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State + Local Tax Insights -- Spring 2014

In This Issue: - Where’s Walden? Finding Protection under the Due Process Clause - Upcoming Speaking Engagements - CFCs and Subpart F Income in a California Water’s-Edge Election and What’s Wrong with the Apple...more

MoFo New York Tax Insights - Volume 5, Issue 4 - April 2014

In This Issue: City ALJ Holds First Amendment Requires Exercise of Discretionary Authority for Sourcing Receipts from Providing Credit Ratings; Tribunal Affirms Partial Day Count for Statutory Residency Purposes; ALJ...more

MoFo New York Tax Insights - Volume 5, Issue 4 - April 2014

In This Issue: City ALJ Holds First Amendment Requires Exercise of Discretionary Authority for Sourcing Receipts from Providing Credit Ratings; Tribunal Affirms Partial Day Count for Statutory Residency Purposes; ALJ...more

April Fools? No Joke, Virginia Law Limiting Addback Exceptions To Be Applied Retroactively for 10 Years

On April 1, 2014, Virginia Governor Terry McAuliffe signed HB 5001. This law imposes severe restrictions on the existing exceptions to intangible expense addback to Virginia taxable income. Specifically, the new law limits...more

Court Continues A Fairly Busy Term

Perhaps coincidence, perhaps not, but on "Cyber Monday" the U.S. Supreme Court refused to "click yes" to consider two cases contesting the constitutionality of click-through-nexus when, as discussed further below, it denied...more

Victory for the Taxpayer in Validus: District Court Holds that Federal Excise Tax Does Not Apply to Retrocessions

On February 5, the U.S. District Court for the District of Columbia issued its opinion in Validus Reinsurance, Ltd. v. United States, which is the first case to involve a challenge to the IRS’s position on the “cascading”...more

MoFo New York Tax Insights - Volume 5, Issue 2 - February 2014

In This Issue: Governor Cuomo Releases Ambitious 2014-15 Executive Budget; Third Department Holds Transfer of Condemned Property Did Not Occur Until After Gains Tax Was Repealed; Trial Court Upholds Constitutionality...more

State + Local Tax Insights -- Winter 2014

In This Issue: Ringing in the New Year: Issues from 2013 That Will Likely Impact 2014; Upcoming Speaking Engagements; Defending Against Penalties; and Dueling “Doing Business” Interstate-Commerce Exemptions:...more

New Jersey Throwout: Tax Court Amplifies Its No Dual Nexus Decision

The New Jersey Tax Court issued a written amplification of its bench decision in Lorillard Licensing Company LLC’s appeal that the Division of Taxation may not apply dual nexus standards for Throwout purposes. In...more

New circular letter on transfer of assets and partnership interests

Federal Ministry of Finance directs non-application of recent rulings by the Federal Fiscal Court. With its circular letter dated 12 September 2013, the Federal Ministry of Finance comments on three rulings by the...more

Variations for Bank Shares Tax Valuations Tolerable

A plurality of the full Pennsylvania Supreme Court held that the disparity in valuations that results from the application of the statutory averaging formula for valuations and a combination provision are not...more

United States Supreme Court Refuses to Review New York High Court Ruling Requiring Online Retailers to Collect New York State...

On December 2, 2013, the United States Supreme Court denied certiorari in the consolidated cases Amazon.com LLC v. N.Y. Dept. of Taxation and Overstock.com v. N.Y. Dept. of Taxation, thereby allowing the New York state law...more

U.S. Supreme Court Denies Certiorari to Review New York’s Click-Through Nexus Law

The U.S. Supreme Court has declined to consider the constitutionality of New York’s “Amazon” click-through sales tax nexus law, leaving it in effect and emboldening other states’ similar efforts. Unless federal legislation...more

A Pinch of SALT: 20 Years of Ambiguity in Addback Statutes

It has been more than 20 years since Ohio enacted legislation requiring taxpayers to add back some expenses paid to related parties for state income tax purposes. Since then, more than 20 states have enacted similar...more

Energy Law Alert: California Cap and Trade Auctions Upheld as Constitutional

The Sacramento Superior Court has upheld the constitutionality of California Air Resources Board's ("ARB") cap and trade auctions in the related cases California Chamber of Commerce v. ARB and Morning Star Packing Company v....more

California’s Cap-and-Trade Auction Is Not a Tax: Court Decides “Close Question”

In a twin set of wins for the state, two lawsuits challenging California’s flagship cap-and-trade auction system first implemented in November 2012 were rejected by Sacramento Superior Court Judge Timothy Frawley this...more

Developments in Multistate Taxation -- November 2013

U.S. Supreme Court - On August 23, 2013, an online retailer filed a petition for a writ of certiorari with the U.S. Supreme Court seeking review of the New York Court of Appeals’ determination that a New York statute...more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update (3rd Quarter 2013)

This is a brief update on recent Pennsylvania tax developments. It is intended to provide an overview of issues and cases to watch, as well as administrative and legislative developments. ...more

State + Local Tax Insights -- Fall 2013

In This Issue: “Occasional Sales” and Single Sales Factor Apportionment in California; Upcoming Speaking Engagements; State Taxation of Financial Institutions; Applying the True Object Test to Determine the Taxability...more

Spotlight on SALT: Illinois Supreme Court Invalidates the State's "Click-Through Nexus" Statute Under the Internet Tax Freedom Act

Illinois joined a number of other states in 2011 and enacted a "click-through nexus" statute targeting internet retailers for sales and use tax collection obligations. Under the Illinois and similar statutes enacted in other...more

Illinois Click-Through Nexus Law Preempted by the Internet Tax Freedom Act

In a 6-1 decision, the Illinois Supreme Court affirmed an Illinois Circuit Court holding that Illinois Public Act 96-1544 (The Click-Through Nexus Act), requiring out-of-state retailers to collect and remit use tax, violates...more

Illinois Supreme Court Holds Internet Sales Tax Preempted by Federal Statute

On Friday morning, the Illinois Supreme Court handed down its opinion in one of its most high-profile pending cases. The Court held in Performance Marketing Association, Inc. v. Hamer that the federal Internet Tax Freedom Act...more

New Law Clarifies that Business Improvement and Tourism Marketing District Assessments are Not Taxes Under Proposition 26

Local Government Bears the Burden of Proving that an Assessment is Not a Tax - Assembly Bill 483, signed as urgency legislation by the Governor on October 4 and effective immediately, clarifies provisions of California...more

California Tax Relief for Sellers of Qualified Small Business Stock

On Friday October 3, 2013, Governor Brown signed into law AB 1412, which provides full relief for individuals affected by the decision in Cutler v. Franchise Tax Board, where the California Court of Appeal held that the...more

Underwater Mortgages: Can Eminent Domain Bail Them Out?

This article examines the constitutionality and possible implications of the plan being considered in several parts of the country to use the power of eminent domain to seize "underwater mortgages". The plan has been...more

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