Massachusetts Property Blog

DATELINE:  NEWTON, MASS… 

 Rodman & Rodman, P.C., Certified Public Accountants and Business Strategists catering to small and medium sized companies throughout New England, outlines these tax provisions for taxpayers.

A number of relief provisions have been implemented to prevent middle income taxpayers from falling prey to AMT.  These include:

·     AMT exemption amount increases to $69,950 for joint filers and $46,200 for single filers.

·     Allowing taxpayers to offset various nonrefundable personal credits against AMT, including, the dependent care credit, child tax credit, and Hope and Lifetime Learning credit as well as other credits;

·     For taxpayers who exercise incentive stock options, recognizing phantom income for AMT, there has been an extension and expansion of the limited relief.

With regard to charitable provisions:

·     The provision allowing taxpayers aged 70 ½ to donate up to $100,000 to public charities from IRA or Roth IRA accounts without recognizing such amounts as taxable income has been extended through 2009.

Other notable provisions:

·     Favorable changes have been made to the Alternative Simplified Credit and the Research and Development Credit has been extended through 2009.

·     Favorable Depreciation 15 year write-off rules for qualified leasehold, restaurant and retail improvements are extended through 2008.   

There are many extensions, modifications and new rules for popular energy credits including:

·     The 30 percent Investment Tax Credit for solar energy property is extended through 2016

·     The Credit for Residential Solar Property is also extended through 2016 with increased credit caps

·     There is now a “Plug In” vehicle tax credit ranging from $2,500 to $7,500 (although the credit is phased out after the 250,000th plug in vehicle has been sold)

·     The Energy Efficient Residential credit is extended through 2009 with some additional incentives

·     The law allowing taxpayers to deduct certain costs of energy efficient property for commercial buildings is extended through 2013

·     The Contractor Construction Energy credit allowing contractors a credit for the construction of energy efficient homes is extended through 2009.

Various revenue raisers have been imposed to offset the above tax incentives such as:

·     Brokers are mandated to report to the IRS on transactions involving publicly traded securities, extending the FUTA surtax of .2% through 2010 as well as other provisions targeted to specific taxpayers such as energy and oil companies.

“We strongly urge taxpayers to consult with a tax professional if they have any questions about the new tax provisions,” explained Steven P. Rodman, CPA, MST, president of Rodman & Rodman, P.C.

Rodman & Rodman, P.C.

Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies throughout New England.  With a focus on strategic planning, Rodman & Rodman goes beyond traditional accounting services and takes a proactive approach when serving clients to increase, preserve and sustain clients’ financial net worth.

From business valuations, taxation, audits, fraud detection and prevention services and succession planning to a variety of accounting IT services including software selection, implementation and training, the team at Rodman & Rodman serves as comprehensive advisors to clients.  For individual clients, the company offers personal advisory services such as planning for real estate transactions, obtaining financing, estate planning and retirement planning as well as planning for college education.  Rodman & Rodman Certified Public Accountants are located at 3 Newton Executive Park in Newton, Mass.  For more information, visit their website at www.rodmancpa.com or contact Jen Reading at (617) 965-5959.

Joe D’eramo

The following list gives the known details of the important Real Estate Assets (Immovable Property)owned by Karunanidhi and other members of his family in Tamil Nadu and elsewhere in South India. The Tamil list was released in the Tamil Magazine Junior Vikatan.
A) This is not an exhaustive list. This list includes only immovable property and Real Estate owned by Karunanidhi and his family. The black money stashed away by this family abroad does not figure in this list.
B) All these originated from below the poverty line கருணாநிதியின் கடின உழைப்பு (tireless and unremitting toil OF Karunanidhi and his family) for the last 60 years!
C) The self-proclaiming yellow Shawl which only toiled for the suffering masses of Tamil Nadu now lies anchored in the electorally enforced rest of retirement.
THE LIST
1. Karunanidhi’s House in Gopalapuram –6124 sq.ft. in area—value Rs.5 crores.
2. The House of Murasoli Maran in Gopalapuram—value Rs. 5 crores
3. The House of Murasoli Selvam in Gopalapuram—1200 sq.ft. in area—value Rs.2 crores
4. The House of Sornam in Gopalapuram—value 4 crores5. The House of Mu Ka Muthu in Gopalapuram—value Rs.2 crores
6. The House of Amritham in Gopalapuram—value Rs.5 crores
7. The House of daughter Selvi Ezhilarasi in Gopalapuram—value Rs.2 crores
8. The House of wife Rajathiammal in CIT Colony—extent of Land 9494 sq.ft.—area of the house 3500 sq.ft—value Rs.12 crores
9. The extent of land owned by Rajathiammal andKanimozhi in Mannivakkam village—300 acres—value Rs.4.5 crores
10. A Shopping Establishment called Royal Furnitures owned by Rajathi Ammal—value Rs.10 crores.
11. The house owned by Mu Ka Stalin at Velacheri—extent of land 2687 sq.ft.—area of the house 2917 sq.ft.—value Rs.2 crores
12. Udyanidhi’s Snow Bowling Alley at Nungumbakkam—value Rs.2 crores
13. Kalanidhi Maran’s palatial House on Boat Club Road in Chennai—16 grounds of land—value Rs.100 crores
14. Farm House owned by Maran Brothers in Kottivakam—value Rs.10 crores
15. MM Industries near Ramachandra Medical College at Porur—value Rs.2 crores.
16. Murasoli office building at Kodambakkam—6 grounds of private patta land and 1472 sq.ft. of Public and Government owned Poromboke Land—value Rs.20 crore.
17. Sun Cable Vision property at Mahalingapuram in Kodambakkam—2 grounds of land and other TV Equipments—value Rs.5 crores.
18. Sun TV’s Lands at MRC Nagar—32 grounds in extent –value Rs.100 crores.
19. Value of 11% shares in Coromandel Cements Ltd. Rs.50 crores
20. 4-bedroomed flat owned by Selvam in Bangalore—value Rs.4 crores
21. Landed property of Selvi on Bangalore-Mysore Highway—a farmhouse eon 1 acre—value Rs.80 crores.
22. A Farm House owned by Maran Brothers on 1.84 acres of land—value Rs120 crores.
23. The office of Udaya TV in Bangalore—10 grounds of land—value Rs.108 crores.
24. Mu Ka Tamilarasu’s Rainbow Industries on Peters Road—value Rs.48 crores.
25. Mu Ka Tamilarasu’s farmlands at Andiyur—13 grounds in extent—value Rs.30 lakhs
26. Sun TV’s Office in New Delhi—value Rs.50 crores.
27. Share value in Express Estates—value unknown
28. Dinakaran Publications—value unknown
29. Sumangali publications—value unknown
30. Murasoli Trust—value unknown
31. 37% share holding in Spice Jet Airways—Rs.48 was paid per share at the time of purchase –purchased through Wilbur Ross and Royal Holdings Services in USA from Kansakra—Kalanidhi Maran himself had declared the value at the time of purchase of these holdings as Rs.13, 384 crores.
32. Lands owned by Dayalu Ammal Trust at Madakulam Village in Madurai District—21 cents.—value unknown
33. Extent of land owned by Karunanidhi at Agarathirunnallur Village in Thanjavur District—21.30 acres—value unknown
34. Extent of land owned by Dayalu Ammal in Tiruvallur District—3.84 acres-value Rs.1 crore
35. Lands owned by Durga Stalin in Tiruvallur District—3680 sq.ft. of land—value 60 lakhs.
36. 2.56 acres of land owned by Azagiri at Uthangudi village in Madurai North Taluk—value Rs.2 crores
37. 7.53 acres of land owned by Azagiri at Kallathiri Village in Madurai North taluk—value 2 crores.
38. 1.5 acres of land owned by Azagiri at Madurai Tallakulam—value Rs.5 crores.
39. 1.54 acres of land owned by Azagiri at Chinnapatti Village in Madurai North taluk—Rs.40 lakhs.
40. 12 cents of land owned by Azagiri in Madurai Tirupparankundram—value Rs.50 lakhs.
41. 36 cents of land owned by Azagiri at Maddakulam Village in Madurai South Taluk—value Rs.1 crore
42. 18,535 sq.ft. of land owned by Azagiri at Punmeni Village in Madurai South –value Rs.2 crores
43. House owned by Azagiri on 21 cents of land at Sathya Sai Nagar in Madurai city—value Rs.2 crores.
44. 21.6 cents of land owned by Gandhi Azagiri at Thogarai Village in Vadipatti taluk in Madurai District—value Rs.60 lakhs.
45. 5.32 acres of land owned by Gandhi Azhagiri at Uliyamgulam Village in Madurai District (Nagaimalai Pudocottai)—value Rs.20 lakhs
46. 12.01 acres of land owned by Dayanidhi Azhagiri at Melamathur Village in Madurai District—value Rs.50 lakhs.
47. An extent of 21.32 acres owned by Gandhi Azhagiri at T.Pudupatti village in Madurai, Tirumangalam—value Rs.50 lakhs.
48. A n extent of 82.3 cents of land together with a Farm House owned by Gandhi Azhagiri in Kodaikanal Hills—value Rs.5 crores.
49. An extent of 18.5 cents of land owned by Dayanidi Azhagiri in Madakulam Village—value Rs.50 lakhs.
50. An extent of 4200 sq.ft. of prime urban land owned by Dayanidi Azhagiri at Sholinganallur near Chennai—value Rs.2.5 crores.
51. An extent of 3912 sq.ft. of prime urban land owned by Dayanidi Azhagiri at Thiruvanmayur in Chennai—value Rs.3 crores.
52. A Kalyana Mandapam (4378 sq.ft.) owned by Dayanidi Azhagiri at Sathya Sai Nagar in Madurai—value Rs.3 crores.
53. A multi storeyed apartment owned by Dayanidi Azhagiri in RC Mehta Flats near Madavaram Dairy Farm near Chennai—value Rs.1 crore.
54. An extent of 50 cents of land
54. An extent of 50 cents of land owned by Dayanidi Azhagiri at Inchampakkam near Chennai—value Rs.2 crores.
55. Daya Engineering College owned by Dayanidi Azhagiri at Shivarakottai in Madurai.
56. Daya Cyber Park (8 storeyed building ) on 5 grounds of land owned by Dayanidi Azhagiri in Madurai.
57. Daya Technologies urban property near Madurai Bus stand owned by Dayanidi Azhagiri—value Rs.1 crore.
58. A Commercial Complex (door no. 271 A) owned by Kanimozhi on Anna Salai Chennai—value Rs.5 crores.
59. Value of Equity held by Kanimozhi in West Gate Logistics –Rs.20 crores.
60. The value of Shares held by Kanimozhi in Kalignar TV —Rs.30 crores.

Wonderful! If the things go on like this, the whole Tamil Nadu will become their property.

Few days before I saw an article in a Tamil magazine. A little girl of six years who lives in the banks of the river Vaigai, in Tamil Nadu says, "If I get anything to eat in the afternoon I will eat. Otherwise I will drink some water and sleep on the steps". She simply says without understanding the seriousness of the matter. This is the other side of India.

Our politicians have lot of ‘nidhi’ (wealth) but don’t have ‘Karunai’ (kindness)

P.S. - Latest news in Kumudham Reporter - Karunanidhi has Rs. 35000 crores in Swiss Bank.

I hit two mailboxes by mistake and did not realize i had to stop. I understand it was my mistake and have already fixed one of them and the other is fine. I charged with leaving the scene of property damage and was wondering what I can expect for fines and possible license suspensions?

Depends on your prior history but if this is your first offense it will be a fine and no suspension. ordinarily there would be restitution but take proof that you made the repairs and the fine will be all.~

I have family there and they are complaining about Romney. I hear that the whole state can’t stand him. So if Romney is so great why is there so much complaining. The same thing is going on here about Chris Christie who promised to lower property taxes but our property taxes are still going higher. So what is the deal here?
@libsticker- lol they are all hard core Republicans that can’t stand Romney or Christie. I am the only Independent in my family.
Especially Romney he is more leftist than Obama.

True conservatives do not want anything to do with Romney. He is being pushed by the progressives in the Republican party who have, unfortunately, managed to rise to power. However, it’s ultimately the people that choose, and we are learning that the leaders in the party do not necessarily have the same goals as the people.

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BOSTON, MASS.

As part of its November 2008 issue, Boston Magazine recognized seven attorneys from Boston-based Tarlow Breed Hart & Rodgers, P.C. (TBHR) in their 2008 Super Lawyers special section. Those selected include TBHR Members Edward D. Tarlow of Concord, Mass., Richard P. Breed of Marblehead, Jeffrey P. Hart of Medfield, William R. Rodgers of Newton, Albert A. DeNapoli of Walpole, Mark S. Furman of Needham and Robert J. Kerwin of West Roxbury. This marks the fifth consecutive year all seven men have been selected.

Super Lawyers selections are based on a statewide survey of more than 37,000 attorneys. Candidates are then evaluated based on peer recognition and professional achievement and then grouped and ranked by practice area. Those with the highest point totals are selected. The final Super Lawyers represent the top five percent of the attorneys in the Commonwealth of Massachusetts.

“Obviously, it’s a great honor to be selected by your peers for such an honor. It also says quite a bit when you have seven attorneys selected out of a firm of 30 attorneys,” said Edward Tarlow, a Member at TBHR. “At TBHR, we’ve always tried to set and maintain a higher standard representation for our clients. It’s gratifying when you receive recognition and accolades but at the end of the day it’s still about providing the best service for your clients.”

Though an insert in Boston Magazine, Super Lawyers is an actual magazine unto itself and is published in all 50 states. Following a similar selection process, Super Lawyers magazine conducts a Rising Stars edition, naming each state’s top up-and-coming attorneys.

For more information and the complete list of practice areas represented in Super Lawyers, please visit www.superlawyers.com.

About Tarlow, Breed, Hart & Rodgers, P.C.:

Formed in 1991, Tarlow, Breed, Hart & Rodgers, P.C. is committed to providing high quality, comprehensive legal services to its clients. Featuring a breadth and depth of experience and perspective usually found only at larger law firms, Tarlow, Breed, Hart & Rodgers. P.C. offers sophisticated legal counsel to entrepreneurs, businesses, individuals, families, and institutions.

Tarlow, Breed, Hart & Rodgers’ areas of expertise include corporate law, employment matters, mergers and acquisitions, litigation and dispute resolution, estate planning, taxation, real estate, bankruptcy, and municipal law.

To help clients make informed decisions and achieve their goals, Tarlow, Breed, Hart & Rodgers P.C. develops creative customized solutions for its clients by emphasizing careful listening and considerate evaluation. Utilizing the expertise and collegiality of the firm¹s fifty plus members, associates, and support staff has consistently resulted in the building of lasting relationships of trust and confidence.

The offices of Tarlow, Breed, Hart & Rodgers, P.C. are located at 101 Huntington Avenue, Prudential Center, in Boston, MA 02199. For additional information, or to arrange for a consultation, please call 1-617-218-2000, e-mail info@tbhr-law.com, or visit www.tbhr-law.com.

Joe D’eramo