News & Analysis as of

Distribution Rules

IRS Resumes Issuing Transactional Spin-Off Rulings

by Proskauer - Tax Talks on

On September 21, 2017, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2017-52 (the “Rev. Proc.”), introducing an 18-month “pilot program” in respect of corporate “spin-off,” “split-up” and “split-off”...more

Retirement Plan and Leave Donation Programs During States of Emergencies

by Carlton Fields on

This article should interest employers offering retirement plan benefits or leave donation programs to employees affected by Hurricanes Harvey and Irma, in particular, and in various states of emergencies, in general. It...more

The NYSE Amends its Advance Notice Requirement for Dividend Announcements: NYSE Staff Now on Call 24/7

by Locke Lord LLP on

On August 14, 2017, the SEC approved a rule change to the NYSE Listed Company Manual to require listed companies to provide notice to the NYSE at least ten minutes before making any public announcement with respect to a...more

Ninth Circuit Rules That Hypothetical Preference Actions May Be Considered in Applying the Greater Amount Test

by Jones Day on

In Schoenmann v. Bank of the West (In re Tenderloin Health), 849 F.3d 1231 (9th Cir. 2017), a divided panel of the U.S. Court of Appeals for the Ninth Circuit recently addressed as a matter of apparent first impression...more

More Fund Companies Sanctioned for Misusing Fund Assets for Distribution

by Carlton Fields on

The SEC recently settled enforcement actions against William Blair and two Calvert companies for using mutual fund assets to pay distribution-related expenses in violation of Investment Company Act Rule 12b-1 and for certain...more

Split Payment le nuove disposizioni contenute nella cd Manovrina 2017

L'art. 1 del D.L. 50/2017, convertito con Legge 96/2017 pubblicata in G.U. del 23 giugno 2017, ha introdotto nel Decreto IVA (DPR 633/1972) nuove disposizioni in materia di scissione dei pagamenti (di seguito anche "Split...more

UK Tax Round Up - July 2017

by Proskauer Rose LLP on

UK Tax News and Developments - Conservative legislative agenda set out in Queen's Speech - Following the UK general election on 8 June 2017, at which the Conservative party won the largest number of seats but lost its...more

US Supreme Court confirms priority rules apply to a structured dismissal of a chapter 11 bankruptcy case

by DLA Piper on

In its recent decision Czyzewski v. Jevic Holding Corp., 137 S. Ct. 973 (2017), the United States Supreme Court held that a bankruptcy court may not approve a structured dismissal of a chapter 11 case that provides for...more

The Rosenbaum Law Firm Review - June 2017

by Ary Rosenbaum on

Free Advice For 401(k) Plan Sponsors. Yes, it's free. They always say there is no such thing as a free lunch because most of the time, free has strings attached. Even when it comes to retirement plans, that free plan...more

Collocamento diretto di azioni: La piattaforma di Borsa Italiana del mercato secondario a servizio del primario

by Latham & Watkins LLP on

Dal 3 luglio 2017 è possibile utilizzare la piattaforma del mercato secondario oltre che per le obbligazioni anche per l’offerta di azioni. Nuove opportunità per le offerte retail con nuovi ruoli (e responsabilità) per lo...more

Let Former Employees Roll Their Money Out

by Ary Rosenbaum on

One of the rules I live by is that I believe that you should never let someone who dislikes you be in a position where they can hurt you. Let’s just say that I worked for someone who should have taken that advice. That is why...more

Funds Talk: June 2017 - The IRS Resumes Issuing Private Letter Rulings on ‘Leveraged’ and ‘North-South’ Spinoffs

The IRS announced in May that it will resume issuing private letter rulings (PLRs) on two types of spinoff transactions — leveraged spinoffs and north-south spinoffs — that had been on its “no-rule” list since 2013. In a...more

U.S. Supreme Court Holds That Structured Dismissals Cannot Deviate From the Bankruptcy Code's Priority Scheme

by Jones Day on

In bankruptcy cases under chapter 11, debtors sometimes opt for a "structured dismissal" when a consensual plan of reorganization or liquidation cannot be reached or conversion to chapter 7 would be too costly. In Czyzewski...more

Supreme Court judgment in the long-running Lehman Waterfall litigation

by Dentons on

On 17 May 2017, the UK Supreme Court handed down judgment in proceedings - commonly known as the Waterfall I litigation - to determine claims with regard to the estimated £8 billion surplus arising in the estate of Lehman...more

Success for LBHI2 and LBL in Supreme Court on Lehman Waterfall I

by DLA Piper on

The Supreme Court's decision in Lehman Waterfall I was handed down this morning. DLA Piper represents one of the successful appellants, Lehman Brothers Limited (in administration) (LBL)....more

Tax Consequences to U.S. Shareholders of Holding Shares in a Passive Foreign Investment Company or PFIC

by Dorsey & Whitney LLP on

If a non-U.S. corporation (the “Company”) is a “passive foreign investment company” or “PFIC” for any tax year during which a U.S. shareholder owns shares in the Company, certain adverse U.S. federal income tax consequences...more

Brexit: The EU's Negotiating Directives

by Dechert LLP on

The European Commission has published draft objectives for the first phase of the Brexit negotiations, focused on citizens' rights, the financial settlement and a continuing role for the European Court of Justice (ECJ). This...more

Debt Dialogue: April 2017 - Minnesota Appeals Court Addresses Accounting for Trustee’s Fees and Expenses

In a short decision, In re that Certain Indenture Date as of April 1, 2010 (MN Ct. App. April 3, 2017), the Court of Appeals of Minnesota recently addressed a challenge to the award of trustee fees and legal expenses brought...more

Legal Alert - U.S. Supreme Court - Bankruptcy Court Not Authorized to Approve Structured Dismissal of Chapter 11 Case Violating...

by Snell & Wilmer on

On March 22, 2017 in Czyzewski v. Jevic Holding Corp. (SCOTUS Case no. 15-649), the Supreme Court of the United States held that a bankruptcy court was not authorized to approve a structured dismissal of a Chapter 11 case...more

Rules of the (International) Road

by Carlton Fields on

Going international is a complicated undertaking. Your specific situation and concerns will determine the steps required. The following outlines, very generally, some issues you must consider as you contemplate international...more

Electric Cooperative Receives Favorable Interpretation of Excess Revenue Statute and Class Action Dismissal

by Holland & Knight LLP on

A federal court's interpretation of an excess revenue statute could bring an end to many capital credit lawsuits brought by current and former members of rural electric cooperatives challenging the distribution of patronage...more

Changed rules for film distribution certificates will affect Internet services - The rules for issuing film distribution...

by Dentons on

The rules for issuing film distribution certificates were changed on 21 December 2016. Now films that have not received a Russian distribution certificate cannot be shown not only in a movie theater in Russia, but also on the...more

[Webinar] Gainful Employment Disclosures and Student Warnings - March 23rd, 12:00pm Central Time

by Thompson Coburn LLP on

This advanced-level webinar will focus on the new 2017 GE Disclosure Template that all institutions with gainful employment programs must start distributing by April 3, 2017. The webinar will review the content of the...more

Did Hardship Distributions Just Get Easier?

by Snell & Wilmer on

In a previous blog, we addressed an issue of Employee Plans News in which the IRS took the position that 401(k) plan administrators must maintain hardship distribution records and should not rely on electronic participant...more

IRS Issues Substantiation Guidelines for 401(k) Hardship Distributions

On February 23, 2017, the Internal Revenue Service issued a “Memorandum for Employee Plans (EP) Examinations Employees,” outlining Substantiation Guidelines for safe harbor hardship distributions from 401(k) plans...more

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