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Some Welcomed Recognition for Exploration Mining Companies

As market sentiment and investor confidence in Australia's extractive industries remains subdued, recent initiatives from governments and regulators demonstrate, at least, an acknowledgment of the issues faced by mineral...more

2015 Compensation Committee Handbook

Preface - The duties imposed on compensation committees of publicly traded companies have evolved and grown over time. This first edition of the Compensation Committee Handbook from the lawyers of the Executive...more

Tax Court Characterizes Technology Executive’s Merger Proceeds as Ordinary Income

On October 30th, the U.S. Tax Court ruled that a key executive of a technology company acquired by Google for $93 million was required to report a large portion of his merger consideration as ordinary compensation income....more

Clarification on PRC Capital Gains Tax Under the Stock Connect Scheme

The Shanghai-Hong Kong Stock Connect (Stock Connect Scheme) is a pilot programme for establishing mutual stock market access between Mainland China and Hong Kong. For a comprehensive overview and analysis of the unresolved...more

Stock Options for Private Companies: Understanding the Risks, Realizing the Rewards

Executive Brief - • Stock options have been useful components of employee compensation, but new accounting rules adopted in 2005 can have a significant impact on a company’s financial processes and can result in severe...more

Layne Christensen Settles SEC FCPA Probe

-- Negligible Evidence of Business Nexus Element May Explain DOJ Declination - Consenting to a October 27, 2014, Cease and Desist Order, the global water management, construction and drilling company Layne Christensen...more

Former Adjunct Business School Professor, His Firm, the Placement Broker and Its Managing Partner Named in SEC Offering Fraud...

The Commission instituted administrative proceedings centered on an offering fraud orchestrated by a former adjunct Professor at Columbia Business School who taught, and previously specialized in, turning around troubled...more

Australian government commits to reform tax treatment of employee stock awards: 5 takeaways for US-based companies

The Australian government has committed to reform the tax treatment of employee stock awards as part of its Industry Innovation and Competitiveness Agenda, in an effort to retain top talent and boost entrepreneurship in...more

Spotlight on Tennessee: Ruling Highlights Importance of State Income Tax Considerations for Section 338 Elections

In Spotlight on Tennessee: Letter Ruling Addresses Treatment of a Section 338(h)(10) Election, dated July 10, 2014, we examined how Tennessee treats the federal election under Internal Revenue Code Section 338(h)(10) for...more

Employee Share Scheme Rules Overhaul

AS FORESHADOWED IN OUR RECENT ARTICLES (4 AUGUST AND 8 OCTOBER), THE FEDERAL GOVERNMENT HAS NOW COMMITTED TO: (A) REVERSING (AT LEAST IN PART) THE CONTROVERSIAL EMPLOYEE SHARE SCHEMES TAX CHANGES IMPLEMENTED IN 2009 AND (B)...more

October 31 Amendment Deadline for Bank Holding Company Tax Allocation Agreements

On June 19, 2014, the federal banking agencies issued a final Addendum to their Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure which may require non-S corporation bank holding company...more

China – Guidelines for Developing Sports into RMB-5-trillion-per-annum Sector – Tax Cuts for High-tech Sports Enterprises

Yesterday (20 October 2014), as part of its agenda for boosting employment, domestic consumption and other areas of the Chinese economy, China’s Cabinet, the State Council, issued new guidelines ?2014?(the “Guidelines“) to...more

Tax Me Once

For technology and other start-ups, going public can be doubly taxing—literally. “Traditionally, a pre-IPO company is structured as a C corporation, which is legally subject to two tax layers, the first assessed on...more

Inside M&A - Fall 2014

Managing Compliance Risks in M&A Transactions - Buyers can acquire unintended and potentially very damaging liabilities together with target business or assets. Analyzing the financial situation of a target company,...more

Public M&A: End Of The False Dawn

With an increase in sizeable, highly strategic public M&A transactions in key markets, we assess the regulatory and market challenges now confronting bidders, from activist shareholders to bid defence mechanisms and tighter...more

D.C. Bill Ostensibly Lowers Tax on Capital Gains from QHTC Investments… But How?

On September 23, District of Columbia Council Chairman Mendelson introduced the Promoting Economic Growth and Job Creation Through Technology Act of 2014 (Bill 20-0945 , hereinafter the “Act”) at the request of Mayor Vincent...more

Financial Regulatory Developments Focus - October 2014 #2

In this issue: - Derivatives - Bank Prudential Regulation & Regulatory Capital - Recovery & Resolution - Bank Structure - Shadow Banking - Financial Services - Excerpt...more

Funds Passporting in Asia has Arrived!

Background to the Regional Passporting Proposals - The “ASEAN Framework for Cross-Border Offering of CIS (Collective Investment Scheme)” (ASEAN CIS Framework, or Framework) finally went “live” on 25 August 2014, amid...more

Washington Supreme Court Narrows Efficacy of Late Notice Defense

Even when the claims in a lawsuit arguably fall within the coverage terms of the defendant’s liability insurance policy, the circumstances might suggest facts that would establish a defense to coverage. In that case, the...more

Are Stock Buybacks Hurting The Economy?

According to “Companies’ Stock Buybacks Help Buoy the Market,” by Dan Strumpf, published in the WSJ on September 15, 2014, “[c]ompanies are buying their own shares at the briskest clip since the financial crisis, helping fuel...more

Corporate and Financial Weekly Digest - Volume IX, Issue 37

In this issue: - Council of Institutional Investors Issues Report on Board Evaluation Disclosure - FINRA Revises Proposal to Adopt Consolidated FINRA Rule 2231 - IRS Considers Whether Management Fees of...more

How Windstream Ruling Will Affect Foreign Taxpayers

In general, a REIT is a special purpose entity for U.S. federal income tax purposes that requires at least 75 percent of the value of the entity’s gross assets to consist of real estate assets, cash, cash items, and...more

Regulations Finalize Treatment of Basis of Indebtedness of S Corporations to Their Shareholders

Regulations issued July 23, 2014 finalize certain treatment of the basis of indebtedness of S corporations to their shareholders. The regulations adopt the June 2012 proposed regulations without substantive change, except for...more

New Tax Guidance Would Simplify Rules for Shareholders of Institutional Money Market Funds

On July 23, 2014, the Securities and Exchange Commission (SEC) adopted final rules governing the structure and operation of money market funds (SEC MMF Reform Rules). See our client alert entitled “SEC Adopts Floating-NAV and...more

Amendments to Offshore Fund Rules to Reflect Finance Act 2014 AIFM Partnership Tax Changes

Regulations amending the Offshore Funds Regulations 2009 (the 2009 Regulations) to reflect the Finance Act 2014 changes to the taxation of alternative investment fund managers operating as partnerships (AIFM firms) were made...more

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