Tax Law, Bankruptcy, Finance & Banking

California Court Finds Securitization Entities Subject to California Income Tax

by Marty Dakessian, Mike Shaikh, Kyle O. Sollie | Reed Smith on 5/13/2013

A California Superior Court has issued a decision with significant impact on financial services. In the case, Harley-Davidson, Inc. v. Franchise Tax Board, San Diego Superior Court Judge Joel Pressman held that...more

Nonresident Employee Avoids New York Taxes On Deferred Compensation Payment

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/13/2013

A taxpayer we will call John worked for a savings bank in New York that was acquired by Washington Mutual Bank. John participated in the New York bank’s supplemental executive retirement plan (SERP) and its deferred...more

Tax Talk -- Volume 6, No. 1 -- April 2013

by David de Ruig, Stephen Feldman, David Goett, Thomas Humphreys, Meimay Law, Anna T. Pinedo, Remmelt Reigersman | Morrison & Foerster - State + Local Tax... on 4/30/2013

In This Issue: House Ways & Means Committee Proposal Would Require Mark-to-Market for Derivatives and Modify Certain Other Tax Rules; After Months of Anticipation, Final FATCA Regulations Released; Congress Considers...more

Dechert OnPoint: NDNY Bankruptcy Court's Broad Interpretation of the Definition of "Interests" in 363 Sale

by Matthew Ginsburg | Dechert LLP on 4/12/2013

A recent decision out of the Bankruptcy Court for the Northern District of New York has brought greater certainty to the interpretation of what qualifies as an “interest” when determining the scope of a Section 363(f) “free...more

New York Bankruptcy Court Adopts Expansive View of Section 363 Free and Clear Assets Sales

by Dechert LLP on 4/8/2013

Introduction - In a recent decision, the Bankruptcy Court for the Northern District of New York broadly interpreted the meaning of “interest” in the context of determining the scope of a sale free and clear of “liens,...more

Rogers Towers: A Potential End-Around McNeal: Liens Partially Secured by Personal Property

by Scott St. Amand, J. Ellsworth Summers, Jr. | Rogers Towers on 4/4/2013

When the time comes to collect a debt, few organizations are as accomplished as the Internal Revenue Service. The IRS showed just such guile in the case of In re Williams, a recent Chapter 7 proceeding in the Middle District...more

Home Is Where You Hang Your Hat: The Significance of Domicile Planning

by Michael Grohman, Jerome Wolf | Duane Morris LLP on 3/22/2013

A debtor, regardless of state residence, can seek protection from his or her creditors in the federal bankruptcy courts. However, the state in which the debtor resides or, more accurately, is "domiciled," will determine which...more

‘Tis The Season To Be WARY!

by Win Mims | Jeff Field & Associates on 1/14/2013

Tax season is on us once again and many are thinking about how to make the best use of any tax refund to pay down their obligations. Be aware: scammers are out there and are plotting strategies to separate you from your...more

No Oregon Income Tax Nexus For Company Owning Intangibles Used In State

by Gregg D. Barton, Robert (Bob) L. Mahon | Perkins Coie on 12/21/2012

A federal bankruptcy court judge has held that Washington Mutual, Inc. (WMI), a parent holding company that owned bank subsidiaries conducting business in Oregon, did not have nexus in Oregon by virtue of its ownership of the...more

IRS Levies and Wage Garnishments

by Jeff Field | Jeff Field & Associates on 12/13/2012

If you are in serious debt and fail to take action to remedy the situation, the IRS may levy your property or garnish your wages. A levy is a legal seizure of your property in order to satisfy a debt....more

Is your IRA safe from creditors?

by Adler Pollock & Sheehan P.C. on 11/30/2012

If a substantial portion of a person’s wealth is in one or more IRAs, protecting the assets in those accounts is critical to his or her estate plan. IRAs provide significant benefits, including tax-deferred wealth...more

Limiting Private Equity Fund Exposure to the ERISA Obligations of Portfolio Companies

by Peter J. Hunt, Susan P. Serota | Pillsbury Winthrop Shaw Pittman LLP on 11/26/2012

In welcome news for private equity (“PE”) funds, a recent district court opinion determined that two PE funds and their bankrupt portfolio company were not a “controlled group” and thus the PE funds were not responsible for...more

Bill on Bankruptcy: Solyndra, Lehman, MF Global, ATP Oil, LSP Energy, Want Ads [Video]

by Bloomberg Law on 10/24/2012

Oct. 24 (Bloomberg Law) -- The controversial approval of the Chapter 11 plan for solar-panel maker Solyndra LLC is the first topic on this week's Bloomberg bankruptcy video. For the second item, Bloomberg Law's Lee...more

Gaming Legal News - August 23, 2012 • Volume 5, Number 19

by Dickinson Wright on 8/29/2012

In This Issue: - TRIBAL CASINO BANKRUPTCIES – THE TRAIN IS LEAVING THE STATION by Dennis J. Whittlesey: There long has been a legal debate as to whether businesses owned and operated by Indian tribes could either...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

Foreclosure May Cause Tax Liability

by Tampa Bay Bankruptcy Center, P.A. on 6/18/2012

One of the most dreaded things that can happen to you is the foreclosure of your home. This happens when you are not able to keep up the payments towards your mortgage and the bank forecloses your property. As if that were...more

IRS Warns That Financial Restructurings Can Jeopardize Tax-Exemption of Bonds

by Mintz Levin - Public Finance on 6/12/2012

The IRS is planning on sending out letters (“Letters”) over the next few months to several hundred issuers who have experienced covenant or payment defaults from 2007 to the present. The Letters remind issuers of their tax...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

Ethical Obligations Regarding Inadvertently Transmitted E-Mail Communications

by Pryor Cashman LLP on 5/21/2012

There is no clear consensus among the relevant rules of professional conduct, case law or the related ethics opinions interpreting the rules of the ethical responsibilities of attorneys regarding inadvertently sent or...more

The Commercial Paper - A Banking and Financial Services Report from Phillips Lytle

by Phillips Lytle LLP on 5/1/2012

In this issue: - Lending Boost Possible from Tax Credit Bills - Can an Unauthorized UCC Termination Negate My Security Interest? - Enforceability of Forebearance Agreements Against Claims of Economic...more

Forgiven Credit Card Debts and Taxes

by Darrin Mish, Tampa Tax Attorney on 3/9/2012

Tampa, Florida, Tuesday, March 6, 2012: Did you know that all forgiven debt is considered taxable income? “Any debt forgiven is taxable, unless you can prove that the debt was discharged in bankruptcy or that you were...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

Wealth Management Update - March 2012

by Proskauer Rose LLP on 3/5/2012

A monthly report for wealth management professionals. In This Issue: - March Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - In re Grube...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

How long does the IRS have to collect taxes owed?

by George Bourguignon on 1/4/2012

If you have an outstanding tax debt and are curious if it can still be collected or if you want to know more about how long the IRS has to collect a tax, then you may want to take a look at this post! Contact: George E....more

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Tax Law › Bankruptcy › Finance & Banking

California Court Finds Securitization Entities Subject to California Income Tax

Nonresident Employee Avoids New York Taxes On Deferred Compensation Payment

Tax Talk -- Volume 6, No. 1 -- April 2013

Dechert OnPoint: NDNY Bankruptcy Court's Broad Interpretation of the Definition of "Interests" in 363 Sale

New York Bankruptcy Court Adopts Expansive View of Section 363 Free and Clear Assets Sales

Rogers Towers: A Potential End-Around McNeal: Liens Partially Secured by Personal Property

Home Is Where You Hang Your Hat: The Significance of Domicile Planning

‘Tis The Season To Be WARY!

No Oregon Income Tax Nexus For Company Owning Intangibles Used In State

IRS Levies and Wage Garnishments

Is your IRA safe from creditors?

Limiting Private Equity Fund Exposure to the ERISA Obligations of Portfolio Companies

Bill on Bankruptcy: Solyndra, Lehman, MF Global, ATP Oil, LSP Energy, Want Ads [Video]

Gaming Legal News - August 23, 2012 • Volume 5, Number 19

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

Foreclosure May Cause Tax Liability

IRS Warns That Financial Restructurings Can Jeopardize Tax-Exemption of Bonds

Fifth Circuit Rules that Inherited IRAs Are Exempt under Code

Ethical Obligations Regarding Inadvertently Transmitted E-Mail Communications

The Commercial Paper - A Banking and Financial Services Report from Phillips Lytle

Forgiven Credit Card Debts and Taxes

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

Wealth Management Update - March 2012

Jefferson County: The Bankruptcy Court Always Wins

How long does the IRS have to collect taxes owed?

Bill on Bankruptcy: Solyndra, Lehman, MF Global, ATP Oil, LSP Energy, Want Ads [Video]

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