Tangible Property

News & Analysis as of

Proposed Regulations Dramatically Change U.S. Federal Tax Treatment of Outbound Transfers of Intangible Property

On September 16, 2015, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) published proposed regulations under section 367 and proposed and temporary regulations under section 482 that together would...more

Reed Smith Instrumental in New Proposed Regulations Concerning the Sales Taxation of Shipping Charges in Illinois

On August 28, 2015, the Illinois Department of Revenue’s (the “Department”) proposed regulations clarifying the Department’s position on the sales taxation of shipping charges were posted to the Illinois Register, commencing...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

MTC Nearing Completion of Model Sourcing Regulation for Services and Intangibles

The Multistate Tax Commission’s (MTC) Annual Conference and Committee Meetings are being held on July 27-30, 2015, in Spokane, Washington. On Tuesday, July 28, 2015, at approximately 1:00 pm PDT (exact time subject to...more

New Nevada Commerce Tax Effective July 1, 2015

While not purporting to give specific advice on Nevada tax law, the following is a summary of some of the general principals underlying the new tax law. A new Nevada Commerce Tax (“NCT”) was signed into law by Nevada Governor...more

Influential Business Group Requests Legislative Rejection of Proposed Rental Tax Regulation; Legislative Council Hearing Set for...

As previously reported, the Alabama Department of Revenue proposed a regulation imposing a rental tax on digital transmissions, broadly defined as “on demand movies, television programs, streaming video, streaming audio, and...more

Lessons Learned from the Robin Williams Litigation

Robin Williams died on August 11, 2014, and it did not take long for litigation to be filed over his estate, or more specifically, his living trust. Mr. Williams last rewrote his trust in January 2012, not long after marrying...more

A Saab Is Not A Tangible Object Either

We previously reported on a U.S. Supreme Court case which interpreted the evidence destruction provisions of Sarbanes-Oxley. A plurality of the Court held in Yates that destruction of fish was not destruction of a tangible...more

Tax: Tax Considerations for Technology Licenses

The parties to licenses of technology should consider tax issues with such licenses. The following is a summary of some of the tax implications that may arise with regard to technology licenses....more

New Tax Rules for Tangible Property

Progress always requires change, and progress in the way we tax tangible property is no exception. The tangible property rules have long been one of the murkier areas of the federal tax code. But new regulations — the last...more

Louisiana Supreme Court Upholds Bundling Portable Toilet Leases and Cleaning Services, but Not Sure About True Object of Resulting...

If you are ever waiting in line for portable toilet facilities at the St. Patty’s Day Parade and in need of something to think about, consider the property and service you are about to use: Is it the lease of tangible...more

Phase-Out of School District and Local Government Property Tax Replacement Payments Proposed

In February 2015, the Ohio General Assembly introduced House Bill 64 (“H.B. 64”), which is the biennial operating budget bill for the biennium beginning July 1, 2015. H.B. 64 contains language that would restart the...more

Supreme Court Limits Scope of SOX Anti-Shredding Provision

The US Supreme Court recently reversed the conviction of a commercial fisherman, John L. Yates, accused of violating 18 U.S.C. § 1519, also known as the anti-shredding provision of the Sarbanes-Oxley Act (SOX), holding that...more

U.S. Supreme Court Finds That SOX’s Anti-Shredding Provision Does Not Apply To Fish

When one thinks of the Sarbanes-Oxley Act of 2002 (SOX)—a law created to restore trust in the financial markets following the collapse of Enron—red grouper is not usually the first thing that comes to mind. Nevertheless, the...more

SCOTUS Narrows SOX Obstruction Statute

In its recent ruling in Yates v. United States, the U.S. Supreme Court reversed a conviction under Sarbanes-Oxley’s “anti-shredding” statute, holding that it covers documents, records and only “tangible objects” similar to...more

Yates v. United States: Supreme Court Reins in Sarbanes-Oxley Act’s “Anti-Shredding” Provision

Action Item: The Supreme Court’s decision in Yates v. United States will significantly impact how in-house counsel, outside counsel, and compliance officers alike should advise their clients with respect to evidence...more

IRS Simplifies Accounting Method Changes Under “Repair Regs”

In new Rev. Proc. 2015-20, the IRS permits a “small business taxpayer” to use a simplified procedure to change its method of accounting under the final tangible property regulations for tax years beginning on or after January...more

Electricity Transmission and Distribution Equipment Ineligible for Georgia Sales Tax Manufacturing Exemption

The Georgia Tax Tribunal has held that an electric utility’s transmission and distribution equipment was not “necessary and integral to the manufacture of tangible personal property” and thus did not qualify for an exemption...more

Louisiana Court Holds Video-on-Demand and Pay-Per-View Are Not Tangible Personal Property

Today the Louisiana Fifth Circuit Court of Appeal held that a cable television provider’s video-on-demand (VOD) and pay-per-view (PPV) programming services are not tangible personal property and therefore not subject to sales...more

CalPERS’ Commitment to Infrastructure (Real Assets Annual Program Review, November 2014)

On November 17, 2014, the California Public Employees’ Retirement System (CalPERS), the largest U.S. public pension fund with approximately $300 billion in assets, conducted its annual real assets program review. CalPERS’...more

Three Strikes…Tax on Cloud Computing Out in Michigan?

If the Department of Treasury (Treasury) was hoping that the Michigan courts would simply overlook the previous two cloud computing losses this year in Thomson Reuters and Auto-Owners, they appear to have been mistaken. Last...more

United States Property Investments under Section 956 of the Code

I. Background and Overall Scope of Section 956 - The overall purpose of section 956 is to tax investments made by CFCs in specified categories of “United States property” on a constructive dividend basis. The...more

Seeds Worth More than Gold

Plant Breeders are Learning the Value of Protecting Their Inventions - Agricultural espionage: it’s not exactly the stuff of John le Carré novels. But recently a Chinese woman was charged in a plot to steal U.S. corn...more

What Every Business Owner Needs to Know About Implementing the New Tangible Property Regulations

Over the last several years, the IRS has published a series of regulations and rulings that dramatically change how taxpayers must account for the costs of acquiring, repairing, improving and even disposing of tangible...more

PilieroMazza Legal Advisor - Fourth Quarter

In this issue: - Court of Federal Claims Invalidates Key Component of the SBA’s Nonmanufacturer Rule - At the Crossroads of M&A and Government Contracts – The Novation Process - What Every Business Owner...more

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