partnerships) istaxed directly to the partners and the LLC members. By contrast, aC corporation pays tax on its income and then the shareholders mustpay tax again on the after-tax profits distributed by thecorporation resulting in higher overall taxes. While S corporations, unlike C corporations, are not taxable ontheir income, partnerships are still superior to S corporationsbecause of the greater ability to deduct losses.
Did You Know That You Can Dramatically Increase Your Depreciation Deductions By Conducting A Cost Segregation Study On Your Real Estate?

3 weeks ago | mondaq.com | James Duffy

For residential real estate, the cost of a building can bededucted in equal amounts (i.e. "straight linedepreciation") over 27.5 years and, for commercial realestate, over 39 years from the date the property is placed inservice. Through proper planning, you can massively increase yourdepreciation deductions by conducting a cost segregation study ofthe property.
Did You Know That By Distributing A TIC Prior To A Sale Of Real Estate By An LLC Some Partners Can Make A Like- Kind Exchange While Others Cash Out?

1 month ago | mondaq.com | James Duffy

A common problem that arises in real estate partnerships is whenthere is an opportunity to sell and some partners want cash out andsome partners want to defer tax by engaging in a like-kindexchange. The trick is to dispose of the property in a way thatprotects the exchanging partners from any tax on the cash receivedby the partners that want to cash out.
Did you know that by distributing a TIC prior to a sale of real estate by an LLC some partners can make a like- kind exchange while others cash out?

1 month ago | openlegalblogarchive.org | James Duffy

A common problem that arises in real estate partnerships is when there is an opportunity to sell and some partners want cash out and some partners want to defer tax by engaging in a like-kind exchange. The trick is to dispose of the property in a way that protects the exchanging partners from any tax on the cash received by the partners that want to cash out.
Did You Know That You Can Buy Replacement Property Before Selling Your Existing Property And Still Qualify For A Nontaxable Like-Kind Exchange?

1 month ago | mondaq.com | James Duffy

Assume that you want to make a tax-free exchange of yourapartment building (the "relinquished property") for aretail strip center (the "replacement property"). Youlocated a great deal on a retail center, but only if you close in30 days. However, your buyer for the apartment cannot get itsfinancing for 90 days. By using a "parking transaction" (sometimes referredto as a "reverse like-kind exchange") you may be able toqualify the purchase and sale as a nontaxable exchange.
Did you know that you can buy replacement property before selling your existing property and still qualify for a nontaxable like-kind exchange?

1 month ago | openlegalblogarchive.org | James Duffy

Assume that you want to make a tax-free exchange of your apartment building (the “relinquished property”) for a retail strip center (the “replacement property”). You located a great deal on a retail center, but only if you close in 30 days. However, your buyer for the apartment cannot get its financing for 90 days. By using a “parking transaction” (sometimes referred to as a “reverse like-kind exchange”) you may be able to qualify the purchase and sale as a nontaxable exchange.
Did You Know That If The Rate Of Deferred Interest (PIK Interest) On A Loan Is Too High That The Interest May Not Be Deductible?

2 months ago | mondaq.com | James Duffy

Loans that have interest that is not currently paid each yearare treated as having "original issue discount" or OID. These types of loans are common in mezzanine financing which canhave rates ranging from 13-18% with 11-15% payable currently(typically monthly or quarterly)and the remaining interest(referred to a PIK interest) paid at a later date or at maturity. Borrowers can deduct the PIK interest ratably over the term of thenote (even though not paid).
The Seiko Urushi thread!

2 months ago | watchuseek.com | James Duffy

#1 · Show off your Seiko Urushi-dial watches here!I just received mine this past weekend and pictures do not do the watch or dial justice. Hope to see more of these amazing JDM Seikos here! See less See more #2 · Congrats! The urushi dial is really something. Photos won't be able to show off its depth and lustre.
Did You Know That You Can Deduct The Cost Of The Roof That You Replace On Your Investment Property?

Mar 17, 2025 | mondaq.com | James Duffy

Under the "partial disposition rule," if you replace aroof (or other structural component in a building such as anelevator), you can claim a tax deduction equal to the remaining taxbasis (undepreciated cost) of that roof you replaced. You thencapitalize the cost of the replacement roof, elevator or othercomponent and begin to depreciate it.
Did You Know That If You Subdivide Land You Own Into Parcels For Sale You Risk Converting Capital Gain Into Ordinary Income?

Mar 3, 2025 | mondaq.com | James Duffy

The gain on sale of land that is held primarily for sale tocustomers in the ordinary course of business is taxable at ordinaryincome rates (and not at the more favorable capital gains rates). In addition, those gains may be subject to self-employment tax. Theprospective increase in sale value from subdivision can suddenlybecome much less attractive given the increased tax burden.

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James Duffy @TwoTurtleDuffs

6 Apr 25

Gotta tip your cap to a momentous day in hockey history Marc Gatcomb’s first career multi-goal game will not soon be forgotten

James Duffy @TwoTurtleDuffs

6 Apr 25

https://t.co/GqPRjIiB35

Will Chiarucci @WillChiarucci

$375 for a warm up puck. Way to be @NYIslanders. #isles https://t.co/QWWEl6Ix6S

James Duffy @TwoTurtleDuffs

14 Feb 25

“You can believe it’s wrong to beat someone to death with a baseball bat, but if your skull can be destroyed by a few swings then it wasn’t very strong to begin with” https://t.co/vywrCagkMF

Acyn @Acyn

Vance: You can believe it’s wrong for Russia to buy social media advertisements to influence your elections.. but if your democracy can be destroyed by a few hundred thousand dollars of digital advertising then it wasn’t very strong to begin with https://t.co/FKBV568eIv

James Duffy

Articles

Did You Know That It Is Almost Always Better To Hold Business Real Estate In A Partnership Than In A Corporation - Even An S Corporation?

Did You Know That You Can Dramatically Increase Your Depreciation Deductions By Conducting A Cost Segregation Study On Your Real Estate?

Did You Know That By Distributing A TIC Prior To A Sale Of Real Estate By An LLC Some Partners Can Make A Like- Kind Exchange While Others Cash Out?

Did you know that by distributing a TIC prior to a sale of real estate by an LLC some partners can make a like- kind exchange while others cash out?

Did You Know That You Can Buy Replacement Property Before Selling Your Existing Property And Still Qualify For A Nontaxable Like-Kind Exchange?

Did you know that you can buy replacement property before selling your existing property and still qualify for a nontaxable like-kind exchange?

Did You Know That If The Rate Of Deferred Interest (PIK Interest) On A Loan Is Too High That The Interest May Not Be Deductible?

The Seiko Urushi thread!

Did You Know That You Can Deduct The Cost Of The Roof That You Replace On Your Investment Property?

Did You Know That If You Subdivide Land You Own Into Parcels For Sale You Risk Converting Capital Gain Into Ordinary Income?

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