Ohio Supreme Court Finds that a “Drop and Swap” Real Estate Transfer may Establish the True Value

PDF/Printer Friendly Version On February 6, 2020, the Ohio Supreme Court issued its decision in Columbus City Schools Bd. of Edn. v. Franklin Cty. Bd. of Revision, Slip Opinion No. 2020-Ohio-353. The decision addresses real estate transactions in which the subject real property is contributed to a limited liability company (“LLC”) and the ownership of the LLC is then sold to a third party, a structure commonly known as a “drop and swap.” The case is very significant because it now emboldens school districts, in certain circumstances, to be able to assert (often successfully) that the purchase price paid for the membership units of an entity which holds real estate is the rebuttable value o

A Message for Our Clients, Colleagues and Friends of the Firm

Sunday, March 22, 2020 A message for our clients, colleagues and friends of the firm: Today, Ohio’s Governor Mike DeWine announced a stay-at-home order for all Ohioans, effective tomorrow, March 23, 2020, at 11:59 p.m. Some exceptions apply for essential businesses, infrastructure providers, and government functions, such as makers and distributors of health care products and food, health care workers, groceries, drug stores, banks, gas stations and government functions. We know that many of you are being directly or indirectly affected in both your professional and personal lives, and we share your concerns about public health and safety, business continuity, and economic turbulence.

Snowbirds Can't Escape Taxation of Deferred Compensation

PDF/Printer Friendly Version The Ohio Supreme Court recently considered the issue of whether stock options, earned in Cleveland, Ohio but exercised after their holder had retired to Florida, can be taxed by Cleveland upon their exercise, despite the holder’s no longer working or living in the city. Willacy v. Cleveland Bd. of Income Tax Rev., Slip Opinion No. 2020-Ohio-314 (February 4, 2020). The options were issued to Hazel Willacy as part of her compensation during her employment by Sherwin-Williams Company in Cleveland from 1980 until her retirement in 2009. Willacy exercised the options in 2014 and 2015, years during which she no longer lived or worked in Cleveland. For each exercise of

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