Taxation

News & Analysis as of

New Maine Budget Brings Significant Change to Estate Tax Law

With Tuesday’s override of Governor LePage’s veto of Maine’s 2016-2017 budget, the Legislature has approved a significant change to the state’s estate tax law. The Maine estate tax exemption amount for individuals dying in or...more

New Judges Appointed to the Tax Court of Canada and the Federal Court of Appeal

The Honourable Peter MacKay, P.C., Q.C., M.P. for Central Nova, Minister of Justice and Attorney General of Canada, today announced the following appointment: The Honourable Guy R. Smith, a sole practitioner in Ottawa,...more

Kyiv Tax Newsletter (Ukrainian)

Cancellation of the Military Tax on Currency Exchange Transactions - On 12 May 2015 the Verkhovna Rada of Ukraine adopted the Law of Ukraine “On Amendments to the Tax Code of Ukraine in Respect of the Military Tax” which...more

Kyiv Tax Newsletter

Cancellation of the Military Tax on Currency Exchange Transactions - On 12 May 2015 the Verkhovna Rada of Ukraine adopted the Law of Ukraine “On Amendments to the Tax Code of Ukraine in Respect of the Military Tax” which...more

Pay to Play? How States Handle Signing Bonuses for Athletes

Non-CPA sports fans (and athletes themselves) increasingly appreciate the tax aspects of luring the best free agent athletes to their teams. One recent example is the whopper of a contract that agent Scott Boras cooked...more

Can the Tax Man Come After Your Stored Gas?

The owner of 33 BCF of gas cant’ just stuff it in his pocket and move it county-to-county to avoid taxes. So, the question: Is gas in storage subject to ad valorem tax on personal property? The Harris County Appraisal...more

North Carolina Business Court Rules Tax on Trust Unconstitutional

The North Carolina Business Court held North Carolina’s taxation of a trust unconstitutional in Kaestner v. North Carolina Department of Revenue. N.C. Gen. Stat. § 105-160.2 imposes a tax on the undistributed income of a...more

Court Hears Arguments in Litigation Challenging the Constitutionality of North Carolina’s Taxation of Trusts

The Kimberly Rice Kaestner 1992 Trust (the “Trust”) originated from the Joseph Lee Rice, III Family 1992 Trust (the “JLR Trust”) created in 1992. The JLR Trust was created in New York when its initial trustee and settlor were...more

Bear Down: In a Preseason Loss to Cook County’s Poor Play, the Appellate Court Finds Chicago Bears Ticket Holder Amenities Taxable

The First District of the Illinois Appellate Court, in Chicago Bears Football Club v. Cook County Department of Revenue, 2014 IL App (1st) 122892 (Aug. 6, 2014), has affirmed an administrative determination finding the...more

Native American Business Law Alert: Significant Tax and Applicable Law Ambiguity in Proposed Revisions for Indian Lands...

The Bureau of Indian Affairs (BIA) is proposing to revise the process for obtaining and administering rights-of-way (ROWs) on Indian lands. While the proposed regulations seek to make improvements and clarifications...more

A Brief History of the Patent Law of the United States

Public perception of the patent system has swung widely over the years from highs, such as those in the late nineteenth century when Mark Twain could write “a country without a patent office and good patent laws was just a...more

Will the Star Quarterback Be Sacked by the Taxman?

On March 26, 2014, a regional director of the National Labor Relations Board (NLRB) decided scholarship football players at Northwestern University are employees because they “perform services for the benefit of the employer...more

Cayman Islands: Beneficial Ownership Register

The Cayman Islands government has recently concluded a consultation on a proposal to introduce a public register of the beneficial owners of Cayman-registered entities. The proposal has not been well received. The government...more

The Marijuana Regulation Bill That Keeps Getting Reintroduced

After the Justice Department issued a memo authorizing states to tax and regulate marijuana, Sacramento responded. Assemblyman Tom Ammiano (D-San Francisco) introduced AB 1894, a bill that may be viewed as an initial attempt...more

Top 5 Ediscovery Case Summaries – June 2013: Puerto Rico - Court Denies Taxation and Cost-Shifting of Ediscovery Costs

W Holding Co., Inc. v. Chartis Ins. Co. of Puerto Rico, 2013 WL 1352426 (D.P.R. Apr., 3, 2013). In this discovery dispute, the plaintiffs sought cost taxation of ediscovery costs under 28 U.S.C. § 1920 or cost-shifting...more

Top 5 Ediscovery Case Summaries – June 2013: 4th Circuit - Court Denies E. & J. Gallo Taxation Costs Spent Decanting ESI into...

Country Vintner of NC, LLC v. E. & J. Gallo Winery, Inc., No. 12-2074 (4th Cir. Apr. 29, 2013). In this case brought under the North Carolina Wine Distribution Agreements Act, the defendant submitted a bill of over...more

Top 5 Ediscovery Case Summaries – June 2013: Illinois - Race Tires America, Inc. Approach Adopted in Taxation Case

Phillips v. WellPoint, Inc., 2013 WL 2147560 (S.D. Ill. May 16, 2013). In this taxation dispute, the defendants submitted $83,642.83 in costs for recovery under U.S.C. § 1920(4), alleging that costs from two ediscovery...more

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