Capital Gains

The Gwartz Decision: The GAAR Is Not A Filler

by Jehad Haymour | Dentons on 5/23/2013

In Brianne Gwartz v. The Queen, 2013 TCC 86, the Crown attempted to utilize the GAAR to recharacterize as dividends certain capital gains which had been realized by a family trust and allocated to the minor-aged taxpayers in...more

Budget 2013-14: The Government targets multinationals to recover from the GFC - Baker & McKenzie

by Dixon Hearder, Amrit MacIntyre, John Walker | Baker & McKenzie Australia on 5/15/2013

The Treasurer has delivered the 2013-14 Budget. With the Treasurer noting that almost $170 billion has been wiped off tax receipts since the GFC, a series of measures increasing the tax burden of multinationals, foreign...more

"Shares for Rights: Over-Sold or Under-Appreciated?"

by James Anderson, Helena Derbyshire | Skadden, Arps, Slate, Meagher & Flom LLP on 5/14/2013

In this article we consider some alternative approaches to the proposed U.K. status of “employee shareholders,” who receive capital gains tax-exempt shares in their employer (or its parent) in return for waiving certain...more

Editorial: Expatriating From U.S. To Puerto Rico May Make Sense For Some

by Jeffrey L. Rubinger | Bilzin Sumberg Baena Price & Axelrod LLP on 5/13/2013

The United States is one of only two countries in the world that taxes its citizens and residents on their worldwide income. Therefore, a U.S. taxpayer who earns only foreign-source income will be subject to U.S. federal...more

Taxation Of Computer Software Sales: Ordinary Income, Capital Gain, Or Both?

by David Blum | Levenfeld Pearlstein on 4/29/2013

The taxation of computer software is complex, confusing, and in some circumstances, uncertain; although self-created computer software is routinely sold today, especially with the significant increase in the number of...more

Overriding Interest - Spring 2013

by Steven D. Cox, Bonny Hedderly, Rupeena Purewal | K&L Gates LLP on 4/24/2013

In this issue: - The Green Deal - Impact on Commercial Real Estate - High Value Residential Property Tax - Announcements and Events - Transaction Profile - Focus on Henderson Global Investors...more

Defining “Qualified Client” – Uff Da!

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/22/2013

Corporations Code Section 25234 generally prohibits an investment adviser registered in California to be compensated on the basis of a share of capital gains. This prohibition is analogous to the prohibition found in Section...more

Expatriation Lite: Leaving The U.S. Tax System While Retaining Your Citizenship

by Joshua Kaplan, Jeffrey L. Rubinger | Bilzin Sumberg Baena Price & Axelrod LLP on 4/16/2013

As many Miami residents who earn income abroad may be aware, the United States is one of only two countries in the world that taxes its citizens and residents (collectively, “U.S. taxpayers”) on their worldwide income. ...more

Cyprus: The Day After - The sun will still shine bright

by Pavlos Aristodemou | Harney Westwood & Riegels on 4/10/2013

Introduction - Cyprus has been in the spotlight recently due to the negotiations with what has become known as the troika (the International Monetary Fund, the European Central Bank and the European Commission)...more

Personal Planning Can Help Private Equity Pros Save on Taxes

by Bradley Van Buren | Holland & Knight LLP on 4/10/2013

When private equity or venture capital fund principals and managing partners look to roll out a new fund, in addition to reconciling general fund formation issues, they should consider the personal-planning opportunities...more

Under The Dome: Inside The Maine State House 4-5-13

by Avery T. Day, John D. Delahanty, Andrea Cianchette Maker | Pierce Atwood LLP on 4/5/2013

This week, Governor LePage vetoed two bills: LD 49, An Act to Amend the Laws Governing Payment of Fees to Registers of Deeds, and LD 272, An Act to Reduce Youth Cancer Risk. These were the first vetoes of the 126th...more

Structured Settlement Planning for Trial Attorneys: The Benefits of Using Qualified Settlement Funds and Private Placement...

by Gerald Nowotny on 4/3/2013

Overview - Trial attorneys are extremely vulnerable to a tax landscape that is becoming hostile territory. The result of the American Taxpayer Relief Act of 2013 (ATRA) is that earned income is taxed at substantially...more

Readjustment of Taxation of Free Floating Dividends and of Fiscal Unity – Current Legislative Procedures

by Valentina Farle, Rainer Schmitt | K&L Gates LLP on 4/2/2013

Reform of taxation of free floating dividends for corporate income tax purposes The German Parliament (Bundestag) and the German Federal Council (Bundesrat) reached an agreement regarding the taxation of free floating...more

A Compilation of Enforcement and Non-Enforcement Actions - March 29, 2013

by Michael G. Dana, Peter D. Fetzer, Terry D. Nelson | Foley & Lardner LLP on 3/29/2013

Non-Enforcement Matters: - Recent Newsworthy Remarks by the SEC - SEC Issues “Alert” on the Custody Rule - Securities Exchange Act Issues for Exchange-Traded Funds - Mutual Funds’ After-Tax Returns...more

Portability

by Jonathon Morrison | Carr, McClellan, Ingersoll, Thompson & Horn -... on 3/27/2013

Congress recently made permanent the “portability” of a predeceasing spouse’s unused estate tax exemption (currently, $5.25 million per spouse)....more

Budget Briefing 2013

by Osler, Hoskin & Harcourt LLP on 3/22/2013

The Honourable Jim Flaherty, Minister of Finance, tabled Budget 2013 today. In his Budget Speech, the Minister lauded Canada’s economic strength and achievements over the last seven years, while acknowledging that there are...more

NRA Gain On Sale Of Partnership Interest Treated As Creating Effectively Connected Income

by Charles (Chuck) Rubin on 3/18/2013

Nonresidents are generally not subject to U.S. income taxes on their capital gains if present in the U.S. for less than 183 days in the tax year. Code Section 741 treats the gain from the sale or exchange of a partnership...more

Treasury Finalizes Regulations on Noncompensatory Partnership Options

by Kevin Feeley, Patrick McCurry | McDermott Will & Emery on 2/27/2013

The U.S. Treasury Department recently released regulations on the tax treatment of noncompensatory options issued by a partnership, as well as proposed regulations addressing the threshold question of when a partnership...more

Cottage Properties & Estate Planning

by Matthew J. Wilson | Lerners LLP on 2/26/2013

The family cottage has become one of the most contentious assets in estate planning and litigation, probably as a result of the emotional bonds that are attached to it. Commonly, cottage owners wish to ensure that the cottage...more

Tax, Benefits and Nonprofit Organizations Client Alert: New Tax Regulations on Noncompensatory Partnership Options

by Michael Anderson, Sean Clancy, Lindsay Faine, George Schutzer | Patton Boggs LLP on 2/24/2013

Overview - The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations (the Final Regulations), effective February 5, 2013, concerning the tax consequences of noncompensatory...more

Moving from the Academic to the Legislative: House Ways & Means Committee Proposal Would Require Mark-to-Market for Derivatives...

by David de Ruig, David Goett, Thomas Humphreys, Remmelt Reigersman | Morrison & Foerster LLP on 2/20/2013

BACKGROUND - For many years, academics have proposed that the U.S. replace the current hodge-podge U.S. federal income tax rules applicable to financial derivatives with a “mark-to-market” regime. In the first...more

California’s Attempt to Retroactively Tax its Residents

by Marty Dakessian, Kyle O. Sollie | Reed Smith on 2/12/2013

In Cutler v. Franchise Tax Board, a case litigated by Reed Smith, a California Court of Appeal held that the California property and payroll requirements of California’s Qualified Small Business Stock provisions were invalid....more

New UK Capital Gains Tax Charge on High-Value UK Residential Property

by E.S. Kate Habershon, Katerina Heal | Morgan Lewis on 2/11/2013

UK government publishes draft legislation on capital gains tax charge that will apply to disposals of high-value UK residential property by certain "non-natural" persons....more

Financial Services Tax – UK Update from Dechert’s Tax Group: Rule Changes Yield Mixed Blessings for UK Investors in Offshore Funds

by David Gubbay, Daniel Hawthorne, Mark Stapleton | Dechert LLP on 2/11/2013

UK investors in closely held offshore funds can be directly liable for tax if the fund makes a gain on an underlying asset even if the gain is reinvested by the fund and not distributed to the investor. There is also the...more

Excluding 100% of Gain From the Sale of Qualified Small Business Stock Acquired in 2013

by William Kastin, Bahar Schippel | Snell & Wilmer L.L.P. on 2/11/2013

If you own a small business, it may be easier to raise money in 2013. This is because, among the favorable tax breaks included under the American Taxpayer Relief Act (the “2012 Act”), there is a temporary extension of the...more

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