Resale Exemption

News & Analysis as of

MoFo New York Tax Insights - Volume 7, Issue 4

ALJ holds that Insurance Payments to Captive Insurance Company Are not Deductible - In Matter of Stewart’s Shops Corp., DTA No. 825745 (N.Y.S. Div. of Tax App., Mar. 10, 2016), a New York State Administrative Law Judge...more

SEC Issues Guidance Clarifying Rule 144(d)(1) Holding Period Requirements For REIT Shares Exchanged For Operating Partnership...

On March 14, 2016, the staff of the SEC's Division of Corporate Finance issued a no-action letter (the "No-Action Letter") concluding that, for purposes of Rule 144 promulgated under the Securities Act of 1933, as amended...more

Jobs Act Revamped by Fast Act

The Jumpstart Our Business Startup Act of 2012 (the "JOBS Act") was enacted on April 5, 2012 in an effort to make it easier for certain emerging growth companies (EGCs), generally defined as companies with annual gross...more

Omnibus Highway Bill Contains a Grab Bag of December Surprises for Public Companies and Companies Aspiring to Go Public

In December 2015, President Barack Obama signed into law an omnibus highway bill called “Fixing America’s Surface Transportation Act” or the “FAST Act.” This new law (i) amends certain sections of the Jumpstart Our Business...more

New Legislation Extends JOBS Act Relief and Creates Resale Exemption, Among Other Changes to the Federal Securities Laws

On December 4, 2015, President Obama signed into law the Fixing America's Surface Transportation Act, known as the FAST Act. The FAST Act made several important changes to the federal securities laws, including (i) extending...more

Federal Securities Law Implications of the FAST Act

New rules enhance IPO accommodations under the JOBS Act and provide private resale exemption. On December 4, US President Barack Obama signed the Fixing America’s Surface Transportation Act (the FAST Act or the Act, H.R....more

Congress Takes the FAST Lane to Important Securities Reforms

On December 4, 2015, the President signed the Fixing America's Surface Transportation Act, better known as the FAST Act, which had been approved by a bipartisan Congress. The FAST Act (also referred to in the media as the...more

FAST Act Continues Capital Formation Initiatives of the JOBS Act

On December 4, 2015, the Fixing America’s Surface Transportation Act (the “FAST Act”) was signed into law by President Obama. While not apparent from its name, the FAST Act contains provisions that amend or supplement the...more

The FAST Act: Buried Transportation Bill Amendments Ease Private Resale Restrictions and Modify the JOBS Act

On Dec. 4, 2015, President Obama signed into law the Fixing America’s Surface Transportation Act (the “FAST Act”). As the name implies, the FAST Act is primarily concerned with transportation and infrastructure spending, but...more

FAST Act Signed

President Obama signed into law the FAST Act, a highway transportation bill, that includes a number of important securities law measures that each had been the subject of individual bills with strong bipartisan support....more

FAST Forward - A Summary of the Securities Law Provisions of the FAST Act

On December 4, 2015, President Obama signed the Fixing America’s Surface Transportation Act (“FAST Act”), which includes a number of securities law related provisions that had previously been the subject of individual bills...more

Financial Services Weekly News - November 2015

Regulatory Developments - Client Alert: SEC Issues New Guidance on Excluding Shareholder Proposals under Rule 14a-8: Goodwin Procter’s Capital Markets practice has released a client alert on the SEC’s Division of...more

House Passes Act to Codify Section 4(a)(1½) Exemption for Resales of Restricted Securities

On October 6, 2015, the U.S. House of Representatives unanimously approved the Reforming Access for Investments in Startup Enterprises Act of 2015 (H.R. 1839), also known as the RAISE Act of 2015. The RAISE Act has been...more

MoFo New York Tax Insights - Volume 6, Issue 10

State Tax Department Releases Draft Article 9-A Nexus Regulations Under Corporate Tax Reform - The New York State Department of Taxation and Finance has released draft amendments to the Article 9-A corporate franchise...more

Franchise and Distribution News - July 2015

A VIEW FROM TWIN PEAKS - Quick. Define Twin Peaks. Other than the obviously now dated TV show, up until a couple of weeks ago, the only other definition of Twin Peaks was a restaurant chain that featured double entendre...more

Texas Sales and Use Tax Issues

In This Presentation: - Senate Bill 1396 - Certificated Carriers - Sale for Resale Clarified and Expanded - Use Tax Presumption of Texas Use - Related Party Transactions - Fractional...more

SEC Division of Corporation Finance Issues New C&DI Related to Resales Under Regulation S

On January 23, the Securities and Exchange Commission’s Division of Corporation Finance issued a new Compliance and Disclosure Interpretation (C&DI) regarding the resale of securities under Regulation S of the Securities Act...more

Illinois Appellate Court’s Expansive Interpretation of a Taxing Ordinance Swallows a Sale for Resale Exemption

The First District of the Illinois Appellate Court, in Ford Motor Company v. Chicago Department of Revenue, 2014 IL App (1st) 130597 (June 27, 2014), recently held that Ford Motor Company (Ford) owes City of Chicago vehicle...more

SEC Amends Private Placement Rules to Remove the Ban on General Solicitation

On July 10, 2013, the SEC adopted rules that eliminate the longstanding prohibition against the use of general solicitation and general advertising in private offerings made in reliance on Rule 506 of Regulation D under the...more

MoFo New York Tax Insights - Volume 4, Issue 7 -- July 2013

In This Issue: - New York’s Highest Court Holds Retroactive Changes to Empire Zones Tax Credit Program Unconstitutional - Tribunal Upholds Applicability of Sales Tax to Environmental Testing and Monitoring...more

When You Check Out, Don't Forget the Shampoo: Hotel Consumables Qualify for the Texas Resale Exemption from Sales Tax

Hotels stock rooms with soaps, shampoos, conditioners, mouthwashes, shower caps, pens, notepads and similar non-reusable consumable items (hotel consumables) for the use of hotel guests. Guests are free to use the items, not...more

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