For U.S. taxpayers looking to strategically manage their tax obligations, nonrecognition transactions offer a valuable set of tools. These provisions within the Internal Revenue Code (IRC) allow for the deferral of tax on certain property dispositions, providing flexibility for tax planning, reinvestment, and long-term financial planning. Understanding the nuances of these rules is crucial for maximizing their benefits. As seasoned U.S. tax lawyers, we've guided numerous clients through these transactions, ensuring they remain compliant while optimizing [...]

The claimant purchased two residential units from a single shareholder LLC for approximately AED 458,000. The project was later placed under the "Cancelled Projects Committee" and eventually sold by public auction, preventing title transfer to the buyer. The purchaser sought: rescission of the sale contract, refund of the price plus interest, and joint and several damages against the LLC, its manager, and a third party. Both the Court of First Instance and the Court [...]

In a commercial lease, the assignment provision often receives less attention than headline terms like rent or operating expenses, but it remains one of the most important provisions. Assignment and subletting govern whether, and under what circumstances, a tenant can transfer its leasehold interest to another party. For landlords, the provision is a tool to maintain control over their asset, tenancy mix, and financial health of the property. For tenants, it represents flexibility and [...]