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ARTICLE · 14 FEBRUARY 2018

Single Family Office Operations 2018: Recent Case Law And Coordination With Legislative Developments

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December 2017 brought with it two important developments for single family offices. The first was from the US Tax Court's decision in Lender Management v. Commissioner ("Lender") released on December 15, 2017.

United StatesTax
James Brockway
James Brockway
William Kambas
William Kambas
Joshua Becker
Joshua Becker
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December 2017 brought with it two important developments for single family offices. The first was from the US Tax Court's decision in Lender Management v. Commissioner (“Lender”) released on December 15, 2017 which held that a family office, Lender Management, LLC (“Lender Management”), carried on a trade or business and therefore was entitled to deduct operating and investment management expenses under Section 162. The second important development was the well-publicized Tax Cuts and Jobs Act, H.R. 1, signed into law on December 22, 2017 (the “2017 Tax Act”). The 2017 Tax Act makes the Lender decision all the more valuable in light of new limitations on tax deductions as discussed below.

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