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Month: December 2022

Dec 2022 Tax Updates By Tax Attorney Chaya Kundra

On Behalf of Kundra & Associates PC | Dec 12, 2022 | Blog

IRC 2056: Estate granted 120-day extension to make Sec. 2056(b)(7) QTIP election with respect to marital trust where taxpayer acted reasonably and in good faith and granting relief would not prejudice Gov.'s interests. (PLR 202249006) IRC 6330 (CDPH & no face to...

Foreign Investment in Real Property Tax Act (FIRPTA) compliance

On Behalf of Kundra & Associates PC | Dec 6, 2022 | Tax Law

Extra precautions are necessary when buying property in the United States from a foreign seller. This is because the Foreign Investment in Real Property Tax Act (FIRPTA) places certain tax withholding burdens on the buyer if the seller is considered a “foreign person”...