Lessee

News & Analysis as of

The Cost of Clarity: IRS Issues Regulations Addressing Proper Treatment of Code Section 50(d) Income

On July 21, 2016, the IRS issued long-awaited regulations under Section 50 of the Internal Revenue Code (the “Code”) clarifying the manner in which “Section 50(d) Income” is to be recognized in lease pass-through investment...more

IRS Issues Proposed Rules on Income Inclusion under Section 50(d)(5)

The IRS just published long-awaited temporary regulations under section 1.50-1T governing the section 50(d)(5) income inclusion rules. These rules apply to lessees of investment credit property when the lessor elects to treat...more

Investment Tax Credit Lessee Income Inclusion Guidance Issued

New Internal Revenue Service (IRS) temporary regulations provide guidance on the income inclusion rules that apply when a lessor elects to treat a lessee as having acquired investment credit property under Treas. Reg. §...more

Bureau of Ocean Energy Management Issues New NTL Changing Financial Security Considerations for Offshore Oil and Gas Companies

On July 15, 2016, the United States Department of the Interior Bureau of Ocean Energy Management (BOEM) issued a new Notice to Lessees and Operators (NTL) dramatically changing the way in which BOEM will evaluate the...more

Washing Out a Lessee By Email

Behold Mr. Clean. Even he can’t remove a pesky stain as skillfully as the landman who framed the conversation in a way that washed out a lessee. See Anadarko Petroleum Corporation v. TRO-X, LP Did the lessee retain any...more

Leases

TRUE LEASE V. DISGUISED SECURITY INTEREST - The characterization of a transaction as either a true “lease” or a secured transaction is likely to impact the putative lessor’s rights and remedies both with respect to the...more

Harrison Decision: Cabot Oil Denied Equitable Extension of Oil and Gas Lease

The decision marks another departure by the Pennsylvania Supreme Court from “mainstream” oil and gas jurisprudence. On February 17, the Pennsylvania Supreme Court (the Court) unanimously ruled that state law does not...more

New York District Court Holds Lessee Not Liable Under CERCLA as an Owner

A New York federal district court recently held that a lessee will not be found liable under CERCLA as an owner where the lessee does not possess sufficient indicia of ownership. (Next Millennium Realty, LLC v. Adchem Corp.,...more

Tenant Who Sublets A Superfund Site Is Not Likely To Be A CERCLA Liable Party

It is generally the rule that a lessee who does not operate the property it rents will not be liable under CERCLA except in the unusual circumstance where the lessee qualifies as an “owner” of the property. Typically, this...more

Round Two – Ground Rent Holders vs. Legislature – Goes to…

In a case decided February 26, 2014, State of Maryland v. Stanley Goldberg, et al., No. 8, September Term, 2013, the Maryland Court of Appeals found that legislation that replaced the remedy of ejectment with a...more

Judicial Ascertainment Clause in Mineral Lease Upheld

The Second Circuit Court of Appeal has upheld a "judicial ascertainment" clause in a 1971 mineral lease, B.A. Kelly Land Co., LLC v. Questar Exploration & Prod. Co., 2012 WL 5503665 (Nov. 14, 2012). ...more

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