Tuesday, December 24, 2019

Re-Discovering Sugar-Plum Visions of Vermont: The Straightforward Tales of An Innkeeper

This time of the year is all filled with nostalgia and a yearning to re-create the joys of days gone-bye: it's a State of Mind that's still there in New England. Miracles and wonders and real-life stories and opportunities.
The now-present urges to change your life-style for multitudes to go back back-in-time  and the romantic impulse for a dream . . that's the current fiction in the magical gristmill of what we can only imagine in the course of time.
An escape to the rural countryside wherever we are at different stages of life to turn it all over.
Here in Arizona that's not a lot of time for cherished memories, but in the green state of Vermont there's much more time - add two more earlier centuries - to attract people back to the joys of living in the Vermont countryside in the 21st Century.
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This post is all a take-off from a story that appeared in The Boston Globe  yesterday, written by Thomas Farragher, a Globe columnist.
He can be reached at thomas.farragher@globe.com.
Making A Home Away From Home in Vermont

GRINCH SPOILER ALERT:
Stone Hearth Inn & Tavern
Chester, VT
"Turns out being an innkeeper is hard work, not comedy. It’s all-consuming. The innkeeper’s bedroom is over the barroom. There’s always a faucet to fix, a wall to patch, a railing to paint.
“If I was really, really rich, it would be fun to do,’’ Ghetler said. “But I’m not really rich. You’ve got to make a go of it. We have to keep our nose to the grindstone and keep it going because we have bills to pay.’’
Hold on - the column started like this
"CHESTER, Vt. — They could be characters straight out of a Hollywood sitcom. . . "
"In other words, it’s just another Saturday night at the Stone Hearth Inn & Tavern. . .
Sheldon and Francy have discovered the secret sauce.
From this 209-year-old, Federal-style building atop six acres of rolling countryside, they have conjured a business whose customers keep coming back as much for the wide-board pine flooring and original fireplaces as for camaraderie and neighborliness that is not on the menu but is, instead, part of the place’s DNA.
“Having the Stone Hearth here is like having a porch on the back of your house or a fire pit in front,’’ said Brian Lenihan, a Hingham attorney who bought a place nearby in 2007, just as the inn was opening under Sheldon’s and Francy’s ownership.
“They’ve created something more than just an inn here,’’ Lenihan’s wife, Bonnie Hertberg said.
“It’s just a place to come and see everybody and be part of the community.’’
There is something romantic about ditching everything, changing lifestyles, and opening a country inn and a new life.

THE HAPPY ENDING >
"Sheldon and Francy have somehow made it all work. But he is now 67, and she is 70. They’re ready for life outside the inn, ready to relinquish the demands that don’t end at 5 o’clock.
“I’m glad the way it came out,’’ Sheldon said. “But this place would be better off for somebody younger than Francy and I. It’s exhausting. It’s seven days a week. All day. I could be busy all day if I wanted to be.
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What other history do Vermont and Arizona share?
The Birthplace of Mormon Church founder Joseph Smith is in a small town located close to Chester.
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Home is where the Hearth is -
Here's a Count Rumford Fire Place
constructed in many two-story Center-Chimney federal-style homes during Pre-Revolutionary Days.
It was the home's Great Room that generated heat both upstairs and down and where all the cooking was done during the months of cold
There was usually a Summer Kitchen extending in the back of the house from a northside keeping room.






Monday, December 23, 2019

OZONES > Rules. Regs + Guidelines To Close Out 2019

Final opportunity zone regulations have been released  Stakeholders interested in maximizing tax incentives must initiate an investment prior to the end of the year.
from this blog

21 December 2019IRS Issues Final Regulations on OZones + Qualified Opportunity Funds

The Office of Information and Regulatory Affairs (OIRA) is reporting that its review of the final IRS regulations on Qualified Opportunity Funds concluded on December 17th. Yesterday Jimmy Atkinson writing in Opportunity Database announced that the long wait is over. 
IRS has issued final regulations on Qualified Opportunity Funds, nearly two years after the Opportunity Zone initiative was enacted into law as part of the 2017 Tax Cuts & Jobs Act.
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There are a number of sticking points from the first two tranches of proposed regulations — many of which were discussed at the most recent IRS hearing on Qualified Opportunity Funds — that should be clarified in these final regs, including:
  • Data collection and reporting, and what Treasury’s limits may be.
  • Multi-asset fund exit options, and the discrepancies that exist between tax treatment at the different QOF, QOZB, and QOZBP levels.
  • Whether the substantial improvement test can be conducted on an aggregate basis, as opposed to an asset-by-asset basis.
  • The treatment of debt-financed distributions.
  • The treatment of Section 1231 gains.
  • The definition of vacant property.
  • How to pair the Opportunity Zone tax incentive with real estate tax credits such as New Markets, Low Income Housing, Renewable Energy, and Historic.
READ MORE AT THE ABOVE LINK
Click here to read the complete draft of the final regulations.
The final regulations are a modification and merger of the first and second tranches of regulatory guidance and provide additional clarification on topics that remained unresolved after the first two sets of proposed regulation. 
In total, the notice is 544 pages in length.
IRS completed the final regulations and submitted them for review to the Office of Information and Regulatory Affairs (OIRA) on December 6. 
The final regulations do not officially take effect until they are published in the Federal Register. 











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