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This revenue procedure creates a safe harbor for taxpayers wishing to use Section 1031 with properties that follow a simple set of rules: For a minimum of two years prior to, and after the exchange: The property must be rented for a minimum of 2 weeks to a non-relative.
Safe harbor provisions appear in a number of laws and in many contracts. An example of safe harbor in a real estate transaction is the performance of a Phase I Environmental Site Assessment by a property purchaser: creating a "safe harbor" protecting the new owner if, in the future, contamination caused by a prior owner is found. Another common ...
Congress, in the legislative history, intended to create a rebuttable presumption of reasonableness, or safe harbor. Under this safe harbor, compensation is presumed to be reasonable and a property transfer is presumed to be at fair market value if: (1) the compensation arrangement or terms of transfer are approved, in advance, by an authorized ...
Baileys Harbor: A requirement short-term rental operators live within 75 miles of the property or a resident agent live within 25 miles, plus a four-per-year limit on outdoor events.
The Augusta Rule is an IRS provision that allows homeowners to rent their home for up to 14 days each year without having to report the rental income received on their individual tax returns. The ...
The FCC attempted to eliminate the safe harbor provision in 1988, as directed by the United States Congress, however the proposed 24-hour ban on indecent material was stricken as unconstitutional by the D.C. Circuit Court of Appeals in May 1991; the Telecommunications Act of 1992 re-established a safe harbor period from midnight to 6:00 a.m ...
On Tuesday’s City Council agenda was the first reading of a “nunc pro tunc” ordinance ratifying the leasing of the city property to Safe Harbor. The terms of the lease would remain the same ...
While not required for safe harbor protection, the OSP can implement a counter notification process to avoid legal liability to its own customer as a result of taking down the material: [17] [18] After the notice has been complied with the OSP must take reasonable steps to promptly notify the alleged infringer of the action. [19]