Personal Property

News & Analysis as of

Taxpayers Stand to Lose Under Chicago’s Lease Tax VDA Offer

Yesterday, the City of Chicago (City) Department of Finance (Department) published an Information Bulletin that provides additional guidance on the Personal Property Lease Transaction Tax (Lease Tax) and extends a new...more

Reality Check: What Marcus Lemonis Learned About Purchasing Intellectual Property That Your Business Should Too

Entrepreneur and reality television star Marcus Lemonis, host of CNBC’s The Profit, has learned a tough lesson about contract law. With a business strategy that makes every lawyer cringe, Lemonis prides himself on having made...more

Beyond the Clouds: Important Sales Tax Considerations for Web-Hosting Providers and Co-Location Facilities

Most people’s understanding of the Internet extends about as far as their eyes can see. In other words, they know that if they type a few words into the little white box beneath the colorful Google logo, within a fraction of...more

Perspectives - September/October 2015

In a decision in which no opinion commanded a majority, the Ohio Supreme Court sided with a private entity — a charter school operator — in a dispute over the ownership of personal property purchased by the operator with...more

6 Things to Know When a Tenant Defaults Under a Lease

Tenant problems and defaults are inevitable challenges for successful commercial and industrial landlords and property managers. A bad tenant situation can be a potentially expensive problem and the ultimate outcome ?...more

Kentucky Supreme Court Compares Giving Up Jury Trial To Giving Up Parental Rights; Refuses To Enforce Arbitration

Nursing home arbitration agreements are among the most unpopular arbitration agreements around.  Last week, Kentucky’s Supreme Court issued a lengthy, but fractured, opinion, finding three arbitration agreements were never...more

A Busy Summer for Environmental and Land Use Law

In the past three months, we have witnessed a breathtaking series of decisions from the U.S. Supreme Court, the Connecticut Supreme Court, and the California Supreme Court that have provided important rulings and...more

Avoiding the Fire Sale: Protecting Your Security Interest Against Multiple Creditor Claims

The failure to perfect a security interest could result in losing property rights altogether in receivership proceedings despite being the owner of the property. A very recent example of this is the case of Wells Fargo...more

Florida Supreme Court Gives Expansive Protection to Husband’s Separate Property under a Prenuptial Agreement

A divorcing wife asserted that because a 20 year old prenuptial agreement made no specific reference to enhancement in value of nonmarital property attributable to marital labor or funds, the enhancement in value to the...more

Making the Move from Massachusetts: Changing Your Domicile May Prove Challenging

Labor Day will soon be upon us and with that a change of seasons here in Massachusetts. While it’s not quite time to take out the winter woolies, the dismal 2016 winter weather predictions for the Northeast may have already...more

Ashes of a Cremated Decedent are not Property Subject to Division among Heirs [Florida]

The parents of a deceased child were the sole heirs of the child’s estate. The child’s remains were cremated, and the parents could not agree on the final disposition of his assets. The father petitioned the probate court to...more

Spotlight on the Military Lending Act, Part 2: Planning for Compliance

Compliance with the revised Department of Defense (“DoD”) regulations under the Military Lending Act (“MLA”) is not mandatory until October 3, 2016 or, for most credit cards, until October 3, 2017. However, as the recent...more

Connecticut Enacts Health Care Legislation in June Special Session

On June 29 and 30, 2015, the Connecticut General Assembly conducted a special legislative session following the close of the 2015 regular session. Among other things, the General Assembly passed a bill to implement the state...more

Domestic Partnership Agreements: Separate Property and Jointly Acquired Property

Domestic partnership agreements should list or include an attached schedule of each party’s separate property. If the parties agree, the agreement should protect ownership of property and interests in trusts as separate...more

Guide To Doing Business In New Zealand: Personal Property Securities Register (Updated)

PERSONAL PROPERTY SECURITIES REGISTER - The Personal Property Securities Act 1999 (PPSA) came into force in New Zealand on 1 May 2002. At the heart of this legislation is the Personal Property Securities Register (PPSR)...more

Michigan Supreme Court Approves Partial Use Tax Exemption for Transmission and Distribution Equipment

The Michigan Supreme Court held that an electric utility’s transmission and distribution equipment used for both taxable and exempt purposes qualifies for a partial sales and use tax exemption. See Detroit Edison Co. v. Dept....more

Closing a Facility? Dig Deep to Avoid Contractual Issues

When closing a facility, the legal issues that most often come to mind are terminating a lease or selling the asset(s). However, those are just the tip of the iceberg. From below the surface, potential problems may arise out...more

Best in Law: The Far Reach of California's Taxes

BB&K attorney Jeremiah Lee writes in the Press-Enterprise about the real costs of doing business in California. Although some businesses have left California for states with seemingly more friendly regulations and taxes,...more

"City of Chicago Expands Tax Reach to Internet Services"

On June 9, 2015, the city of Chicago released two rulings that significantly expand the city’s 9 percent gross receipt tax to charges for cloud computing and other services delivered over the Internet. The first ruling (City...more

Shanghai Government Relaxes Company Domicile Requirements

Action Item: The recently implemented Administrative Measures show the Shanghai government’s intention to relax and simplify the requirements for company domicile registration. However, the precise scope of the Administrative...more

Alabama Homestead and Personal Property Exemptions Increased

On June 11, 2016, Governor Bentley (Alabama) signed into law ACT No. 2015-484 which became effective that same day. The law increases the personal property exemption available to individual debtors and surviving spouses to...more

Supreme Court Decides Horne v. Department of Agriculture

On June 22, 2015, the Supreme Court decided Horne v. Department of Agriculture, No. 14-275, holding that the Fifth Amendment’s Takings Clause applies to personal property as well as real property, and a requirement that...more

Goodwill and Section 1031 Exchanges Do Not Mix Well

The goodwill of a business can never be exchanged for the goodwill of another business. Goodwill is not like kind property. Treasury Regulation 1.1031(a)-2(c)(2) makes that crystal clear, providing: "The goodwill or...more

Guide To Doing Business in Australia: Personal Property Securities Law (Updated)

PERSONAL PROPERTY SECURITIES LAW - Personal property securities law in Australia was recently overhauled with the introduction of the Personal Property Securities Act 2009 (Cth) (PPSA). The PPSA applies across all...more

A Look at the Friendly Foreclosure Option

When a debtor defaults on a loan secured by personal property, the secured lender has several options for repayment. One option is to sell the collateral securing the debt pursuant to Article 9 of the Uniform Commercial Code...more

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