Sunday, April 26, 2026

How a Tax Benefit for Developers Could Backfire in the Pandemic

“This replacement property now has tenants who are no longer paying rent — WeWork-type tenants, restaurants, tenants who may be going out of business,” Ms. Kraus said. “It’s a mess that you can’t clean up quickly.”

Because some properties no longer make economic sense to buy, she has advised her clients to invoke a separate clause that lets parties in an exchange get a 120-day extension if a disaster occurs during the process.

“They have nothing to lose,” she said. “How much worse can it get?”

Hanging over all of these exchanges are incredibly high taxes if they are not completed. An investor who did not find a replacement property would be have to pay a federal capital gains tax of 15 percent to 20 percent, said Mr. Madden of Kay Properties. For example, an investor could lose a $6 million benefit on the capital gains tax of the sale of a building that nets $30 million.

But the investor would also be subject to the Medicare surtax of 3.8 percent, state capital gains taxes of up to 13.3 percent and a depreciation recapture tax of 25 percent for depreciating the value of the building for annual income tax payments, he said.

The benefit — or downside — is often greater with like-kind exchanges than without. The investor can continue flipping the investment tax free until death, when the entire portfolio will be valued at that point. This so-called step-up in basis wipes out decades of embedded capital gains taxes that were never paid. The arrangement benefits the heirs, although the estate taxes could still be owed.

Paying tax is a regular occurrence for investors in most other public and private markets, from stocks and bonds to hedge fund gains, but it’s a rarity in an industry that benefits from generous tax abatements, deductions, deferrals and reductions.

This time around, however, paying the capital gains tax now may be the better option because falling property values may erase any tax advantage from the exchange.

“Since the market did switch, we’ve seen a few 1031 buyers say, ‘I’m just going to pay the tax,’” Mr. Stein said. “These were buyers who never would have paid tax. I have one friend who said he’s scared that he doesn’t have enough cash.”

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America will allow Chinese passenger carriers to fly two flights per week

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The US Transportation Department said on Friday it would allow Chinese passenger air carriers to operate two flights after Beijing said it would ease coronavirus restrictions to allow in more foreign carriers.


On Wednesday, Washington said it planned to bar all Chinese passenger from flying to the United States by June 16 due to Beijing’s curbs on US carriers.





The revised order Friday cuts in half the four weekly round trip flights Chinese passenger carriers have been flying to the US and take effect immediately.



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Golf fans to return in Ohio for The Memorial next month

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Last Updated: 05/06/20 10:51pm


Patrick Cantlay will defend The Memorial next month

The Memorial Tournament next month will see spectators return to a professional golf event for the first time since worldwide sport was shut down by the coronavirus pandemic.

A statement on the tournament’s official website confirmed that permission to allow entry to fans had been granted by the PGA Tour and the Governor of Ohio, Mike DeWine.

The PGA Tour returns next week with the Charles Schwab Challenge at Colonial Country Club in Texas, and the first five events on the modified schedule will be played behind closed doors while the players and caddies will be subjected to strict Covid-19 testing procedures and protocols.

Muirfield Village will welcome spectators to the Ohio event

Muirfield Village will welcome spectators to the Ohio event

But spectators will be granted access to Muirfield Village in Ohio for the invitational tournament hosted by Jack Nicklaus, starting on July 16.

The statement from tournament officials read: “The Memorial Tournament presented by Nationwide would like to recognise the successful efforts led by Governor DeWine, Lt. Governor Husted and Dr Amy Acton in the fight against the spread of COVID-19.

“The State of Ohio has been a leader in identifying the tremendous threat that began to appear in January and was one of the first to take drastic action to curb the spread and reduce deaths.

“Their implemented plan has produced encouraging results and allowed for the slow process of opening the State to business and gradually allowing Ohioans to return to a level of normalcy, including the ability to permit patrons at this year’s Memorial.

“With the support of the PGA Tour, who the Tournament has worked jointly with throughout this process, the Memorial is looking forward to partnering with State, County and City leadership, along with the Memorial COVID -19 Task Force, to offer the Memorial Tournament presented by Nationwide as an example of how public gathering events can be developed and implemented with approved and accepted protocols in place.

“The Memorial Tournament will issue a full release with more details over the coming week.”

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FBI: Ohio National Guardsman expressed white supremacist ideology

An Ohio National Guardsman was removed from policing protests in Washington D.C. after the FBI found he expressed white supremacist ideology online, Gov. Mike DeWine announced in a briefing Friday.

The state had sent 100 National Guard soldiers to the nation’s capital Tuesday at the request of Secretary of Defense Mark Esper to assist in quelling violence over the death of George Floyd in police custody in Minneapolis.

“While I fully support everyone’s right to free speech, Guardsmen and women are sworn to protect all of us, regardless of race, ethnic background, or religion,” DeWine said.

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PDC Home Tour: Nathan Aspinall edges Gary Anderson to take title

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Paul Prenderville

Comment & Analysis @paulprenders

Asp sees off Anderson with 100 per cent record on final night of action from home

Last Updated: 05/06/20 11:42pm











0:58

Nathan Aspinall claimed the PDC Home Tour title – and has his own trophy to celebrate with too

Nathan Aspinall claimed the PDC Home Tour title – and has his own trophy to celebrate with too

Nathan Aspinall produced a perfect evening’s work to win all three matches, including a thriller against Gary Anderson, to earn the PDC Home Tour title.

The UK Open and US Darts Masters champion beat Jelle Klaasen, Jonny Clayton and Anderson to record three wins from three on the final night of the PDC’s innovative Home Tour to top the Championship Group.

Aspinall only secured his Tour Card again in 2018 but he was the highest-ranked player left in the tournament on the last of 43 nights. His hunger shone through as he claimed the title from his kitchen and celebrated with a felt-tip inscribed kitchen plate.

“It’s been a brilliant tournament, a lot of us were sceptical at the start but we’ve really enjoyed it – and I have gone and won it!

“I am up there with the best in the world and I was playing well before the break. It’s been a tough time. I’ve had two months off with the family and it’s all been new to me, I’ve loved it.”

“Enough is enough now, I’ve got a job to do. I want to get back on the Tour, playing darts and winning titles and doing what I do best.”

PDC Home Tour champion Nathan Aspinall

PDC Home Tour Championship Group – Final standings

Pts Legs +/-
(1) Nathan Aspinall 6 +6
(2) Gary Anderson 4 +6
(3) Jonny Clayton 2 -3
(4) Jelle Klaasen 0 -10

PDC Home Tour Championship Group – Friday’s results

Nathan Aspinall 6-3 Jelle Klaasen
Gary Anderson 6-2 Jonny Clayton
Jelle Klaasen 2-6 Jonny Clayton
Nathan Aspinall 6-5 Gary Anderson
Gary Anderson 6-3 Jelle Klaasen
Jonny Clayton 4-6 Nathan Aspinall

Having beaten Klaasen in the opening match, Aspinall produced a monumental burst to beat Anderson in a high-quality fourth match to put himself in pole position for the title.

Aspinall turned a 3-1 deficit to a 6-5 victory over Anderson, inflicting the Scot’s first defeat of the whole Home Tour and halting his winning run at 10, before sealing top spot with a win over Clayton in the final match.

It was a match he had to win as his inferior leg difference meant Anderson would take the title with a Clayton win, and when the Ferret rallied from 2-0 down to lead 3-2, Anderson’s interest from Somerset piqued.

But Aspinall dug deep, as he has shown in claiming two ranking titles this year, reaching two World Championship semi-finals and becoming a major champion. He piled in a few more maximums, taking his evening’s tally to 15, including two in a pivotal seventh leg to lead 4-3 and set himself up for the next two legs a 6-3 win.

4:10
A look back at the story of the final night of the PDC Home Tour as Nathan Aspinall came out on top after winning the Championship Group stage.

A look back at the story of the final night of the PDC Home Tour as Nathan Aspinall came out on top after winning the Championship Group stage.

In a tournament that has got better and better in quality the longer it has gone on, it was fitting that a match between two of the best would prove pivotal.

Anderson and Aspinall played out a cracker at Alexandra Palace in December, when Aspinall’s win on the biggest stage fired his belief, and he delivered again against the Flying Scotsman.

Both men had impressed in their openers, Asp beating a dogged Klaasen and Anderson producing a blistering 109 average and spectacular 10-dart leg in a 6-2 win over Clayton.

Clayton himself bounced back with a win over Klaasen to eliminate the Dutchman before the world No 7 and world No 9 took centre stage for a superb contest that see-sawed. Anderson living up to his nickname by flying out of the traps and into a 2-0 lead.

0:23
Aspinall’s win over Anderson proved crucial but the world no 7 still needed a win over Jonny Clayton in the final match of the evening

Aspinall’s win over Anderson proved crucial but the world no 7 still needed a win over Jonny Clayton in the final match of the evening

Asp pinned a 120 finish to get on the board before Anderson re-established his two-leg advantage. That was the cue for Aspinall fireworks. A three-leg burst included 11 and 13-dart legs, the latter giving him the lead for the first time in the contest having pushed his average up by more than 10 points during that burst.

The pair traded the next three to force the decider where Aspinall prevailed to stay in control. But a big Anderson win against Klaasen meant there was no room for error for the Asp. Ando was too strong for Klaasen, a 6-3 win inflicting a third defeat of the night on the former BDO world champion.

0:23
Aspinall sinks Clayton for the title

Aspinall sinks Clayton for the title

With Anderson watching on, Aspinall struggled for early rhythm, but soon found his groove to win six of the last seven legs and seal a perfect evening’s work. And at the end of more than a month of action from four different countries, it was a Stockport kitchen that saw the champion crowned.

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Buffalo Cops Resign From Special Team En Masse In Solidarity With Suspended Officers

All 57 members of the Buffalo Police Department’s Emergency Response Team have resigned from their posts in the special unit.

The mass resignation is meant as a show of support for two fellow officers who were suspended without pay Thursday night after video of them shoving 75-year-old protester Martin Gugino went viral.

“Fifty-seven resigned in disgust because of the treatment of two of their members, who were simply executing orders,” John Evans, president of the Buffalo Police Benevolent Association, told WGRZ.

A copy of an email that Evans sent members on Friday morning suggests that the resignations may also have been driven by concerns over the officers’ legal defense fund. Evans warned that due to financial considerations, the union may not cover legal costs for Emergency Response Team members that arise because of the ongoing protests.

He also strongly affirmed his belief that the officers’ suspension was “BULLSHIT.” 

“These officers did nothing wrong but execute an order from the [Deputy Police Commissioner] to clear the Square,” the email reads. “They do not deserve to be vilified and treated like criminals for simply following orders.”

Buffalo created the Emergency Response Team in 2016 for the express purpose of having a group of officers trained to keep the peace amid civil disorder.

Footage captured by local media on Thursday shows Gugino, a white man, walking up to officers in Buffalo’s Niagara Square as they begin to enforce the city’s 8 p.m. curfew.

Two cops aggressively push Gugino, causing him to fall backward onto the pavement where his head hits with an audible thud. The officers stop to look while Gugino lies motionless and bleeding until a third officer steps in and directs them to keep walking.

The encounter hospitalized Gugino, who was in serious but stable condition on Friday morning. 



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Coronavirus FAQs: How To Stay Safe While Protesting, When To Go Out After Recovery

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Also: If I head to a new state or country for a visit, do I need to self-isolate to protect others in case I’m contagious?

(Image credit: Malaka Gharib/NPR)



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Buffalo police officers resign from unit in protest of suspended colleagues who shoved man, 75, to ground

Nearly five dozen Buffalo police officers, specially trained for civil unrest, resigned from their unit Friday after two colleagues were suspended after a video surfaced appearing to show them shoving and seriously injuring a 75-year-old protester, officials said.

The members of the Buffalo Police Department’s Emergency Response Team quit that task force after the fallout from Thursday night’s incident, which was caught on tape, according the Police Benevolent Association.

“Fifty-seven resigned in disgust because of the treatment of two of their members, who were simply executing orders,” union president John Evans told NBC affiliate WGRZ.

A spokesman for Buffalo’s mayor confirmed the mass resignation, but insisted his city’s streets would be protected. The officers involved are still with the department but are refusing to work on this specialized unit they had previously volunteered to join, a city rep said.”

The City of Buffalo is aware of developments related to the work assignments of certain members of the Buffalo police force,” Mayor Byron Brown said in a statement late Friday afternoon.

“At this time, we can confirm that contingency plans are in place to maintain police services and ensure public safety within our community. The Buffalo police continue to actively work with the New York State Police and other cooperating agencies.”

Erie County Executive Mark Poloncarz, who has been highly critical of the two officers caught on tape apparently shoving the protester, said reinforcements from state police would be enough to keep the peace.

“We’re all going to work hard to make sure there is proper police presence on the streets in the city of Buffalo and throughout Erie County,” Poloncarz said.

The senior citizen who was seriously injured Thursday night is longtime social justice activist Martin Gugino, an affordable housing advocacy organization he’s worked with said Friday.

“We are shocked to hear about and witness the serious injuries suffered by a protester at yesterday’s peaceful demonstration against police violence in downtown Buffalo,” according to a statement issued Friday by People United for Sustainable Housing (PUSH).

“The protester, long-time PUSH Buffalo member Martin Gugino, has been a tireless fighter against injustice of all types for many years in our city both with PUSH and other grassroots organizations.”

Video taken Thursday night by a reporter for the local National Public Radio affiliate WBFO shows Gugino outside City Hall approaching a large group of officers in tactical gear and saying something.

Martin Gugino.Martin Gugino via Facebook

The officers yell for him to move back before one or two appear to push him before he falls backward, slams his head and then is bleeding and motionless on the ground. One of the officers appears to lean over and say something to the fallen Gugino before a fellow officer pulls him away.

Two officers were suspended without pay Thursday after the police commissioner launched an investigation into the incident, Mayor Brown said.

Poloncarz said the officers must be “held responsible for their actions, not just fired.”

The county district attorney’s office said it is investigating.

Gugino was taken to Erie County Medical Center in Buffalo and was “unable to provide a statement to investigators” on Thursday night, prosecutors said.

He was in serious but stable condition in an area hospital, authorities said.

New York Gov. Andrew Cuomo told reporters Friday that he spoke with Gugino and that the incident “disturbs our basic sense of decency and humanity.”

“Why, why? Why was that necessary?” Cuomo said. “Where was the threat? Older gentleman, where was the threat? Then you just walk by the person when you see blood coming from his head?”

By Friday afternoon, the video posted by WBFO had been viewed more than 68 million times.

The incident occurred shortly after the city’s curfew of 8 p.m. on Thursday, NBC affiliate WGRZ in Buffalo reported. Buffalo police initially said the man simply tripped and fell.

Rima Abdelkader and Caitlin Fichtel contributed.



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Indonesia Rejects China’s Offer For South China Sea Talks

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Indonesia on Friday rejected a Chinese offer for negotiations on the South China Sea, as Jakarta reiterated that it had no overlapping claims with Beijing in its exclusive economic zone.

The Chinese government, in a letter to U.N. Secretary-General António Guterres on Tuesday, acknowledged it had no territorial dispute with Indonesia but said the two countries had overlapping claims over maritime rights in parts of the South China Sea.

Beijing’s letter was in response to a diplomatic note sent by the Indonesian government to the U.N. chief on May 26, in which Jakarta rejected China’s Nine-Dash Line map or claim of historical rights to nearly all of the contested waterway.

“Based on UNCLOS 1982 Indonesia does not have overlapping claims with the PRC, so it is not relevant to hold any dialogue on maritime boundary delimitation,” Damos Dumoli Agusman, the director general of international law and treaties at Indonesia’s Ministry of Foreign Affairs, told BenarNews, an RFA-affiliated online news service, on Friday.

He was referring to a January 2020 statement from the ministry confirming that Indonesia had no territorial dispute with Beijing in the South China Sea based on the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

“It was stated that we reject (any negotiation),” Damos said.

In its letter to the U.N. this week, China argued that its maritime rights and interests in the South China Sea were “established in the long course of historical practice and consistent with international law,” including UNCLOS.

“There is no territorial dispute between China and Indonesia in the South China Sea. However, China and Indonesia have overlapping claims on maritime rights and interests in some parts of the South China Sea,” China’s permanent mission to the United Nations said in the letter, a copy of which was posted on the mission’s website.

“China is willing to settle the overlapping claims through negotiation and consultation with Indonesia, and work together with Indonesia to maintain peace and stability in the South China Sea,” the letter said.

Indonesia has insisted that China’s claims are “unilateral” and have no legal basis in international law.

No international legal basis

In the letter sent to Guterres last week, Indonesia spelled out the Indonesian government’s support for a 2016 ruling by the Permanent Court of Arbitration in The Hague, when the court sided with the Philippines in a case that Manila brought against Beijing over a territorial dispute in the South China Sea.

“Indonesia reiterates that the Nine-Dash line map implying historic rights claim clearly lacks international legal basis and is tantamount to upset UNCLOS 1982,” said the letter from Indonesia’s Permanent Mission to the United Nations, referring to a boundary on Chinese maps that encompasses Beijing’s claims in the maritime region.

A spokesman for the Indonesian Ministry of Foreign Affairs said Jakarta used the letter to indicate that China’s Nine-Dash Line had crossed boundaries set by Indonesia’s exclusive economic zone (EEZ).

“We never know what China’s intentions are in establishing a Nine-Dash Line. It may have the potential to create conditions that disrupt what was determined by Indonesia from a long time ago,” ministry spokesman Teuku Faizasyah told BenarNews on May 29. “Therefore, we need to inform these matters by communicating our position openly to the international community.”

The Indonesian letter was the latest in a flurry of documents from members of the Association of Southeast Asian Nations (ASEAN) and China following a Malaysian submission to the U.N. in December 2019. The Malaysian government claimed sovereignty over an extended continental shelf in the South China Sea off its northern coast, potentially an area with significant undersea resources.

On Thursday, Indonesian Foreign Minister Retno Marsudi reiterated her country’s stance on the issue.

“In a diplomatic memorandum sent on 26 May 2020, Indonesia reaffirmed its consistent position in responding to China’s claim to the U.N. that could affect Indonesia’s EEZ (exclusive economic zone) and also emphasize the need for full compliance with UNCLOS 1982,” Retno told reporters during a virtual press conference.

‘Not an apples-to-apples thing’

Meanwhile, an international maritime law researcher at the University of Gadjah Mada (UGM), I Made Andi Arsana, described China’s offer for negotiation as illogical.

“Indonesia’s claim is based on international law while China’s claim is unilateral. It’s not an apples-to-apples thing,” Arsana told BenarNews, adding that Indonesia should not and would not agree to bilateral talks or negotiations on the issue.

Hikmahanto Juwana, an international relations professor at the University of Indonesia, said the Chinese response was consistent with its playbook.

“Indonesia should never allow itself to be lured into negotiating. So far, Indonesia has consistently refused and will never want to negotiate with China,” he said.

The Philippines, Malaysia, Brunei, and Vietnam – all ASEAN members – are among countries that, along with China and Taiwan, have competing claims in the South China Sea.

Indonesia is not among the claimant countries, but in early 2020 and in 2016, tensions flared between Jakarta and Beijing over the presence of Chinese fishing boats swarming in South China Sea waters near Indonesia’s Natuna Islands.

In 2002, the 10-nation ASEAN bloc and China agreed on a Declaration of Conduct, which was a statement of principles on how parties should behave in the South China Sea. But completing a more detailed – and binding – Code of Conduct (CoC) has proved much harder to establish.

Negotiations began in earnest in 2016 with a tentative deadline for acceptance in 2021. A draft of the text of the agreement has been released.

Reported by BenarNews, an RFA-affiliated online news service.



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India, China want to solve border dispute ‘peacefully’: Statement

India and China have agreed to resolve a dispute over their shared border in the Ladakh region through “peaceful” diplomatic channels, according to the Indian foreign affairs ministry.

The statement on Friday came a day before top generals of the two countries are due to meet near the site of their border standoff to try and find a way to de-escalate the situation, which began when India accused Chinese troops of entering its territory three times in May. 

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Indian officials said both sides would first focus on getting both the Indian army and China’s People’s Liberation Army to pull back additional troops and equipment to their pre-May positions.

Soldiers from both countries have been camped out in the Galwan Valley in the high-altitude Ladakh region, and have swapped accusations of trespassing over the disputed border, the trigger of a brief but bloody war in 1962.

In all, China claims some 90,000sq km (34,750sq miles) of territory in India’s northeast. India says China occupies 38,000sq km (14,67sq miles) of its territory in the Aksai Chin plateau in the western Himalayas, including part of the Ladakh region.

Senior officials of the two countries held a video conference and agreed that “the two sides should handle their differences through peaceful discussion” and should not allow them to become disputes, the foreign affairs ministry statement said.






Could China-India border dispute trigger a military conflict? I Inside Story

In Beijing, Geng Shuang, a spokesman of China’s foreign affairs ministry, told reporters the overall situation in the China-India border areas was currently “stable and controllable.”

While maintaining close communication through diplomatic and military channels, both sides are working to “properly resolve relevant issues”, the spokesman said, according to the statement posted on China’s foreign affairs ministry website.

Both India and China agreed that peaceful, stable and balanced relations between India and China would be positive for stability in the current global situation, the Indian statement said. 

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