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

The Seiko Urushi thread!

3 weeks 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?

1 month ago | 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?

1 month ago | 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.
Did you know that if you subdivide land you own into parcels for sale you risk converting capital gain into ordinary income?

1 month ago | lexology.com | James Duffy

The gain on sale of land that is held primarily for sale to customers in the ordinary course of business is taxable at ordinary income rates (and not at the more favorable capital gains rates). In addition, those gains may be subject to self-employment tax. The prospective increase in sale value from subdivision can suddenly become much less attractive given the increased tax burden.
Temple University is Reflecting on Regeneration at the 2025 Philadelphia Flower Show

2 months ago | ambler.temple.edu | James Duffy

Landscape Architecture and Horticulture students in the Tyler School of Art and Architecture are taking a journey into the future at the Pennsylvania Horticultural Society's Philadelphia Flower Show this year, inviting visitors to "imagine a future where we embrace transformation and metamorphosis.""Imagine a future where we balance contemplation with collective action.
Did You Know That A Recent Minnesota Tax Court Case Might Impact How Your Business Income Is Allocated To Minnesota?

2 months ago | mondaq.com | James Duffy

Content by Jim Duffy and Michelle DiVitaMinnesota (and other states) generally impose income tax oncompanies engaged in multi-state business on that portion of acompany's income that is attributable to Minnesota. Minnesotamakes this determination based on the percentage of sales a companymakes within the state of Minnesota. Under Minnesota law, receiptsfrom performance of services are attributed to the state where theservices are received.
Did you know that a recent Minnesota tax court case might impact how your business income is allocated to Minnesota?

2 months ago | openlegalblogarchive.org | James Duffy

Content by Jim Duffy and Michelle DiVitaMinnesota (and other states) generally impose income tax on companies engaged in multi-state business on that portion of a company‘s income that is attributable to Minnesota. Minnesota makes this determination based on the percentage of sales a company makes within the state of Minnesota. Under Minnesota law, receipts from performance of services are attributed to the state where the services are received.
Did You Know That You Might Be Able To Convert Your S Corporation Into A Section 1202 Corporation To Get Tax-Free Treatment On The Gain?

2 months ago | mondaq.com | James Duffy

As discussed in prior installments of Did You Know, Section 1202of the tax code makes the gain on the sale of certain corporatestock nontaxable. This is not a deferral. It will never be taxed inthe future. One of the many requirements for stock to qualify forthis treatment is that it must be issued by a C corporation (not anS corporation).
Did You Know That The Tax Benefits Of Contributing Property To A Charity Are Often Greater Than Donating Cash?

Jan 7, 2025 | mondaq.com | James Duffy

Content by Jim DuffyThe key advantage lies in the ability to avoid paying capitalgains taxes on appreciated assets, such as real estate, stocks, orother investments. A donor can generally claim a charitablededuction for the full fair market value of the property. Bycontrast, if a donor sells these assets and contributes the saleproceeds, the donor would incur capital gains tax on theappreciation which would decrease the benefit of the deduction tothe donor.
Did You Know That You May Be Able To Increase The Amount Of Gain Excluded On Section 1202 Stock By Gifting The Stock To Others?

Dec 3, 2024 | mondaq.com | James Duffy

In a prior installment of Did You Know, I described the benefits of Section 1202 stock. That section of the Internal Revenue Code allows taxpayers to exclude gain on the sale of qualifying stock from their taxable income in an amount equal to the greater of $10 million or 10 times their tax basis in the stock sold. A strategy known as "stacking" may allow you to multiply the benefits of the $10 million gain exclusion.

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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

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?

Did you know that if you subdivide land you own into parcels for sale you risk converting capital gain into ordinary income?

Temple University is Reflecting on Regeneration at the 2025 Philadelphia Flower Show

Did You Know That A Recent Minnesota Tax Court Case Might Impact How Your Business Income Is Allocated To Minnesota?

Did you know that a recent Minnesota tax court case might impact how your business income is allocated to Minnesota?

Did You Know That You Might Be Able To Convert Your S Corporation Into A Section 1202 Corporation To Get Tax-Free Treatment On The Gain?

Did You Know That The Tax Benefits Of Contributing Property To A Charity Are Often Greater Than Donating Cash?

Did You Know That You May Be Able To Increase The Amount Of Gain Excluded On Section 1202 Stock By Gifting The Stock To Others?

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