IRS Private Letter Ruling – Electing to treat all interests in rental real estate as single rental real estate activity

In IRS Private Letter Ruling No. 201117011 released April 29, 2011 (not to be used or cited as precedent under IRC section 6110(k)(3)), the Commissioner granted a taxpayer a 120 day extension to make an election under section 469(c)(7)(a) of the IRC to treat all of his rental real estate..

FDIC as Receiver for Ravenswood Bank v. Republic Title – implied waiver and laches

On April 20, 2011, The United States District Court for the Northern District of Illinois stated in Federal Deposit Insurance Corporation, as Receiver for Ravenswood Bank v. Republic Title Company (2011 WL 1526817) as follows:

Illinois Consignments under UCC

Under 810 ILCS 5/9 et seq., goods sent from one party (consignor; often manufacturer) to another party (consignee; a merchant) will only qualify as a consignment under and be governed by Article 9 of the Uniform..

Illinois Power of Attorney Act Amendments

On July 1, 2011, the new Illinois Power of Attorney Act (755 ILCS 45/et seq.) (hereinafter “Act”) signed into law by Governor Pat Quinn in July of 2010 went into effect throughout Illinois providing principals more protection from abuse and fraud by agents.