News & Analysis as of

Distribution Rules

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

IRA Owner Taxed on Distribution, Even Though Funds Were Improperly Rolled into IRA

by Charles (Chuck) Rubin on

A deceased husband's IRA was incorrectly rolled over into an IRA of his widow, instead of being paid to his estate. The widow then distributed funds from the IRA to her stepson....more

Highlights of Record Retention Requirements Applicable to Employee Benefit Plans

by McDermott Will & Emery on

In the presentation “Highlights of Record Retention Requirements Applicable to Employee Benefit Plans,” Todd A. Solomon detailed the general rules of The Employee Retirement Income Security Act of 1974 (ERISA). He discussed...more

IRS Reduces Built-in Gains Tax Period for REITs to Five Years

One of the key benefits of a real estate investment trust (“REIT”) is that it is effectively a pass through entity for income tax purposes. While a REIT pays tax on its taxable income, it also receives a dividends paid...more

The IRS's Stricter(?) Stance on Regulated Investment Company Investments in Commodities - Tax Update Volume 2017, Issue 1

by Pepper Hamilton LLP on

While the IRS's Proposed Regulations Are Not Yet Effective, RICs Should Carefully Consider Whether Their Portfolios or Policies Run Afoul of the New Rules. In order for a corporation to qualify as a regulated investment...more

Employee Benefits Developments - December 2016

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of December, 2016. Certain Captive Arrangements Are No Longer Under the Radar - Notice 2016-66, released...more

Stretch IRAs to be Hit?

by Charles (Chuck) Rubin on

Presently, if an IRA owner does not fully withdraw the balance of his IRA during lifetime, his or her heirs may be able to spread the withdrawal of the inherited IRA over the life expectancy of the recipient. By being able to...more

Holiday Horror Series: Part 2- Hectic Holiday Rollovers

by Weintraub Tobin on

With the holidays upon us, we all can relate to how easy it is to mistakenly overlook important things amidst the cheery holiday hustle and bustle: leaving the Christmas ham in the oven a few hours too long, forgetting to...more

ERISA Basics National Institute: Section 401(k) Plans

by McDermott Will & Emery on

A 401(k) plan has a qualified cash or deferred arrangement that is part of a profit sharing plan or stock bonus plan. Under the Internal Revenue Code Section 401(k)(2), an employee may elect to make contributions to the plan,...more

The Impending Death of the Stretch IRA?

by BakerHostetler on

It can, at times, seem like a fool’s errand to focus too closely on specific provisions contained in proposed legislation. As any casual observer of Congress can attest, committee proposals frequently die unenacted or undergo...more

Exceptions to Limited Liability for LLC Members [Florida]

by Charles (Chuck) Rubin on

Fla.Stats. §605.0304(1) provides for the limited liability of LLC members - it provides: "A debt, obligation, or other liability of a limited liability company is solely the debt, obligation, or other liability of the...more

When a 'Business Expansion' Can Satisfy the Active Trade or Business Requirement in Section 355 Distributions - Volume 2016, Issue...

by Pepper Hamilton LLP on

The active trade or business rules are detailed and highly fact specific, and the IRS continues to refine its view on the qualification requirements. In order to separate two businesses housed in one corporation or in a...more

IRS Issues Final and Temporary Debt-Equity Regulations Under Section 385

by Proskauer - Tax Talks on

On October 13, 2016, the Treasury Department and the Internal Revenue Service issued final and temporary regulations under section 385 of the Internal Revenue Code. The final and temporary regulations recharacterize certain...more

Employee Benefits Developments - October 2016

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of October, 2016. 2017 Benefits Limits Announced - The Internal Revenue Service and Social Security...more

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