Civil Remedies, Tax Law, Finance & Banking

No Happy Trails For Victorville Tax Increment Bond Financing

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/30/2013

For more than thirty years, I’ve driven by, but never stopped at, the Roy Rogers and Dale Evans Museum in Victorville, California. The museum eventually relocated to Missouri but reportedly did not survive for long. Despite...more

Administrative Bank Attachment

by Megan F. Luck | McNees Wallace & Nurick LLC on 2/21/2013

The 2012-2013 Pennsylvania state budget adopted last July authorized the use of administrative bank attachment by the Department of Revenue. Prior to utilizing this collection technique, the Department was required to develop...more

Federal Court of Appeal: Canada Cannot Tax Treaty Income Twice

by Dentons on 7/18/2012

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

Italian Revenue Agency Provides Guidance on Mutual Agreement Procedures

by McDermott Will & Emery on 6/29/2012

Italian tax authorities have become increasingly involved in mutual agreement procedures (MAPs) with foreign competent authorities in order to avoid double taxation, mostly as a result of an approach to transfer pricing...more

Financial Fraud Law Report: Financial Fraud Victims May Benefit from Swiss Bank's Disclosures

by Michael Diaz Jr. - Diaz Reus International... on 6/26/2012

Originally published in the July-August 2012 issue of the Financial Fraud Law Report. Lawyer Michael Diaz, Jr., Says Financial Fraud Victims May Benefit from Swiss Bank’s Disclosures Swiss banking giant UBS’...more

Can You Preserve Your Claims Against a Borrower After Filing a 1099-C Cancellation of Debt?

by Poyner Spruill LLP on 6/26/2012

Borrowers who file a bankruptcy petition are always looking for creative new challenges to claims asserted by their bank creditors. In recent years, debtors have argued that a bank’s issuance of an Internal Revenue Code form...more

Fifth Circuit Rules that Inherited IRAs Are Exempt under Code

by Butler, Snow, O'Mara, Stevens and Cannada,... on 6/8/2012

Originally posted in the ABI Journal, Vol. XXXI, No. 5, June 2012. Editor’s Note: For additional perspective on inherited IRAs, read the May 2011 cover article and a letter to the editor published in the July/August 2011...more

Six Year Statute of Limitations Does Not Apply to Overstated Basis

by Loeb & Loeb LLP on 5/30/2012

The U.S. Supreme Court recently held, in United States v. Home Concrete & Supply, LLC, that an overstatement of basis does not constitute an omission from gross income that results in application of the extended six year...more

Non-taxable windfalls: a rare species in Canadian law

by Dentons on 5/7/2012

On April 23, Morguard Corporation filed an appeal with the Federal Court of Appeal of the decision of Boyle J in the Tax Court of Canada, 2012 TCC 55, (Date: February 24, 2012) holding that a $7.7 million break fee was...more

Wealth Management Update - May 2012

by Proskauer Rose LLP on 5/3/2012

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

High Net Worth Family Tax Report - April 2012, Vol. 7 No. 1

by Loeb & Loeb LLP on 4/25/2012

In This Issue: - $5,120,000 Lifetime Gift Tax Exemption Expiring Soon We recently circulated this article as a Special Client Alert. The resetting of the lifetime gift-tax exemption back to $1 million from...more

Lehman Bankruptcy - In re: Lehman Brothers Holdings, Inc., et al., No. 08-13555

by Patterson Belknap Webb & Tyler LLP on 3/7/2012

Lehman Plan Becomes Effective; Distributions to Begin April 17 On March 6, 2012, Lehman Brothers Holdings Inc. and its affiliated debtors announced that their Modified Third Amended Joint Chapter 11 Plan, which had been...more

Jefferson County: The Bankruptcy Court Always Wins

by Cadwalader, Wickersham & Taft LLP on 1/19/2012

In re Jefferson Country, Alabama, Case No. 11-05736 (TBB) (Bankr. N.D. Ala. Jan. 6, 2012). On January 6, 2012, Judge Thomas B. Bennett of the Bankruptcy Court for the Northern District of Alabama held that (i) the...more

Member Entitled to Deferred Pension Notwithstanding Earlier Payment of Small Pension

by Osler, Hoskin & Harcourt LLP on 1/11/2012

Shortly (eight days) after a series of transactions under which Imasco Inc.’s Shoppers Drug Mart business was transferred to Shoppers Drug Mart Inc. (Shoppers) and then sold (share sale) to institutional investors, Mr. Boys’...more

Swiss Banks Ready to Concede to IRS Demands

by Darrin Mish, Tampa Tax Attorney on 10/25/2011

The IRS is investigating 11 Swiss banks (including Credit Suisse Group) suspected of helping wealthy American account holders hide taxable income in their offshore accounts. As a result, US and Swiss authorities are said to...more

Foreign Dividends in California: Apple Loses on Dividend Ordering. Now What?

by Reed Smith on 9/21/2011

Last week, the California Court of Appeal in Apple Inc. v. Franchise Tax Board rejected Apple's claim for preferential ordering for dividends paid by foreign subsidiaries. The court did, however, conclude that Apple was...more

Compensation and Benefits Insights - July 28, 2011

by King & Spalding on 7/28/2011

In This Issue: - The Supreme Court’s Ruling in CIGNA Corp. v. Amara - New Proposed 162(m) Regulations Unexpectedly Limit IPO Transition Rule Please see full newsletter below for more information and links. ...more

Wealth Management Update -- January 2012

by Proskauer Rose LLP on 1/15/2011

IN THIS ISSUE: - IRS issues Revenue Ruling 2011-28 - January Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - IRS Issues Proposed...more

Fifth Circuit Rejects Section 10(b) Scheme Liability in Absence of Explicit Attribution of Conduct or Statements to Defendant

by Sheppard Mullin Richter & Hampton LLP on 11/18/2010

In Affco Investments 2001 LLC v. Proskauer Rose L.L.P., No. 09-20734, 2010 WL 4226685 (5th Cir. Oct. 27, 2010), the United States Court of Appeals for the Fifth Circuit held that a law firm which allegedly assisted in...more