Gerald Thomas II Quoted by Daily Tax Report on Real Estate Tax ‘Loophole’
October 12, 2016
Partner Gerald Thomas II, chair of McGuireWoods’ business tax group, commented in an Oct. 5 Bloomberg BNA Daily Tax Report article discussing Sen. Bernard Sanders’ (I-Vt.) plans to introduce legislation to close certain “loopholes” in the Tax Code, including certain tax exemptions for real estate investments.
Thomas didn't deny that Sanders is right in saying that investments in real estate receive certain exemptions, but he said calling the use of those benefits a “tax loophole” is unfair. “These are laws that have been in place for a number of years.” Thomas stated that, with the exception of Sanders’ plan to repeal like-kind exchanges, the proposal is unlikely to move forward in 2017.
The article, titled, “Attorneys Blast Sanders’ Plan for Real Estate Tax ‘Loophole’,” is available online.