Commercial Law & Contracts, Tax Law

Daishowa-Marubeni: A Tree Fell In The Forest And The SCC Caught It!

by Anne Calverley, Jehad Haymour, Sophie Virji | Dentons on 5/24/2013

In Daishowa-Marubeni International Ltd. v. The Queen, 2013 SCC 29, Justice Rothstein marries tax philosophy and tax practice by asking and answering the question: If a tree falls in the forest and you are not around to...more

Municipal Bond Post-Issuance Compliance

by Shana Mueller | Bernstein Shur on 5/24/2013

Does your municipality have outstanding tax-exempt bond obligations? If yes, the IRS is interested in...more

Real Estate Tip – On-Site Power Generation Part 2: Who Pays Fuel Tax on Your Natural Gas Honda Civic?

by Richard Smith | Bernstein Shur on 5/24/2013

Today’s tip expands the topic of on-site power generation. Instead of “going green” with renewable power, consider installing battery-buffered petroleum generators, natural gas generators or fuel cells to...more

Simplifying Leaver Provisions?

by Orrick, Herrington & Sutcliffe LLP on 5/23/2013

Introduction - In response to the Nuttall Review of Employee Ownership, the Government has introduced the Companies Act 2006 (Amendment of Part 18) Regulations 2013 (the Regulations) which entered into force on 30...more

Employers With Share Option Schemes Take Note…

by Richard Cook, James Ross | McDermott Will & Emery on 5/23/2013

A recent decision of the United Kingdom’s First Tier (Tax) Tribunal has provided a timely reminder of the importance for employers of notifying their employees of the requirement to promptly reimburse the employer for income...more

Developments in Multistate Taxation

by Ted Friedman, Philip Tatarowicz | Morrison & Foerster LLP on 5/23/2013

Alabama - The Alabama Department of Revenue, Administrative Law Division, found that a company’s beer distribution rights did not qualify as goodwill under generally accepted accounting principles and, therefore, did...more

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

Financeable Ground Leases – They’re Not Just for Development Sites Anymore

by Marc Intriligator | Cozen O'Connor on 5/23/2013

In years past, ground leases were used primarily as vehicles for the development or redevelopment of “stand alone” real estate. The fee owner – typically an investment group that purchased an income property years ago and now...more

What's Happening in Business Aviation? May 2013

by Burns & Levinson LLP on 5/22/2013

This edition of the Burns & Levinson Business Aviation Report covers new developments in the following areas of business aviation: • Rentals from leasing aircraft may be subject to the new 3.8 percent tax on net...more

Legal Alert: Tax Court Finds Indirect Prohibited Transaction in IRA

by Adam Cohen, Mikka Gee Conway, Jonathan Goldman, Carol McClarnon, Alice Murtos, Joanna Myers, Vanessa Scott, W. Mark Smith, Rich Sun, William Walderman, Carol Weiser | Sutherland Asbill & Brennan LLP on 5/22/2013

In Peek v. Commissioner (May 9, 2013), the U.S. Tax Court ruled that two taxpayers had engaged in an indirect “prohibited transaction” with their individual retirement accounts (IRAs) when they provided personal guarantees...more

HM Treasury Rethinks the UK Tax Treatment of Fee Rebates

by David Gubbay, Daniel Hawthorne, Mark Stapleton | Dechert LLP on 5/22/2013

In a Written Ministerial Statement made in UK Parliament on 21 May 2013, Treasury Economic Secretary Sajid Javid MP announced the Treasury’s intention to make a crucial and very welcome clarification to the recent HMRC Brief...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

Virginia Enacts Numerous Changes to the Tax Code

by Nathaniel Kupferman | Berkeley Research Group, LLC on 5/21/2013

Legislation effective July 1, 2013, includes numerous tax increases, most notably in the state retail sales and use tax rate from 4 percent to 4.3 percent....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

SST Governing Board Considers "Best Practices" Matrix and Marketplace Fairness Implementation; SLAC Contemplates Digital Goods...

by Scott Booth, Christopher Chang, Miranda Davis, Timothy Gustafson, Sahang-Hee Hahn, Saabir Kapoor, Charles C. Kearns, Jessica Kerner, Shane Lord, Suzanne Palms, Kathryn Pittman, David Pope, more +Maria Todorova | Sutherland Asbill & Brennan LLP on 5/20/2013

The Streamlined Sales Tax Governing Board (SSTGB), as well as its State and Local Advisory Council (SLAC) and Business Advisory Council (BAC), assembled in Minneapolis this week to discuss a number of policy matters related...more