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Taxation Law Section 

   Late last year, Congress passed and the President signed, the Protecting Americans from Tax Hikes Act ("PATH"), which extended, in many cases on a permanent basis, numerous expiring tax provisions affecting taxpayers.  Some of the more important provisions include:
Key Provisions impacting Businesses:
      • Permanently sets the Code Sec. 179 expensing limit at $500,000 with a $2 million overall investment limit before phase out (both amounts indexed for inflation beginning in 2016).
      • Making permanent the 100% exclusion on gain from the sale of qualified small business stock held for more than five years by non-corporate taxpayers.
  • Permanently reducing the built in-gains recognition period for C corporations electing to be taxed as an S corporation.
Key Provisions impacting Individuals
    • Making permanent the election to claim an itemized deduction for state and local sales taxes rather than state and local income taxes.
     • PATH permanently extends the provision for individuals age 70 1/2 and older to be allowed to make tax-free distributions from individual retirement accounts (IRAs) to a qualified charitable organization. The treatment continues to be capped at a maximum of $100,000 per taxpayer each year.
     • Extending, through 2016, the above-the-line deduction for qualified tuition and fees for post-secondary education.
     • Extending the exclusion from income arising from the cancellation of mortgage debt on a principal residence of up to $2 million ($1 million for a married taxpayer filing a separate return) through 2016. 
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John S. Pontius, Jr.
Mark W. Schweighofer


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