The Seventh Circuit Affirmed the U.S. Tax Court in Exelon Corporation v. Commissioner – Having Expert Tax Advisors on Your Team Will Not Always Relieve You From the Imposition of Accuracy-Related Penalties

Foster Garvey PC

In Exelon, the Seventh Circuit held that exchanges by Exelon Corporation (“Taxpayer”) of nuclear power plants for long-term leasehold interests in power plants located in other states were not exchanges qualifying for like-kind exchange treatment under Code Section 1031. According to the court, the Taxpayer did not acquire the benefits and burdens of ownership but rather received an interest more in the nature of a loan, which was not like-kind with the relinquished real property.

The IRS issued notices of deficiency for tax years 1999 and 2001. The tax deficiency for 1999 was in excess of $431 million. On top of that, the Service imposed a 20% accuracy related penalty under Code Section 6662(a) that exceeded $86 million. For 2001, the deficiency was a bit over $5.5 million. Again, for good measure, the Service tacked on a 20% accuracy related penalty of about $1.1 million.

The U.S. Tax Court affirmed both the deficiency assessment and the imposition of accuracy related penalties. Exelon Corp. v. Comm’r, 147 TC 230 (2016). On October 3, 2018, the U.S. Court of Appeals for the Seventh Circuit affirmed the Tax Court. Exelon Corp. v. Comm’r, 122 AFTR 2d ¶2018-5299 (2018).

The saga of Exelon Corporation is a long and complex read, but the morals to the story definitely warrant tax advisors dedicating the time to understand the case.


In 1999, following deregulation of the energy industry in Illinois, Taxpayer (Unicom Corp., which merged into Exelon Corp in 2000) decided to dispose of its fossil-fuel power plants and use the proceeds to improve its nuclear plants. The fossil-fuel plants were set to sell for approximately $4.8 billion. The Taxpayer planned to use almost $2.35 billion of the sale proceeds to improve its nuclear plants, leaving approximately $2.45 billion it could deploy for other business purposes.

Facing an astronomical tax bill arising from the gain of $1.6 billion on the disposition of its fossil-fuel power plants, the Taxpayer commenced searching for ways to diminish or defer the gain. In that pursuit, it approached three large accounting firms for assistance.

As a viable solution, one of the accounting firms suggested that the fossil-fuel power plants be disposed as part of a like-kind exchange under Code Section 1031. Pursuant to the accounting firm’s complex proposal, the replacement property in the exchange could be long-term leasehold interests in power plants owned by tax-exempt public utilities.

In pursuit of this complex proposal, the Taxpayer engaged the services of three large accounting firms (serving financial advisory, appraisal, and accounting roles), several large prominent law firms (advising with respect to transaction and tax issues, regulatory issues, and state law issues), and an engineering firm.

To implement the proposal, the Taxpayer pursued six complex long-term lease transactions with two tax-exempt public utilities which leasehold would serve as its replacement property in the exchange. Specifically, the Taxpayer leased power plants from the public utilities under triple net leases that exceeded the useful lives of the plants. Then, it subleased the power plants back to the same public utilities for shorter periods of time. The utilities had the option to repurchase the plants at the end of the subleases.

The rent under the leases was paid upfront from the sales proceeds of the Taxpayer’s fossil-fuel power plants. The rent paid to the utilities under each lease was allocated as follows: (1) part of the rent was returned to the Taxpayer within six months of the commencement of the sublease as prepayment of rent under the sublease; (2) another part of the rent was set aside by the public utility to secure the repurchase option at the end of the sublease; and (3) the balance of the rent was paid to the utility as an accommodation fee for entering into the transaction.

Each sublease expressly provided that, if a utility did not exercise its repurchase option, the Taxpayer had several choices it could make, including: (1) it could require the utility to arrange for a third party to operate the plant or enter into a service agreement with the Taxpayer, or (2) the Taxpayer could take possession of the plant. Any third-party operator would need to have debt that was highly rated or the entity would need to secure a guarantee for its performance. If a utility could not successfully find a willing third party meeting that criteria, it would be required to exercise its repurchase option. Additionally, if a utility did not exercise its repurchase option, it would have to return the plants to the Taxpayer in a condition meeting high operational standards. Several of the transactions also extended the utility’s repurchase options to the utility’s co-tenants.

Taxpayer’s Position

The Taxpayer argued that it exchanged its "active" ownership interests in two power plants in Illinois for "passive" leasehold interests (equaling or exceeding 30 years in duration) in power plants in Georgia and Texas. The Taxpayer further argued that it acquired the benefits and burdens of ownership with respect to leased power plants because it was exposed to significant risks during the residual period of the leases as well as during the leaseback period. It asserted that the transactions were unlike sale-in, lease-out (SILO) transactions because they were structured not as leveraged leases, but as direct leases financed entirely from the Taxpayer's own funds. The Taxpayer further argued that it acted in good faith and relied on the advice of highly qualified independent advisors.

IRS’s Position

The Service came out of the chute, arguing that the lease transactions did not transfer any benefits and burdens of ownership to the Taxpayer because they were not true leases. According to the IRS, they were "prepackaged, promoted tax products which subjected [Taxpayer] to no residual value risk, only a theoretical, de minimis credit risk." In essence, as the Service saw it, the transactions were more similar to low-risk loans. Thus, because the Taxpayer exchanged ownership interests in power plants for financial instruments (low-risk loans), it failed to meet the like-kind exchange requirements under Code Section 1031. Further, the Service asserted that, because the substance of each transaction was a loan rather than a lease, these loans should generate original issue discount (OID) income under Code Section 1272. The IRS additionally asserted that the Taxpayer was not entitled to depreciation deductions, interest deductions, or transaction cost deductions. The IRS ultimately concluded that the Taxpayer was liable for accuracy-related penalties under Code Section 6662.

U.S. Tax Court Decision

The U.S. Tax Court upheld the deficiency determination and the assessment of penalties for 1999. It held that the Taxpayer was not entitled to like-kind exchange treatment because the Taxpayer did not acquire a genuine ownership interest in the plants. The Taxpayer did not face any significant risks indicative of genuine ownership. The “circular flow of money” precluded the Taxpayer from having any real investment in the plants. Further, the subleases allocated the risks and costs associated with the plants to the subleases, and the Taxpayer was able to fully recover its investment if the utilities defaulted or became bankrupt.

The court found that there was a “reasonable likelihood” that the utilities would exercise the repurchase options. This meant that the Taxpayer’s return was fixed, so it did not acquire any benefits or burdens of ownership. The court agreed with the IRS’s expert that the residual values in the Taxpayer’s appraisals were too low and thus did not reflect an accurate economic picture informing the likelihood of exercise.

Because the transactions were loans and not leases, the purported exchange was an exchange of real property in return for financial instruments. As a result, the requirements of Code Section 1031 were not met.

With respect to penalties, the court found that reliance on counsel was unreasonable. According to the court, the Taxpayer’s counsel improperly interfered with the integrity of the appraisals conducted with respect to the replacement plants. The Taxpayer’s lawyers had provided a list of conclusions it expected to see in the appraisal reports. Further, the court found that reliance on the conclusions in the appraisal reports was unreasonable. The reports did not consider the costs of the utilities not exercising their options. All of the parties expected that the utilities would exercise their purchase options because the return conditions were extremely burdensome.

For the 2001 tax year, the Tax Court agreed with the IRS and held that the Taxpayer could not deduct depreciation or interest, and could not include rental income because the purported leases were in the nature of loans. The Taxpayer was required to include in income OID income related to its equity contribution. The Taxpayer could not deduct transaction costs, but was required to treat them as additional loan amounts.

Seventh Circuit Decision

On appeal, the Taxpayer argued that the Tax Court: (1) used the wrong legal standard to determine whether the purchase options would likely be exercised; (2) wrongly dismissed the Taxpayer’s expert analysis due to interference by counsel; and (3) misunderstood the sublease return conditions.

The key issue in the case, according to the Seventh Circuit, was whether the Taxpayer acquired the benefits and burdens of ownership. The Tax Court did not err by using SILO/LILO cases to determine that issue. The appellate court agreed that the Taxpayer faced no real risk indicative of ownership. As to the possibility of bankruptcy, the utilities either could not or were highly unlikely to declare bankruptcy.

The appellate court held that the “reasonable expectation or likelihood” standard applied to the determination of whether the utilities would exercise their repurchase options. As to the application of the standard, the Seventh Circuit found that the Tax Court did not clearly err in finding that the utilities were reasonably likely to exercise their repurchase options. The appeals court agreed with the Tax Court’s determination that the Taxpayer’s expert appraisal reports were flawed. According to the Tax Court, the appraisal reports underestimated the projected fair market value because a 9% state corporate income tax rate was used while the utilities were tax exempt and the state tax rates were 0% and 6%. Furthermore, the discount rate used was found to be too high. When corrected, the projected fair market values of the plants at the end of the subleases were much higher, thus indicating that the utilities were likely to exercise their options.

The appellate court agreed with the Tax Court that by providing the wording of necessary conclusions to be reached in the appraisal reports, the Taxpayer’s counsel interfered with the integrity and independence of the appraisal reports. Additionally, the repurchase price was to be paid with money provided by the Taxpayer, so the utilities had little incentive not to exercise the option regardless of the fair market values of the plants at the end of the sublease terms.

Finally, the Seventh Circuit rejected the Taxpayer’s argument that the Tax Court misunderstood the sublease return conditions. The subleases required that, if the utilities did not exercise their repurchase options, the plants would have to be returned to the Taxpayer in such condition that their “capacity factor” was at a certain level. The engineering reports estimated that the actual capacity factors at the end of the subleases would be substantially lower. Thus, the Tax Court determined that the utilities would have to put significant investment into the plants in order to return them in the condition specified in the subleases. As such, the utilities would be likely to exercise their repurchase options to avoid such onerous investment. The Taxpayer argued that the use of the term “capacity factor” in the subleases and engineering reports were not synonymous based on industry usage, but the Seventh Circuit agreed with the Tax Court that the definitions used in both documents were the same.

Further bolstering the conclusion that the parties intended for the utilities to exercise their repurchase options was evidence in the record that one of the utilities had represented in a draft court document that it intended to exercise the option (which was removed at the request of the Taxpayer’s counsel) and the utilities’ own internal documents so indicating.

The appellate court also upheld the Tax Court’s imposition of negligence penalties. The court found that the Taxpayer was unable to use the “reasonable cause” defense to avoid penalties because it could not rely on its experts’ analyses. The Taxpayer knew or should have known that its tax counsel’s opinion was flawed due to the inconsistent treatment of capacity factors in the subleases and engineering reports. Furthermore, it knew or should have known that its attorneys’ provision of necessary conclusions to the appraisers tainted the appraisal reports. There were multiple communications on which the Taxpayer was copied where the conclusions were stated and reiterated. Thus, the imposition of penalties was upheld.


The Exelon case leaves us with several takeaways, including:

  1. In accordance with Treasury Regulation Section 1.1031(a)-1(c)(2), a leasehold interest of 30 years or more is considered an interest in real property for purposes of Code Section 1031.
  2. A taxpayer must acquire the benefits and burdens in the replacement property in order for an exchange to qualify for tax deferral under Code Section 1031.
  3. A taxpayer may not avoid the imposition of accuracy related penalties under Code Section 6662 on the basis of reliance on professional advice unless the reliance is reasonable. When a taxpayer knows or should reasonably know that its tax adviser’s opinion is flawed or it knows or should know that its attorneys’ or accountants have provided the appraisers with the “hoped-for” conclusions, the reliance on the professional advice is not reasonable and will not avoid penalties.

Written by:

Foster Garvey PC

Foster Garvey PC 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 (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

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 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 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 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

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:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (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
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit 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 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:

- 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.