Leases

News & Analysis as of

IRS Publishes New Management Contract Safe Harbors for Property Financed with Tax-Exempt Bonds

On August 22, 2016, the Internal Revenue Service (IRS) released Rev. Proc. 2016-44, which provides new guidance on the treatment of “management contracts” for purposes of the restrictions on use of property financed with...more

Development on the Lake – Submerged Land Leases

Here along the North Coast of Lake Erie, some folks are fortunate enough to enjoy the features that come with living on the lakeshore. However, most people are largely unaware of the mechanism by which the State of Ohio...more

Proposed changes to UK lease taxation

HMRC published a discussion paper on 8 August 2016 setting out how the UK’s plant and machinery lease taxation rules might be changed in light of IFRS 16, the new accounting standard for leases. Responses to the paper...more

CFPB and Fed propose new Regs M and Z commentary on adjustments to exemption thresholds

The CFPB and Federal Reserve Board have proposed amendments to their official Regulations Z and M staff commentaries to memorialize the calculation method used by the agencies each year to adjust the thresholds for exempt...more

Have You Got the Right EPCs?

We were reading in the Property Week (27th May edition) just how unreliable an EPC rating can be. This matters because from 2018 when new minimum energy efficiency regulations (MEES) start to apply, investors won’t be able...more

Building Around a Tenant

How much redevelopment and refurbishment work can a landlord do when it has a tenant in occupation? The recent case of Timothy Taylor Limited v Mayfair House Corporation provides a useful reminder of the obligations owed by...more

Upsetting the Outer Continental Shelf Ecosystem through Overbonding

At a time when the Bureau of Safety and Environmental Enforcement’s (“BSEE”) Well Control Rule has shifted focus away from its sister agency’s regulatory maneuvering, the Bureau of Ocean Energy Management (“BOEM”) is changing...more

4 Landlord Considerations When a Tenant Defaults

When a tenant defaults, landlords have a difficult choice: do they immediately repossess the tenant’s space, sometimes referred to as self-help, or do they wait until they are formally awarded the right to possession? It’s a...more

OFAC Provides Helpful New Guidance for Cuba

The Office of Foreign Assets Control (OFAC) updated its FAQs for Cuba on April 21, 2016 with substantive guidance that addresses U-turn transactions, export policy, insurance, educational and humanitarian activities and...more

Crude-by-Rail Update: Largest West Coast Terminal Proposal Suffocating Under Delay

The largest proposed crude-by-rail (CBR) transloading facility on the West Coast recently survived a major hurdle to its ultimate construction and operation—a lease extension. But with the proposed project enduring nearly...more

NH regulation of solar PPAs, leases

As distributed energy resources like solar panels become more widely adopted, how do typical solar business models like solar power purchase agreements or solar leases match up to state utility laws? While the answer may...more

Lease Accounting Changes Are Around the Corner: How Will This Affect Borrowers Under Credit Facilities?

Off-balance sheet operating leases are an important part of many companies’ financing strategies. A key attraction of operating leases is that neither leased assets nor lease payments are recorded on a company’s balance...more

When are Lease-to-Own Agreements Subject to State Disclosure Requirements?

In a recent decision, the Massachusetts Appeals Court held that a three-year lease-to-own agreement for a water heater was not subject to certain disclosure requirements. In the case, Saia v. Bay State Gas Co., 88...more

California floating offshore wind project proposed

The U.S. Bureau of Ocean Energy Management is moving toward the prospect of leasing sites for commercial wind energy development in federal waters offshore California. A January 2016 request by Trident Winds, LLC for a lease...more

New Lease Accounting Rules and Their Effect on Lessee Balance Sheets

Last month, the Financial Accounting Standards Board (FASB) issued a new lease accounting standard that fundamentally alters how leases are recorded on a lessee’s financial statements. These changes to lease accounting could...more

New Accounting Standards from FASB Create Big Changes for Leases

In February, The Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) addressing financial reporting about transactions involving leases. These new accounting standards have been in...more

Pennsylvania Court: Sublease of Production Rights Does Not Sever “Dual-Purpose” Oil and Gas Leases

In a published opinion, the Pennsylvania Superior Court ruled that utilization of the subject land for gas storage held production rights under a “dual-purpose” lease providing for both storage and production. See Loughman v....more

NY offshore wind zone announced

U.S. ocean energy regulators are advancing plans to lease sites off New York for potential commercial wind energy development. The federal Bureau of Ocean Energy Management's designation of a Wind Energy Area could...more

A-1 Self-Storage Unit Protection Plan: California Court of Appeal Defers to Agency Interpretation of the Insurance Code

The California Court of Appeal recently affirmed a ruling that an optional protection plan in a storage rental contract to transfer the risk of property damage or loss from the renter to the rental company did not transform...more

The New Lease Accounting Standard–What Lawyers Need to Know Now

With calendar year-end Form 10-K filings almost completed, you may have noticed the addition of Accounting Standards Update No. 2016-02 “Leases (Subtopic 842)” to the MD&A subsection addressing new accounting standards. In...more

The New Lease Accounting Rules - Implications for Financing Agreements

New updates to accounting standards issued by the Financial Accounting Standards Board (“FASB”) on February 25, 2016 and by the International Accounting Standards Board (“IASB”) on January 13, 2016 will dramatically change...more

State, Local Taxes on Tribal Leases Vulnerable After California Court Order

Indian country may be close to another victory against state and local taxes. On Feb. 8, 2016, a California district court issued an order that signals it is likely to invalidate Riverside County's imposition of a possessory...more

Big Changes in Lease Accounting: FASB Releases Final Standards

The Financial Accounting Standards Board (the “FASB”) released the long-anticipated final standards, Leases (Topic 842) (the “Final Standards” or “Topic 842”), on February 25, 2016, completing an overhaul of the lease...more

New GSA Global RLP and Lease Forms Hit the Streets

In September 2015, the U.S. General Services Administration (GSA) issued Lease Acquisition Circular (LAC) 2015-06, which required GSA's Lease Contracting Officers (LCOs) to cease the use of earlier Request for Lease Proposal...more

New accounting standard, IFRS 16 Leases — impact on facility agreements

On 13 January 2016, the International Accounting Standards Board (IASB) published a new accounting standard relating to the accounting treatment of leases?IFRS 16 Leases. The new accounting standard will take effect from 1...more

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