Capital Gains, Income Taxes | JD Supra Law News

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

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

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

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

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

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

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

Legal Alert: Camping on "The Street": A First Step in the Reform of the Taxation of Financial Instruments and Products

by Robert S. Chase II, Jonathan Goldman, William Pauls, Leni Perkins, David Roby, Jr., Amish Shah, Carol Tello | Sutherland Asbill & Brennan LLP on 1/30/2013

On January 24, House Ways and Means Committee Chairman Camp (R-MI) released a discussion draft of proposals to reform the taxation of certain financial instruments and products (the Camp Draft). In brief, the Camp...more

After the Love is Gone – Tax Planning Considerations for Private Equity and Venture Capital Fund Managers in a Post-Carried...

by Gerald Nowotny on 1/28/2013

Overview - The issue of carried interest taxation as obscure an issue as it is, has gotten all kinds of attention in the media over the last several years. Most recently, the issue garnered national attention during...more

High Net Worth Family Tax Report, Vol. 8, No. 1 - January 2013

by Loeb & Loeb LLP on 1/24/2013

Table of Contents: Remember to file your gift tax return and other follow-up related to 2012 gifts; Review estate plans in light of $5 million exemption becoming permanent; Annual exclusion amount for gifts increased for...more

Highlights of the Individual Tax Provisions in the New Taxpayer Relief Act

by Thomas Wechter | Duane Morris LLP on 1/24/2013

Originally published in the AICPA Tax Insider on January 17, 2013. After months of senseless haggling, the Senate early in the morning of Jan. 1, 2013, by a vote of 89–8, and the House of Representatives late in the...more

Congress Approves The American Taxpayer Relief Act Of 2012, Preventing "Fiscal Cliff"

by Christopher Abrams, Alicia Kirkpatrick, D. Scott Lindstrom, William J. Sanders, David N. Zimmerman | Polsinelli on 1/22/2013

After much contention,Congress passed the American Taxpayer Relief Act of 2012, and President Obama signed the legislation on January 2, 2013. The Act avoids automatic sunset provisions that were scheduled to take effect...more

Fiscal Cliff Legislation Extends Tax Incentive to Invest in Small Businesses

by Evan M. Bienstock, Daniel I. DeWolf, Samuel Effron, Garrett Johnston | Mintz Levin - Venture Capital & Emerging... on 1/21/2013

As a result of the recent “fiscal cliff” legislation, otherwise known as the American Taxpayer Relief Act of 2012 (2012 Tax Act), many individual investors are expecting future tax increases, either in the form of higher...more

Estate Planning & Federal Tax Update - Winter 2013

by John Allevato, Elizabeth Summers | Spilman Thomas & Battle, PLLC on 1/21/2013

With the American Taxpayer Relief Act of 2012 (the “ATRA ”) passed and the fiscal cliff safely averted, the time has come to turn your attention to your estate plan. What Did the ATRA Accomplish? The fiscal cliff...more

The Fiscal Cliff Deal - What does it mean for you and your business?

by Butler, Snow, O'Mara, Stevens and Cannada,... on 1/18/2013

In the early morning hours of January 1, 2013, the Senate approved the American Taxpayer Relief Act of 2012 (the “Act”) by a vote of 89-8. Less than 24 hours later, the House of Representatives also approved the Act by a vote...more

Rates of Change: The Effect of the American Taxpayer Relief Act of 2012 on Individual and Fiduciary Income Taxes

by Ropes & Gray LLP on 1/18/2013

For all the public discussion in 2012 of the need for a significant reformation and restructuring of the Internal Revenue Code, the income tax provisions of the American Taxpayer Relief Act of 2012 (the 2012 Act) are at their...more

Estate Planning After the Fiscal Cliff Deal

by Katten Muchin Rosenman LLP on 1/17/2013

Now that a deal averting the fiscal cliff has finally been reached, many of the tax and planning issues that have been mired in uncertainty for the past two years (and even longer in some cases) may be resolved. Numerous tax...more

Congress Extends the 100% Tax Exemption for Gain on Certain Qualified Small Business Stock, With Retroactive Effect, Through 2013

by Christopher Cawley, Nicola Lemay | Foley Hoag LLP on 1/16/2013

On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (the “Act”). Among its provisions, the Act extends a tax benefit whereby capital gains from the sale or exchange of certain...more

2013 Brings Estate, Gift & GST Tax “Permanency” At Last

by Schnader Harrison Segal & Lewis LLP on 1/16/2013

The uncertainty of the last two years was put to rest on January 2, 2013 when President Obama signed into law the “American Taxpayer Relief Act of 2012” (ATRA). The new law saved us from the “Fiscal Cliff” and forestalled...more

Investment Window For Capital Gains Tax Exclusion For Certain New Investments In Small Businesses Extended To December 31, 2013

by Neal A. Hudders, Bryan Smith | Perkins Coie on 1/15/2013

On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (the Act). Among other provisions, the Act provides that the 100% exclusion from gross income of certain capital gains from sales...more

How Will the American Taxpayer Relief Act of 2012 Affect You - Details of Legislation passed by Congress to Avoid Fiscal Cliff

by Robert Howell, Westray Veasey | Poyner Spruill LLP on 1/15/2013

On January 2, President Barack Obama signed into law the American Taxpayer Relief Act of 2012, H.R. 8 (ATRA), preserving many of the key tax provisions passed during the George W. Bush presidency, which were scheduled to...more

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Capital Gains › Income Taxes