Exceptions

News & Analysis as of

Opportunities for Increased Drug Sales to the VA

Pharmaceutical manufacturers that produce drugs in non-designated countries under the Trade Agreements Act (TAA) may now have an opportunity to increase their sales to the United States government. The Department of Veterans...more

Layoffs Without WARN-ing: How to Use the Unforeseeable Business Circumstance Exception

A recent federal trial court decision out of Delaware, In re AE Liquidation, Inc. v. Burtch, No. 14-1492-LPS (D. Del. Mar. 31, 2016), illustrates how, even in the context of a very troubled business, the Worker Adjustment and...more

Only the Lonely: “Lonely” Life Insurance Companies Confront New Issues Under Proposed Debt-Equity Regulations

The rules of IRC § 1504 and Treas. Reg. § 1.1502-47 provide the general parameters for determining whether a domestic life insurance company (within the meaning of IRC § 816(a)) may join in filing a consolidated U.S. federal...more

NJ Tax Court Denies Interest Addback Exception - Does Your Company Still Qualify?

In a decision published April 26, 2016, the New Jersey Tax Court in Kraft Foods Global Inc. v. Director, Div. of Taxation ruled that a taxpayer couldn’t deduct interest paid to its corporate parent. The taxpayer’s...more

Don’t Let Deposits Spoil the Deal

A recent case acted as a reminder of the risk inherent in taking a contractual deposit which is greater than the market norm. That case involved penalties for overstaying permitted parking times and re-confirmed the contract...more

North Carolina Court Holds PCB Pollution Not Sudden and Accidental

In its recent decision in PCS Phosphate Co. v. Am. Home Assur. Co., 2016 U.S. Dist. LEXIS 50389 (E.D.N.C. Apr. 14, 2016), the United States District Court for the Eastern District of North Carolina had occasion to consider...more

Trade Secrets Directive

The protection afforded to trade secrets is disparate across the EU. In order to protect trade secrets as potential drivers for economic growth and jobs and to create a level-playing field within Europe, the European...more

U.S. Tax Implications of Offshore Migration of Intellectual Property

Challenges of Transferring IP Offshore - What constitutes intellectual property (“IP”) has long been a contested issue in tax practice, but generally includes intangible assets as wide-ranging as patents, copyrights,...more

The DOL Fiduciary Definition Regulations are Here . . . Really They are Finally Here

Included in the definition of a fiduciary in Section 3(21) of the Employee Retirement Income Security Act (“ERISA”) is someone who provides investment advice for a fee. Regulations issued in 1975 by the U.S. Department of...more

Texas Supreme Court: Protections of Governmental Immunity Remain Robust But Are Not Absolute

On April 1, 2016, the Texas Supreme Court, in Houston Belt & Terminal Railroad Co., et al.. v. City of Houston, et al., reviewed the implementation of the City of Houston’s 2011 drainage fee ordinance. ...more

FinCEN Releases Additional FAQs on Prepaid Access Rule

On March 24 FinCEN issued a second set of the Frequently Asked Questions meant to clarify key questions that have persisted regarding compliance with the Prepaid Access Rule. The FAQs covered five questions....more

U.S. PFIC Taxation Exemption to be Narrowed?

The last 15 years have seen the advent of a new reinsurance platform, where hedge funds have sponsored non-U.S. reinsurers, who in turn invest their capital in the sponsoring hedge funds. While there are business rationales...more

Taxpayer Entitled to Capital Loss from Property Foreclosure for Year of Sale, Not When Proceeds Received

Evans v. Commissioner, T.C. Memo. 2016-7, was recently decided. The taxpayer in this case was an individual who worked full-time at a real estate development firm. The taxpayer also purchased residential real estate...more

Higher Pay and More Sick Leave Coming to Santa Monica Employees

Continuing the trend of increasing minimum wages throughout California and the country, the Santa Monica City Council voted to approve a minimum wage ordinance, which becomes effective on July 1, 2016. The ordinance is...more

Final European Standards for Derivatives Collateralisation

On 8 March 2016, the three European Supervisory Authorities (ESAs) published their final draft regulatory technical standards in relation to the collateralisation of non-centrally cleared derivatives. The standards are to...more

Analysis of New Timeshare Arrangement Exception to the Stark Law – Part 1

On July 15, 2015, the Centers for Medicare & Medicaid Services (CMS) proposed a series of rules that would create new exceptions to the Stark law, in addition to clarifying other provisions of the Stark law. One of the newly...more

Blue Calypso, LLC v. Groupon, Inc. (Fed. Cir. 2016)

On March 1, 2016, the Federal Circuit issued an opinion in a number of related appeals between Blue Calypso, LLC and Groupon, Inc. These related appeals arise from five Covered Business Method (CBM) reviews of five patents...more

Also in The News - Health Headlines - February 2016 #2

ALSO IN THE NEWS: CMS Extends Deadline for Hardship Exception Applications – On February 26, 2016, CMS updated its online instructions for submitting a hardship exception application to reflect that hardship exception...more

SWS/Kroger Category Management Program Toes the Line on “Tied House” Restrictions — TTB Ruling Raises as Many Questions as it...

On February 11, the TTB released ruling 2016-1 in response to beverage alcohol industry players and trade groups questioning an initiative by Kroger and Southern Wine & Spirits, which would reportedly require payment by...more

Discrimination Based on Marital Status in Employment Law

There are a number of special legal and social advantages offered to people who choose to enter into the institution of marriage. Similarly, a whole host of benefits are offered to domestic partners in California. These...more

The IRS Significantly Increased the Availability of Mid-Year Changes to Safe Harbor Plans

Mid-year changes to safe harbor 401(k) plans have long been thought to be available in only very limited circumstances.  However, the IRS recently released guidance in Notice 2016-16 that significantly increases the scope of...more

SEC Adopts Rule Amendments Addressing Dealing Transactions Between Non-U.S. Persons that are “Arranged, Negotiated, or Executed”...

On February 10, 2016, the U.S. Securities and Exchange Commission (“SEC”) approved final rule amendments to its cross border rules that address how the security-based swap dealer definition applies to security-based swap...more

U.S. Congress Finally Eliminates the Consumptive Demand Exception

On February 11, the U.S. Senate passed the Trade Facilitation and Trade Enforcement Act and President Obama is expected to sign the legislation this week. A key provision in the Act eliminates the “consumptive demand...more

ClientEarth loses court challenge and is denied access to documents on EU environment policy

The EU General Court recently issued a judgment finding that the Commission was justified in refusing to grant ClientEarth access to documents. The importance of this case is that it again shows there are clear limits to the...more

Virginia Trial Court Rules Against Taxpayer in Addback Case

In a case of first impression, the Richmond City Circuit has determined that Virginia’s “subject to tax” exception to intangible expense addback only applies to the portion of the royalty that the recipient included in its...more

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