Business Organization Tax Bankruptcy

Read Business Organization updates, alerts, news, and legal analysis from leading lawyers and law firms:
News & Analysis as of

Duty of Consistency Doctrine - Effective Sword for the IRS, but Not Likely a Shield for Taxpayers - Tax Update Volume 2016, Issue...

Two recent cases illustrate the IRS’ ability to successfully argue that taxpayers should not benefit from their own mistakes if they result in less tax being paid. Two recent cases highlight the most current view of the...more

Brexit Q&A: Business Implications

On Thursday 23 June 2016, the UK electorate voted to leave the European Union. While this vote was advisory in nature, we expect that ultimately the UK Government and Parliament will respect the outcome and serve notice to...more

MoFo Tax Talk - Volume 9, No. 1

IRS Publishes Proposed section 305(c) Regulations - On April 12th, the IRS published proposed regulations under Section 305(c) that address the treatment of deemed dividends to holders of stock and rights to acquire...more

IRS Agrees Traditional Bad Boy Guarantees Do Not Change Character of Nonrecourse Loan

The Internal Revenue Service has apparently seen the light — at least with respect to the effect of “bad boy” guarantees on a loan that is otherwise nonrecourse for income tax purposes. Last month, we reported that the IRS...more

Tax Treatment of “Bad Boy Guarantees” Challenged by Recent IRS Memorandum

I. OVERVIEW - A recently released legal memorandum by the Internal Revenue Service (IRS) Office of Chief Counsel, CCA 201606027 (the “Memorandum”), concluded that a so-called “bad boy guarantee” provided by a sponsor of...more

The Oman Update - Official Gazette 1127

Ministerial Decisions - Ministry of Commerce & Industry - Ministerial Decision No. 315/2015 Giving Effect to the Implementing Regulations of the GCC Unified Law of Anti-dumping, Countervailing Measures &...more

A Reverse Morris Trust Ruling

LTR 201542004 at first seems to involve a standard spinoff for the purpose of pursuing a reverse Morris Trust combination of Controlled with a Merger Partner, with the “significant issue” for ruling being a proposed swap of...more

New IRS Rulings Should Provide Greater Certainty for Corporate Restructurings

On May 5, 2015, the Internal Revenue Service (IRS) issued two long-awaited rulings, Rev. Rul. 2015-09 and Rev. Rul. 2015-10, that should ease the lives of corporate tax planners. Each ruling addressed an increasingly common...more

IRS Rulings Clarify Tax Treatment of Multi-Tier Restructuring Transactions

By declaring a controversial ruling obsolete, the IRS removes uncertainty surrounding the tax effects of certain corporate restructuring techniques. A pair of revenue rulings the US Internal Revenue Service (IRS)...more

Escaping Taxes in Bankruptcy Through S Corporations

Shareholders of financially troubled S corporations may now be able to avoid the flow-through of taxes when the S corporation or its subsidiary files bankruptcy. ...more

It Wasn’t Wirth It: Nonresident Limited Partners Liable for Personal Income Tax on Discharge of Nonrecourse Debt

In June 17, 2014, in Wirth v. Commonwealth, 82-85 MAP 2012, the Pennsylvania Supreme Court (the “Court”) affirmed the Commonwealth Court’s holding that nonresident limited partners were liable for Pennsylvania Personal Income...more

Statutory Exemption from U.S. Withholding Tax on Dividends Remains

Generally, a non-U.S. taxpayer that is not engaged in a U.S. trade or business is taxable in the United States only on U.S.-source “fixed determinable, annual or periodical” income (FDAP)....more

Decanting By Various Means

Decanting By Various Means by James F. McDonough, Jr. on October 8, 2013 Decanting is a popular topic among wealth advisers, trust companies, and tax professionals. In the wine industry, it means putting old wine into...more

Judge Allows Detroit to Keep Casino Tax Revenue

Judge Allows Detroit to Keep Casino Tax Revenue by Joel R. Glucksman on October 8, 2013 Detroit will be allowed to continue accessing casino tax revenue during its bankruptcy proceedings while negotiations with...more

IRS Releases New Regulations for Deductible Business Repairs

IRS Releases New Regulations for Deductible Business Repairs by Joseph M. Donegan on October 4, 2013 The Internal Revenue Service released a new set of guidelines governing tax-deductible business repairs, which may...more

Atari Files Reorganization Plan to Exit Bankruptcy

Atari Files Reorganization Plan to Exit Bankruptcy by Joel R. Glucksman on October 4, 2013 Video-game maker Atari, Inc. has filed a reorganization plan in the U.S. Bankruptcy Court in Manhattan with the support of its...more

IRS Scores $13 Million Victory Against BMC Software

IRS Scores $13 Million Victory Against BMC Software by Frank L. Brunetti on October 2, 2013 The Internal Revenue Service landed a huge victory in U.S. Tax Court recently, and the ruling may have significant implications...more

U.S., Cayman Islands Reach Tax Deal

U.S., Cayman Islands Reach Tax Deal by Joseph M. Donegan on August 28, 2013 Falling in line with the push for greater global collaboration to combat tax evasion, the United States and the Cayman Islands have reached a...more

Bankruptcy Judge Hesitant to Approve AMR’s Bankruptcy Plan

Bankruptcy Judge Hesitant to Approve AMR’s Bankruptcy Plan by Joel R. Glucksman on August 27, 2013 The Justice Department's unexpected antitrust lawsuit that is designed to halt the merger of US Airways and American...more

Spouses Should Be Aware of ‘Gift-Splitting’ Criteria when Gifting Assets

Spouses Should Be Aware of ‘Gift-Splitting’ Criteria when Gifting Assets by Frank L. Brunetti on August 26, 2013 Lawmakers' decision to both set the estate tax at $5.25 million for 2013 and increase the annual gift tax...more

National Ambulatory Services Firm Seeks Chapter 11 Bankruptcy Protection

National Ambulatory Services Firm Seeks Chapter 11 Bankruptcy Protection by Joel R. Glucksman on August 16, 2013 Rural/Metro, an ambulance and fire protection services company, announced it has filed for Chapter 11...more

Equityholder's Strategy for Shifting Tax Burdens to Creditors Upheld by Third Circuit

In re Majestic Star Casino, LLC, F.3d 736 (3rd Cir. 2013), the U.S. Court of Appeals for the Third Circuit broke from other courts by holding that S corporation status (or "qualified subchapter S subsidiary" or "QSub" status)...more

Business Bankruptcies Continue to Decline

Business Bankruptcies Continue to Decline by Joel R. Glucksman on August 13, 2013 Americans have been inundated as of late with news relating to several high-profile business bankruptcies, suggesting that more...more

Illinois Beer Distributor Seeks Chapter 11 Bankruptcy Protection

Illinois Beer Distributor Seeks Chapter 11 Bankruptcy Protection by Joel R. Glucksman on August 9, 2013 A popular Anheuser-Busch distributor sought Chapter 11 bankruptcy protection in Illinois this week, in the hopes of...more

Should Detroit Follow Central Falls’ Bankruptcy Strategy?

Should Detroit Follow Central Falls’ Bankruptcy Strategy? by Joel R. Glucksman on August 6, 2013 In the wake of Detroit filing the largest municipal bankruptcy in U.S. history, many analysts are looking at the...more

46 Results
|
View per page
Page: of 2

Follow Business Organization Updates on:

JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×