По данным Земельного департамента Дубая (ОАЭ), общая сумма транзакций, связанных с оборотом земли в эмирате, достигла на прошлой неделе, 20-25 июня, своего пика и составила 2,19 млрд. дирхамов (598 млн. долларов США), при этом продажа земли составила из этой суммы 1,27 млрд. дирхамов (346 млн. долларов США).

Общее количество ипотечных кредитов, выданных за этот же период времени, составило 919,29 млн. дирхамов (251 млн. долларов США).

К концу минувшей недели Земельный департамент Дубая зарегистрировал 81 сделку по продаже земли, при этом самой дорогой сделкой стала продажа участка в районе центральной автомагистрали Дубая Sheikh Zayed Road. Стоимость ее оценивается в 124 млн. дирхамов (33,8 млн. долларов США). Далее в этом списке, по степени убывания, располагаются сделки по продаже участков в Jebel Ali - 34 млн. и 28 млн. дирхамов соответственно (9,2 млн. и 7,6 млн. долларов США).

Наиболее активными районами Дубая, в которых было зарегистрировано наибольшее количество продаж земли, стали The Ranches и The Emirates Hills-3 c 21 и 17 продажами соответственно.

Наиболее высокий товарооборот зарегистрирован в районе Sheikh Zayed Road - 124 млн. дирхамов, за ним следуют Jebel Ali - 91,21 млн. дирхамов (24,9 млн. долларов США) и The Emirates Hills-3 - 89,32 млн. дирхамов (24,4 млн. долларов США).

Площадь самого большого участка, проданного на прошлой неделе, составила 29 284 м². Участок расположен в районе The Al Aweer-2 и был продан за 11 млн. дирхамов (3 млн. долларов США).

Что касается продаж фригольдных квартир и вилл, то за прошедшую неделю их количество составило, по данным IMEXre.com, 652 сделки.

Microsoft планирует инвестировать несколько десятков миллионов долларов в свой центр разработок в Сколково, заявил «Интерфаксу» директор «Microsoft-Россия» по работе с фондом «Сколково» Алексей Палладин.

«Это несколько больше того, что мы изначально планировали осенью 2010 года, когда заключали соглашение с фондом. Речь идет как о деньгах, так и о направлениях работы», — сказал Палладин.

По словам гендиректора Microsoft Business Solutions Кирилла Татаринова, центр разработок Microsoft в Сколково будет разрабатывать структурные требования к приложениям семейства Microsoft Dynamix, а также прикладными исследованиями. При этом число разработчиков компании, работающих по данному направлению, будет увеличено до 100 человек к 2015 году с приблизительно 20 человек в настоящее время.

Президент фонда «Сколково» Виктор Вексельберг и глава Microsoft Стив Баллмер договорились о сотрудничестве еще в конце 2010 года.

It has been a busy year for proponents of new legal forms. The benefit corporation goes into effect in Virginia on July 1. Benefit corporation legislation has also been introduced in California, Colorado, Hawaii, North Carolina, Pennsylvania, and Michigan. Maryland, the first state to pass benefit corporation legislation, recently authorized LLC versions of the benefit corporation.

The low-profit limited liability company (L3C) has had a tougher time in 2011. Legislation was signed into law in Rhode Island, and voted down in committee in Arizona.

California has added its own twist to the push for a new legal form. California legislators are considering two bills: a bill for the creation of the benefit corporation and another for the creation of the flexible-purpose corporation. According to R. Todd Johnson, one of the architects of the flexible-purpose corporation, the activity in California means that entrepreneurs and social entrepreneurs now have a choice. “California appears poised to be the first state in the United States that will offer entrepreneurs and investors a choice of models for creating social enterprises.”[1]

What is the choice exactly that entrepreneurs and investors will have, not only in California but across the country? Here is a brief breakdown:

Branding: A survey of early L3C adopters found that the form is valued by entrepreneurs because it more accurately represents their dual social and profit purposes.[2] Depending on the state they are in, entrepreneurs can choose among a menu of legal options in deciding how to signal their intention to be socially responsible. They may choose to signal a commitment to pursue a general public benefit in addition to profit by incorporating as a benefit corporation. In the near future California entrepreneurs may be able to brand themselves as flexible purpose corporations that pursue a specific social purpose laid out in a corporation’s articles of incorporation. Alternatively, entrepreneurs could become a low-profit limited liability company that pursues a charitable, not a profit-making, purpose.

Discretion: Entrepreneurs and investors can choose how directors will be held accountable for the corporation’s social purpose and what sort of disclosure they want from a socially responsible business. Benefit corporation legislation provides broad discretion to directors to make decisions based on social and profit factors. Investors can hold directors accountable, however, by suing where there is a failure to pursue a general public benefit. Similar to the benefit corporation, the flexible purpose corporation, if signed into law, affords discretion and protection to directors who make decisions where there is trade-offs between mission and money. Typical L3C legislation provides that a company’s failure to pursue a charitable purpose will simply result in the company being classified as a regular LLC instead of an L3C. Any other requirements are to be laid out in a company’s articles of incorporation and operating agreement.

Disclosure: Levels of required disclosure vary from form to form. Benefit corporations must assess their environmental and social impacts and provide a public report of the result. Flexible purpose corporations would have to produce annual reports that assess the corporation’s progress in achieving its special purposes. The L3C legislation typically does not require any disclosure beyond a statement of its charitable purpose in the articles of incorporation.

Tax Treatment: Entrepreneurs and investors can choose whether to receive the pass-through tax treatment of the L3C or the corporate tax of the benefit corporation and flexible purpose corporation.

That’s the nuts and bolts for now. And now I’m curious: If you were to choose, which one would it be and why?

Power Line’s John Hinderaker is just the latest in a long line of folks who have outed Warren Buffett (emphasis is mine):

While liberals raced to denounce Charles Koch’s observation that he spends and invests his money more wisely than the government could, Warren Buffett is on record as believing–no doubt correctly–the same thing. That is why his vast fortune, which consists of unrealized capital gains, won’t be going to the Treasury.

In a 2007 CNBC interview, Buffett explained why he intended to donate his fortune to the Gates Foundation and other charities:

I think that on balance the Gates Foundation, my daughter’s foundation, my two sons’ foundations will do a better job with lower administrative costs and better selection of beneficiaries than the government.

That is the same point that Koch made, and it refutes Buffett’s notorious op-ed: the nation would be better served if it cut government spending rather than increasing Buffett’s taxes.

Buffett, being a liberal, understands that he can make decisions better than the government; he just doesn’t think you can. Thus, he wants taxes generally raised, while he donates his money elsewhere.

We, as conservatives, believe that both you and Warren Buffett can dispose of your money better than the government will. Why? Because it’s yours, and you care.

I have three words for Mr. Buffett: Shutup and invest!

Peter Whoriskey of the Washington Post apparently thinks he’s stumbled onto something important in Some Companies Pay Their CEOs More than Uncle Sam:

It has become a bipartisan article of faith in some quarters that the income tax on U.S. corporations must be lowered. But for many large U.S. companies, the burden of U.S. taxation pales in comparison with what they pay their chief executives, according to a study released Wednesday by the Institute of Policy Studies, a liberal think tank.

Despite what Mr. Whoriskey might think, the shareholders of these companies will surely consider it good news that the CEOs of their companies are minimizing tax expenditures. After all, there is no expenditure worse for a business than a tax expenditure.

There are two reasons for this: First, a business receives nothing of value in exchange for a tax expenditure, as it does with, say, compensation paid to a valued employee. Second, a business cannot deduct its tax expenditures which makes these capital outlays more expensive than other, alternative uses of capital.

Mr. Whoriskey has written a catchy headline, but he’s buried the lead. The real scoop here is that a CEO who is able to manage his company’s finances in such a way so as to reduce or eliminate federal income tax liabilities meets his fiduciary duty to shareholders and, by doing so, demonstrates why he is worth the compensation he receives.

Do you remember last year’s debate about whether or not we should extend the Bush tax cuts? Do you remember how the Democrats and their soak-the-rich friends kept insisting that the expiration of those tax cuts did not amount to a tax increase?

On July 25th, 2010 I wrote the following in a post titled Truth & Taxes: Not Extending the Bush Tax Cuts is a Tax Increase:

If Congress chooses not to pass legislation that extends or makes permanent the current top tax rates, it will, by it’s inaction, be imposing a tax increase on a specific class of Americans. Anyone who tells you otherwise is lying through his teeth.

There simply is no difference in kind or in consequence between the active passing of a new law that increases tax rates and the passive resurrection of an old law that increases top tax rates.

But pro-tax politicians and their enablers on the left will never admit this because it is not politically palatable for them to do so. Instead, they will continue to miseducate the public by telling it that they aren’t really raising anyone’s taxes, but rather merely denying tax cuts for the very rich.

And what is most galling is that they perpetuate this deception while scolding the rest of us for distorting the facts about taxes.

Flash forward to the present.

In his speech to Congress last night President Obama declared that the failure to extend the payroll tax reduction that he signed into law last year is a tax increase.

And just a few minutes ago on MSNBC Congressman Chris Van Hollen (D-Md) said it would be irresponsible for Republicans to allow the payroll tax cut to expire because raising taxes on workers would be the wrong thing to do in this economy.

There you have it. In a little more than a year the Democrats have done a one eighty on the issue of whether or not allowing a tax cut to expire amounts to a tax increase.

I am not making this stuff up.

Do Not Despair

There are many events that can create the need for credit repair, from the loss of a job to a medical emergency that taps savings and strains an otherwise sound budget. There are also cases of identity theft that, through no fault of ours, cause grievous credit harm. Regardless of the underlying cause, there is never a case that should make us despair.

Expecting Errors

It is important to understand, as you examine your damaged credit report, that the credit reporting system is prone to spawning errors from the seeds of real events. This is not the fault of the credit bureaus. The reporting system is massive and incorporates data from millions of participants, including creditors, collectors, courthouses and the services that gather public records. Expect errors to occur.

Disciplined Self-Monitoring

The need for credit repair is inherently acknowledged by the presence of the Fair Credit Reporting Act (FCRA). The requirement by the FCRA that all national credit bureaus provide free reports to consumers on demand once per year at no charge is a nod to the inevitability of errors. Perfection, from a system of such complexity, is not in the cards. The solution is regular disciplined self-monitoring.

The Time is Right Now

The need for self-monitoring is never more important than after a period of credit damaging financial hardship. It is almost inevitable in these cases that credit repair is necessary. As traumatized as you may be from the events that led to the credit damage it is still critical to address it efficiently. To ignore it may be easier, but reporting errors when neglected have a way of multiplying and taking root.

Feel Good Again

There is literally no situation that justifies sticking your head in the sand. Foreclosures, charge-offs, collections, and even the discharge of a bankruptcy is an occasion for credit repair. To address the issues now in an intelligent and thoughtful manner will put you on the path to recovery, give you peace of mind, and deliver a refreshed credit report and score that you can feel good about.

A Detailed Examination

The first step is a detailed examination of your reports. It might be worthwhile hiring a top credit repair service to do this for you as many of the score-wrecking errors that arise are subtle. This means that you may miss the errors entirely or mistakenly identify them as accurate. Just because something looks familiar does not mean that it should be on your report.

Dispute the Errors

Once all of the reporting errors are identified it is time for the dispute phase of your credit repair project. As in the case of the initial proofreading, you might want to turn this important but repetitive task over to a professional. The effectiveness of credit bureau disputes depends on a highly organized and specifically targeted routine of approach and response. If you do it right you will soon have a greatly improved credit report.

Up From the Ashes

The final step on the path to renewed credit is rebuilding. This requires opening new accounts and managing them for the greatest possible FICO score impact. Secured credit cards are the credit repair weapon of choice, and a remarkably powerful way to propel your scores back into the realm of respectability. Being secured, they are not based on your credit history, so there is no fear of denial. Open two cards and manage them with great care. Make your payments on time and keep your balances low. Soon the bad credit of the past will fade from memory.

Recently, we talked about Roni Deutch’s film, “Death or Taxes: The Sad Truth About Our American Tax System.”It’s time to look at one of the saddest components of the American tax system – the predators. It’s bad enough having to fight off the sometimes-terrifying collections tactics of the IRS. It’s even worse when the firm hired to protect you, gets you deeper into debt or causes you to lose your home or business.

The fees for tax debt reduction assistance range from $1,200 to $5,000 or more. Those fees aren’t unreasonable. When handled properly, it takes 30-50 hours to prepare an offer in compromise (OIC).

But the expenses are outrageous when the firms take your money and make promises they can’t keep. They shouldn’t sign you up when they know the IRS won’t approve your OIC. But too many do, and months later, they tell you the IRS rejected your request. By then, your penalties and interest may have skyrocketed, your credit been ruined and your wages been garnished.

Let’s look at recent court cases filed against television and radio advertisers, preying on your fears, your insecurities, and your tax terrors. All cases involve national tax resolution firms who have misled troubled taxpayers.

On April 22nd, the California Superior Court froze the assets of Roni Deutch for shredding documents in defiance of a court order, and not giving refunds to clients, as ordered. IRS has also hit her with a $183,000 lien. Trial is set for July.

Minnesota Attorney General Lori Swanson filed suit accusing Houston-based TaxMasters of fraud and deception. Texas filed suit alleging the company unlawfully “engaged in false, misleading, and deceptive acts and practices.” Florida is investigating them, too.

Florida is also investigating JK Harris for allegedly violating a 2008 settlement with Florida and 17 other states over misleading sales tactics.

If there’s a TV advertiser promising that you can pay pennies on the dollar, you can bet there will be consumer complaints and investigations sooner or later. The IRS even publishes an alert. Why? Not everyone qualifies for offers in a compromise. But some of these firms will sell them to anyone desperate enough to pay.

Firms under investigation tend to operate on the health-spa-marketing principal. That’s where you sign up everyone you can, knowing the members will lose interest in working out in a week or two, or three. But they are forced to keep making the payments all year due to contractual obligations.

Sounds pretty awful, doesn’t it? This isn’t a gym situation. People with tax debt face intense problems. Their wages are being garnished; bank accounts are seized; other assets might be put up for tax sale. They’re in trouble. Often, the tax problems result in chemical depressions – or are caused by depression, illnesses, divorce, or other personal tragedies.

People often turn to the firms they see on television out of desperation. What they really should do is look for a local, reputable enrolled agent or CPA who comes recommended by people they know or try to work with the IRS themselves. After all, they probably won’t qualify for an offer in compromise. Most people don’t.

The two fundamental rules IRS operates by for offers in compromise are:

a) If you have enough assets to pay the taxes, your offer will not get approved.

b) If you earn enough money to pay your tax debt over 5-10 years, your offer will be rejected.

Folks who do not qualify for an offer, not even on appeal, can get an installment agreement. You can pay the tax debt over time. Use Form 9465 or the online process at the IRS website. Just think of the installments as the payment for the luxury car you never get to drive.

What can you do if you are in tax trouble? First, see if you can fill out the forms yourself. The IRS offers extensive information on the website. They have improved the information packet for the offer in compromise – Form 656-B. In fact, you can fill in the forms online and print them out yourself.

If you cannot do this yourself, find a reputable tax professional who handles cases like yours. Generally, you won’t need an attorney. You should consult counsel when you have a criminal issue, or inheritance issues, or complex issues that may involve other people’s assets. Otherwise an enrolled agent or CPA can help you.

You can find CPAs at the AICPA website. Unfortunately, the AICPA does not show any specialization in taxation or tax representation, so finding the right CPA won’t be all that easy.

You can find enrolled agents at the National Association of Enrolled Agents (NAEA) website. Search for someone who has ‘representation’ experience or is an NTPI Fellow. The National Tax Practice Institute specializes in training tax professionals in IRS tax representation skills.

Sometimes, when you don’t qualify for an offer, there are other avenues open to you. A qualified tax professional may know of other ways to help reduce your burden – or make it manageable.

If paying taxes wasn’t bad enough, the process is expected to get even longer. That’s because the Internal Revenue Service needs more employees to take your payments.Hiring of revenue officers hasn’t kept pace with attrition, according to a study released this week by the IRS watchdog Treasury Inspector General For Tax Administration. The IRS doesn’t know how many officers are actually needed. In fact, it expects to lose revenue officers as fast as it can replace them, says the report.

The findings were based on a study of recent IRS hires in a unit that collects taxes from small businesses and the self-employed. The IRS division added more than 1,515 new revenue officers in three waves between June 2009 and February 2010 — 38% of the 4,002 officers on staff before the first wave began

Nearly two-thirds of the revenue officers who left the agency the last three years retired.

Responding to the report, the IRS said it has started to improve workforce planning across all of its collection programs.

The workload for tax collectors is only expected to grow, the report noted. The agency is closing delinquent tax accounts at the highest rates since fiscal year 2005, but new delinquent accounts are mounting.

Revenue officers are “mission-critical” for the IRS because they have a direct impact on the agency’s ability to collect taxes, the report said. But some tax advisers say IRS revenue officers are less effective now than in the past, probably due in part to a lot of turnover at the agency.

Individuals might find it harder to deal with the IRS when you owe back taxes, says Thomas J. Nichols, an attorney at Meissner Tierney Fisher & Nichols in Milwaukee, Wis. Inexperienced staff may unintentionally make things more complicated than they need to be.

Readers, have you had to wait longer to pay taxes?

The August 6 Tax Report on the controversial “carried interest” issue attracted many comments. Some readers defended the provision’s current generous tax treatment and said changing it could damage the U.S.’s ability to create jobs and compete internationally.“Does America really want to drive away the private equity industry when international competitiveness and international demand for U.S. products is more threatened than ever?” said Bernard Peperstraete of NGN Capital in New York.

Mark Heesen, president of the National Venture Capital Association, agreed. In a statement to the Wall Street Journal, he said, “Continuing to apply a capital gains tax rate to carried interest earned by venture capitalists who invest long-term to build new companies and create jobs is not only appropriate by definition, but from a public policy perspective it is paramount to U.S. economic recovery as we desperately need to encourage - not discourage – this high growth activity.”

Others disagreed. An investment manager from Hilton Head, S.C. said, “The carried-interest rules benefit me personally as a manager of investment partnerships. But even I can’t argue that they are sound tax policy.”

A few readers had technical questions. “Do you think REITs and Master Limited Partnerships would be included in changes on carried interest?” asked one adviser.

Independent tax analyst Robert Willens said no, because the dividends from most REITs and MLPs are already taxed at ordinary income rates. “They aren’t part of the discussion on carried interest,” he said. Neither has there been talk of changing the capital gains tax rates for timber REITs.

While some believe all carried interest should be taxed as ordinary income, others suggested a less radical approach. It is to tax the original award of carried interest at ordinary income rates but then allow further appreciation to be taxed as a capital gain.

Here’s an example: Say that Ted, Joe and Jane form a partnership. Ted and Joe each put in cash in return for an 80% of the profits, while Jane contributes her expertise in return for a 20% share. Jane would be taxed at ordinary income rates on her 20% profit share when she receives it. After that, her future appreciation would be taxed as capital gain.

“That would treat carried interest like executives’ restricted stock,” said Willens of the suggestion.