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Shareholder Liability For Corporate Income Tax?

by Farrell Fritz, P.C. on

Limited Liability - In general, the creditors of a corporation cannot recover the corporation’s debts from its shareholders—the shareholders enjoy the benefit of limited liability protection as a matter of state law....more

South Dakota: The Next Frontier of Sales Tax Nexus

by Reed Smith on

On April 29, 2016, a declaratory action was filed challenging the constitutionality of South Dakota’s sales and use tax economic nexus legislation, which took effect Sunday, May 1, 2016. In American Catalog Mailers...more

The Boomerang Effect and Tax Exempt Organizations

by Pessin Katz Law, P.A. on

The Protecting Americans from Tax Hikes (“PATH”) Act of 2015, contained a provision by which tax-exempt organizations (a “TO”) could challenge revocation of exempt status by virtue of the filing of a declaratory judgment in...more

Tenth Circuit Upholds Colorado’s Use Tax Reporting, Limits Quill to Sales and Use Tax Collection

On February 22, 2016, the U.S. Court of Appeals for the Tenth Circuit (Tenth Circuit) issued its opinion in Direct Marketing Association v. Brohl, reversing the district court’s order granting summary judgment. The Tenth...more

United States District Court Pushes Back Against Government in North Carolina Asset Forfeiture Case

by Williams Mullen on

In May of last year we highlighted the decision by the United States Attorney for the Eastern District of North Carolina to dismiss a forfeiture case he’d brought against Lyndon McLellan, the owner of a small convenience...more

Minnesota Court of Appeals Articulates Test for Direct Shareholder Claims in In re Medtronic, Inc. Shareholder Litigation

by Faegre Baker Daniels on

On January 25, 2016, the Minnesota Court of Appeals decided In re Medtronic, Inc. Shareholder Litigation, holding that a shareholder’s claim is properly characterized as a direct claim, not a derivative claim, even where all...more

California Updates Conformity to Internal Revenue Code, Provides Large Corporate Understatement Penalty Relief

Governor Jerry Brown signed Assembly Bill 154 on September 30, 2015, updating California’s general conformity to the Internal Revenue Code and providing three new exceptions to the imposition of the Large Corporate...more

Alert: Using Insolvency Powers to Make Claims for Fraud: Important Supreme Court Decision

by Cooley LLP on

Companies are habitually used as part of a corruption scheme. Such companies often have only a single director, or a small number of directors, and are beneficially owned by the wrong-doers....more

The Magic GST/HST Registration (or How to Make a Multimillion-Dollar GST/HST Assessment Disappear)

It is well known that a GST/HST-registered person can purchase certain types of commercial real property without paying GST/HST to the vendor. ...more

Michigan Supreme Court Upholds Retroactive Corporate Officer Tax Relief

by Miller Canfield on

Relief granted to people who were previously subject to personal liability for unpaid tax debts of corporations and other entities should be applied retroactively to existing and future tax assessments, after the Michigan...more

California Tax Developments - A Reed Smith Quarterly Update (3rd Quarter 2014)

by Reed Smith on

Case Updates - Court finds ownership of LLC membership interest does not constitute doing business in California On November 14, the Fresno County Superior Court determined that Swart, an Iowa-based corporation with a...more

MoFo New York Tax Insights - Volume 4, Issue 10 - October 2013

by Morrison & Foerster LLP on

In This Issue: Despite Incorrect Advice from NYS Tax Department, Conference Request Held to Be Untimely; Corporate Officer Liable for Sales Tax Despite Creditor’s “Sweep Arrangement” with Corporation; Charter Yacht Not...more

A Month in UK Employment Law - January 2013

by Proskauer Rose LLP on

In This Issue: - 2013 – What's On the Horizon - Changes Confirmed - Changes Expected In 2013 But No Implementation Date ...more

Federal Court of Appeal: Canada Cannot Tax Treaty Income Twice

by Dentons on

It is trite law that one of the main purposes of tax treaties is to prevent double taxation of the same income. In Canada this principle has often been treated with a grain of salt since Canadian domestic rules do not bar...more

Reuters: Corporations Face Long Odds in Tax Cases Heard by the United States Supreme Court – Situation Brighter in Canada

by Dentons on

Reuters recently reported a study showing that corporations face very long odds in tax appeals heard by the United States Supreme Court. There were 919 income tax cases in the Supreme Court of the United States from 1909 to...more

Wealth Management Update - May 2012

by Proskauer Rose LLP on

A monthly report for wealth management professionals. In This Issue: - May Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts...1 - Wandry v....more

Court Finds Exigent Circumstances Warrant Appointment of Receiver for an Insolvent, Closely Held Corporation

The Delaware Chancery Court recently found that exigent circumstances necessitated the appointment of a receiver for an insolvent company under section 291 of the Delaware General Corporation Law (DGCL). The insolvent company...more

Advantages of Chapter 11

by Pullman & Comley, LLC on

Companies that are facing seemingly insurmountable financial difficulties can often turn to chapter 11 for relief. Some of the key advantages of filing chapter 11 to successfully resolve a company’s financial woes...more

10 Lessons from the Verizon Cases at the State Corporation Commission

by Sands Anderson PC on

In December of 2009, Verizon Communication, Inc.’s two “baby bell” subsidiaries in Virginia (Verizon Virginia, Inc. and Verizon South, Inc. — collectively, “Verizon”) filed applications to correct erroneous assessments of...more

An Update on the Availability of Relief under the US/UK Double Tax Treaty

by Dechert LLP on

The UK Courts have recently passed judgment in the latest stages of two significant cases regarding the availability of relief under the US/UK Double Tax Treaty. The first case, Swift, overruled an earlier decision allowing a...more

Be Ready to Pounce on a Texas Margins Tax Challenge

On July 29, 2011, Allcat Claims Services, L.P. (Allcat) and one of its individual partners filed a petition with the Texas Supreme Court seeking a declaratory judgment that the Texas margins tax (TMT) is unconstitutional...more

Mofo New York Tax Insights - May 2011 - Volume 2, Issue 5

by Morrison & Foerster LLP on

In this issue: New Policy Offers Partial Relief from Controversial Responsible Person Liability; Successful Challenge to Assessment Does Not Entitle Taxpayers to an Award of Costs; Update on Barker Vacation Home Case; New...more

MoFo New York Tax Insights - Volume 2, Issue 4 - April 2011

by Morrison & Foerster LLP on

In this issue: Tribunal Holds That Television Broadcaster Cannot Include Film in its Property Factor; Department Limits Application of Article 9-A Separate Accounting Election; Tribunal Grants State’s Motion to Reargue...more

Amendments To New York State False Claims Act Encourage Qui Tam Actions

On August 13, 2010, effective August 27, 2010, the New York legislature enacted Chapter 379, turbo-charging the New York False Claims Act (“FCA”), N.Y. State Fin. Law § 187 et seq., and providing would-be whistleblowers with...more

California Court of Appeal Permits Retroactive Taxes to Remedy Unconstitutional Discrimination; Upholds Post-Amnesty Penalty

by Morrison & Foerster LLP on

The California Court of Appeal, First Appellate District, recently issued an opinion against the taxpayer in River Garden Retirement Home v. Franchise Tax Board, 2010 Cal. App. LEXIS 1146 (2010). The case presented two...more

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