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Governor Brown recently told a group of real estate professionals that despite pressure from his own party, he would not push to adopt a "split-role" system that would allow commercial properties to be reassessed more frequently than homes. Governor Brown noted that modifying Proposition 13 is a difficult task given the economic complexities involved and entrenched special interests.
“Do you include farms?” he told the group. “Do you include apartment buildings, and do you allow landlords to pass along the increased costs to tenants?”
Ever since my original blog post on single member limited partnerships (found here) I have received numerous comments and questions from attorneys and CPAs inquiring as to the proper tax returns that would need to be prepared, in particular in California, for such an entity.
The old tax professional adage that “there’s no such thing as a ‘temporary’ tax increase” is again proving to be true.