Business Organization, Tax Law

Legal Alert: Supreme Court Unanimously Rules in Favor of Taxpayer, Holds U.K. Windfall Tax Creditable

by Sutherland Asbill & Brennan LLP on 5/23/2013

The United States Supreme Court held Monday in PPL Corporation v. Commissioner (No. 12-43) that a U.S. taxpayer was entitled to claim a foreign tax credit on its share of a “windfall tax” imposed on the taxpayer’s United...more

"HMRC Turns Up the Pressure on UK LLPs"

by James Anderson, Chris Hutley-Hurst | Skadden, Arps, Slate, Meagher & Flom LLP on 5/22/2013

Following the announcement in Budget 2013, HM Revenue & Customs (HMRC) issued a consultation document on May 20, 2013 that focuses on two areas of partnership taxation where HMRC perceive “unintended inconsistencies”...more

N.Y. ALJ Holds Taxpayer’s Motives for Acquiring Stock and How Stock Is Used Irrelevant in Determining Investment Capital

by Lindsay LaCava, Arthur R. Rosen | McDermott Will & Emery on 5/22/2013

A New York administrative law judge recently held in Matter of C.V. Starr & Co., Inc. that income received by a taxpayer from its ownership of common stock was investment income. In so holding, the ALJ addressed an important...more

401(k) Plans Are Just A Tool To Save, They’re Not Evil

by Ary Rosenbaum on 5/22/2013

Years ago B.K. (before kids), I took weekly golf lessons. While it never showed on the golf course, I was developing a nice game. I took lessons with a curmudgeon golf pro named Kenny and the lessons were at a golf store....more

New Mexico 2013 Tax Legislation Update

by Timothy R. Van Valen | Brownstein Hyatt Farber Schreck on 5/22/2013

The recently concluded 2013 regular session of the New Mexico Legislature resulted in legislation enacting several significant changes to New Mexico’s tax programs, the majority of which are business friendly. Most of the...more

What A Tax Attorney Can Do for You: Understand How Apple, Inc. Legally Does Not Pay Income Tax

by Anthony Diosdi | Moskowitz LLP on 5/22/2013

When Apple Inc., disclosed that it has not paid any corporate income tax over the past 4 years, it got the government’s attention. Hailed before the Senate, Apple is confident in their tax position because, it is legal. ...more

HM Revenue & Customs Consultation Document Poses Significant Tax Challenges for Investment Management LLPs

by David Gubbay, Daniel Hawthorne, Mark Stapleton | Dechert LLP on 5/21/2013

On 20th May, HMRC published a consultation document which proposes major changes to the taxation of partnerships in the UK. The consultation is particularly relevant to investment management LLPs – and especially to those...more

Navigating Pennsylvania’s Tax Appeals Process -- Updated

by James Fritz | McNees Wallace & Nurick LLC on 5/21/2013

Pennsylvania’s tax appeal system has long been criticized as very complicated, expensive and lacking impartiality. A few years ago, the PA Chamber and other interested groups were able to work with the General Assembly to...more

High Net Worth Family Tax Report, Vol. 8, No. 2 -- May 2013

by Loeb & Loeb LLP on 5/18/2013

President’s fiscal year 2014 budget contains numerous tax provisions - President Barack Obama released his proposed budget for the government’s fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget...more

Good Governance for General Counsel: What Your Board Needs to Know Now

by Ober|Kaler on 5/18/2013

A host of regulatory and finance reforms have ushered in significant changes for health care entities, and likewise, for the boards that guide them. How can general counsel broach these changes with their boards and steer...more

Be Careful If ROBS Is Your Business Financing Strategy

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/16/2013

Various promoters have suggested to entrepreneurs that they use the assets in their 401(k) plans or IRAs to finance a new business. These programs are sometimes known by the acronym ROBS, or Rollovers as Business Start-ups....more

IRS Issues Final Regulations Treating Qualified Stock Dispositions as Asset Sales

by Wilson Sonsini Goodrich & Rosati on 5/16/2013

On May 10, 2013, the Internal Revenue Service (IRS) and Treasury Department released the long-awaited final regulations under Section 336(e) of the Internal Revenue Code, treating certain sales, exchanges, and distributions...more

Tax-Efficient Capital Vehicles for Unregulated Utilities: REITs, MLPs and Up-Cs Considered

by Nickolas Gianou, David Levy, Sean Shimamoto | Skadden, Arps, Slate, Meagher & Flom LLP on 5/15/2013

Over the last several years, a confluence of political and market developments have made capital for renewable energy projects harder to come by, which has affected the ability of unregulated affiliates of public utilities...more

Why Retirement Plan Sponsors are Always on the Hook for Liability

by Ary Rosenbaum on 5/14/2013

Whoever said the road to hell is paved with good intentions might have been a retirement plan sponsor. While setting up a retirement plan is a good intention, a plan sponsor’s lack of diligence in reviewing what is going on...more

IRS Approves New Rules To Minimize Taxes Related to M&A Transactions

by Craig Circosta, Karen McConnell, Wayne Strasbaugh | Ballard Spahr LLP on 5/14/2013

The Internal Revenue Service recently adopted long-awaited regulations intended to provide a new means of minimizing taxes in M&A transactions. The newly adopted regulations take effect on May 15, 2013, under Section 336(e)...more

MoFo New York Tax Insights - Volume 4, Issue 5 - May 2013

by Open Weaver Banks, Hollis L. Hyans, Kara M. Kraman, Irwin M. Slomka | Morrison & Foerster - State + Local Tax... on 5/14/2013

In This Issue: New York Enacts Significant Changes to Related Member Royalty Add-Back Law; Nuclear Power Plant That Produces Steam and Water to Generate Electricity Not Eligible for Investment Tax Credit; Appellate...more

Capital Infusion - May 2013: Tax Consequences: Noncompensatory Partnership Options

by Sean Clancy, Adam Connatser, Lindsay Faine, Jon Finger, Rani Hauth Guerra, J. Atwood Jeter, David McLean, George Schutzer | Patton Boggs LLP on 5/14/2013

The Department of the Treasury and the Internal Revenue Service issued final regulations, effective February 5, 2013, concerning the tax consequences of noncompensatory options and convertible instruments issued by a...more

State + Local Tax Insights -- Spring 2013

by Eric Coffill, Leslie Lao, Mitchell Newmark, William Pardue, Gregory Roberts, Rebecca Ulich | Morrison & Foerster - State + Local Tax... on 5/14/2013

In This Issue: Factor Representation: Is It Unconstitutional for a State to Have It Both Ways?; Upcoming Speaking Engagements; Expanded California Sales and Use Tax Exclusions for Advanced Manufacturing Projects; and...more

At Last: Final Regulations Issued Under Section 336(e)

by Dennis Allen, Robert S. Chase II, Reginald Clark, Jeffrey Mace, Daniel McKeithen, Michael Miles, William Pauls, David Roby, Jr., Christopher Schoen, William Sheumaker, Carol Tello, more +H. Karl Zeswitz, Jr. | Sutherland Asbill & Brennan LLP on 5/14/2013

In a move that was nearly 27 years in the making, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued long-awaited final regulations under §336(e) (the Final Regulations) on May 10. Section 336(e)...more

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Business Organization › Tax Law