2nd Tranche of OZ Regulations

Miles & Stockbridge P.C.
Contact

On April 16, 2019, Treasury issued its second set of proposed regulations (“OZ Regs 2”) regarding Section 14002 of the Internal Revenue Code of 1986, as amended (the “Code”). The OZ Regs 2 are very helpful and answer a substantial number of questions left open in the initial set of Opportunity Zone (“OZ”) regulations. First, the bad news: while the new rules are generally taxpayer friendly, they contain one significant disappointment, a negative answer to both the triple net lease question, and a provision that applies the “Substantial Rehabilitation” test to property which is not originally used in an Opportunity Zone on an asset by asset basis as
opposed to an aggregate basis. The disappointment: gain from interim sales will be subject to tax. The OZ Regs 2 require that 100 percent of the proceeds of the sale must be reinvested in a qualified opportunity zone business (“QOZB”) within 12 months. As a result, the federal income tax liability must be funded from other sources, either outside the OZ structure or through debt within the structure. For example, a Qualified Opportunity Zone Partnership “QOZPS” could borrow before the sale, distribute the proceeds (not in excess of the basis of the QOF in the QOZPS), and then sell. The distributed loan proceeds could then be used to pay the tax on the
interim sale. The second disappointment is that it appears as that “mere” triple net leases do not qualify as an “active” Opportunity Zone business. While the OZ state that the leasing of real property constitutes an active business, triple net leasing of assets will not be treated as an active business. We will discuss triple net leasing and the substantial improvement issues in more detail
below.

The OZ Regs 2 modified the initial OZ regulations by providing that cash received by a Qualified Opportunity Fund (“QOF”) will not be included in its assets for compliance purposes for the 6-month period after receipt. Accordingly, while the compliance testing dates are not changed, QOFs will have not less than 6 months to invest capital contributions. This is a substantial improvement to the prior rules.

The OZ Regs 2 have established rules that will facilitate multiple investments by a single QOF. When a QOF sells an asset after the 10-year holding period, the basis step-up to fair market value applies not only to the equity interests held by the QOF investors, but also to the assets held by the QOF. As a result, the QOF can sell its interest in a QOZPS or a QOZ corporation without recognizing gain on the sale. If the QOF sells a portion of its assets, say one of three QOZPS, and distributes the proceeds, the QOF investor can elect to exclude his portion of the gain on the percentage of the total assets held. Accordingly, while a purchaser interested in the QOZB assets would be forced to buy the equity interests of the QOZPS, that is a significant improvement over buying equity interests in two tiers of ownership entities. A possible solution to this issue in many of these transactions could be for the investor member QOF to sell its interest in the OZBPS to the managing member. The managing member would make an election to step-up the basis of the assets in the QOZPS, and following the step-up sell the assets to a third party purchaser.

While the OZ Regs 2 specifically state that the basis step-up is applicable to inventory and receivables, with no reference to depreciation, there is no tax or policy reason to treat depreciation differently than other “hot assets.” In this regard, the OZ Regs 2 specifically provide that FMV will be determined on a “gross basis” by including the outstanding principal of any debt with respect to the assets sold. So property purchased for $1 million, subject to $1 million of debt, worth a net $4 million at a 10-year disposition, would have a basis of $5 million for purposes of the sale. As a result, there would be no gain, and should be no depreciation recapture.

The OZ Regs 2 specifically address the consequences of debt-financed distributions. Such distributions are NOT “inclusion events” that trigger current tax of both the old deferred and new gain and reduce or eliminate the 10-year basis step-up PROVIDED THAT the amount of the distribution does not exceed the basis of the QOF investor AND is not recharacterized as a “disguised sale.” Distributions made with 2 years of the acquisition of an asset are presumed to be “disguised sales” under Treasury Regulations Section 1.707-5. Distributions which occur after the 2-year holding period are presumed to NOT be disguised sales, subject to a facts and circumstances analysis.

This rule would permit the distribution of cash to pay taxes due on the original sale which will become payable on December 31, 2026, provided that the QOZB could support the additional debt necessary to fund the distribution. It also means QOF investors could get a substantial amount of their invested cash back prior to the end of the 10-year holding period, as early as the conversion to permanent debt after a 2 plus year construction and lease up period.

Leased property counts as QOZBP if it is leased after December 31, 2017 and substantially all of its use occurs within the OZ. Leased property is not required to be substantially improved. All leased property must have “market rate” terms and, if leased from a related party, cannot include prepaid rent for terms longer than 12 months and the QOZPS must purchase property with a value equal to or greater than the leased property. If improved property is leased, neither the lessor nor the lessee can force the other to purchase the leased property at other than fair market value.

The OZ Regs 2 provide rules to value leased property. Taxpayers can elect to use the Treasury Regulations Section 1.475-4(h) valuation rules, or in the alternative, taxpayers can value leased property at the present value of the leased property, discounted at the applicable federal rate. The value is calculated at the time that the lease commences, and remains fixed thereafter.

The OZ Regs 2 provide rules to determine if an operating business is actively conducted within an OZ. The OZ Regs 2 provide 3 safe harbor tests, any one of which can be satisfied. The first safe harbor is that 50+% of the total hours of the QOZB employees and independent contractor are performed in the QOZ. It may be difficult to track the locations in which traveling employees will log their hours, to say nothing of the difficulty in obtaining and tracking independent contractor hours. The second safe harbor requires 50% of the “value” of employee and independent contractor hours to be performed within the OZ. The third safe harbor is satisfied when the management of the enterprise is located with am OZ and substantially all the property of the enterprise is local in the OZ. If none of the safe harbors are met, the taxpayer can apply a facts and circumstances to determine if the enterprise meets the income sourcing test. These tests should be able to be met by most operating businesses.

The OZ Regs 2 provide that the deferral of original gain to 2026 is terminated if the Taxpayer experiences an “inclusion event.” Inclusion events include disposition of the Taxpayer’s QOF interest, including gifts of QOF interests. Receipt of each distribution in excess basis is also an inclusion event.

A number of non-taxable transfers were excluded from the definition of an inclusion event. The contribution of a QOF interest to a partnership, and transfers of QOF interests pursuant to a corporate reorganization are not inclusion events. A transfer of an interest at death is NOT an inclusion event, including the transfer by the decedent to his estate and a transfer by a decedent’s estate to a beneficiary. Sales by the estate or by a beneficiary will not qualify for exclusion of gain even if the beneficiary holds the QOF interest for more than 10 years. A transfer of an interest to a disregarded LLC or to a granter trust does not constitute an inclusion event, but if the LLC becomes a regarded entity, or the grantor trust loses its grantor status, it triggers an inclusion event. Inclusion events may be partial, such as a transfer of 50% of the tax payer interest in a QOF, or may be a total transfer. Inclusion events that occur prior to 2026 not only accelerate the taxation of the portion of the QOF interest affected by the transaction but also terminate the possibility of the 10-year step-up in basis to FMV with respect to the affected portion.

There are several miscellaneous provisions in the OZ 2 Regs that are worth discussing. First, a building that is vacant for five years will be treated as originally used by its purchaser. Tangible property that was used outside the OZ and is brought into the OZ treated as “originally” used in the OZ. The definition of “substantially all” is 90% in the case of use of property within an OZ for “substantially all” of the time. With respect to intangible property, “substantial portion” means 40% of the use of such property must be in the OZ.

The OZ 2 Regs apply the “substantial improvement” test under an asset-by-asset method, not on an aggregate method. This approach makes compliance substantially more difficult. For example, if a QOZPS purchases a parcel of land containing 3 buildings, then the purchase price must be allocated among the three buildings and the rehabilitation of each of the three buildings must be substantial. We cannot discern a policy reason that supports the “asset-by-asset” approach. If the buildings function as a whole, but one building is in good condition and does not require a substantial rehabilitation to meet the requirement on an aggregate basis, the OZ economy and its residents would be benefitted by the project. The regulations should adopt an aggregate approach to the “substantial improvement” issue, and we recommend that a comment letter be prepared to advocate for that approach.

The initial OZ regulation established a 31-month period to expend the OZ proceeds in establishing an OZ property. The OZ 2 Regs extend the 31-month period where completion is delayed because of a delay in the issuance of a government permit. While an extension for cases in which the government is the cause of the delay is welcome, many other events beyond the control of the OZ business can cause delays that would also merit an extension.

The OZ 2 Regs provide that property may be transferred to a QOF in exchange for a QOF interest. While in some transactions a property transfer could be helpful, the transfer of property as opposed to cash from a QOF to a QOZPS does not qualify as QOZBP. Accordingly, it is not clear what can be done with any property contributed to a QOF.

Dan Kowalowsky, the Treasury person responsible for the OZ Program, spoke at the Denver, Novogradac OZ Conference and summarized the major provisions of the OZ Regs 2. His remarks clarified Treasury’s view of several issues, generally in a restrictive manner. First, he made clear that the receipt of QOF interests for services rendered does NOT qualify for OZ benefits. He specifically included “promotes” in his remarks and took a hard line on this issue. IRS and Treasury are not likely to adapt a narrow, technical approach to promotes, and will not permit strategies that would avoid taxation under Code Section 83 rules to be effective under the OZ Regulations.

Mr. Kowalowsky also stated that triple net leases do not constitute an active trade or business. Taxpayers will need to retain certain items of expense at the QOZB level, provide for percentage rent, or lease some reasonable portion of the property pursuant to on a non-triple net lease to establish an active business. The word “merely” is important here. Taxpayers must do something beyond execute a “mere” triple net lease” and collect rental payments. While the magnitude of “something” is not clear, we do not believe that the scope of “something” is not large.

In discussing post year 10 exits, Mr. Kowalowsky emphasized that the basis step-up for QOF assets did not extend to a lower tier QOZPS. As a result, QOFs will be forced to liquidate QOZPS or sell the QOZPS interests to the managing member of an LLC to avoid an asset sale at the entity level. Such a liquidation or interest, any could have the effect of triggering transfer taxes, recording fees and other transactional expenses. The conclusion that the post 10-year basis step-up does not extend to the assets of a QOZPS will impose a toll charge on the benefits of the OZ statute, and should be included in any comments provided to IRS and Treasury.

Finally, Mr. Kowalowsky ended speculation that a QOF could sell its entire interest in a QOZPS which would be sold after an additional 10 years, and be able to do a second step-up. Mr. Kowalowsky stated firmly that Treasury compiled the OZ statute to permit a single step-up to fair market value, a “one and done” approach.

In conclusion, the OZ 2 Regs were very helpful and should provide a solid foundation for closing OZ transactions. The scope of “unknowns” and “uncertainties” has been substantially reduced. While Treasury requested additional comments on almost 20 separate issues, it is not clear if any guidance beyond the finalization of both sets of proposed regulations will be forthcoming.

Opinions and conclusions in this post are solely those of the author unless otherwise indicated. The information contained in this blog is general in nature and is not offered and cannot be considered as legal advice for any particular situation. Any federal tax advice provided in this communication is not intended or written by the author to be used, and cannot be used by the recipient, for the purpose of avoiding penalties which may be imposed on the recipient by the IRS. Please contact the author if you would like to receive written advice in a format which complies with IRS rules and may be relied upon to avoid penalties.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Miles & Stockbridge P.C. | Attorney Advertising

Written by:

Miles & Stockbridge P.C.
Contact
more
less

Miles & Stockbridge P.C. on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.