In Private Letter Ruling No. 20240130142914, STAR Accession No. 202407026L (July 26, 2024), the Texas Comptroller illustrated the type of analysis used to determine whether a contract for the improvement of realty is an exempt…
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/ Real Estate - Commercial, Taxation
Decisions rendered in an arbitration proceeding are usually final, meaning they are not appealable. Frequently, this is highlighted as one of arbitration’s advantages. Many—if not most—agreements to arbitrate expressly declare…
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/ Alternative Dispute Resolution (ADR), Civil Procedure, Commercial Law & Contracts
El 8 de mayo de 2024, la Secretaría de Hacienda de los Estados Unidos (“Treasury Department”) dio a conocer propuestas de reglamentos que abordan la clasificación, tributación y requisitos de información para fideicomisos…
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/ International Law & Trade, Taxation, Wills, Trusts, & Estate Planning
In Varian Medical Systems, Inc. v. Commissioner, the Tax Court addressed a seeming oversight in the Tax Cuts and Jobs Act of 2017 (the “TCJA”) involving the effective dates for amendments to section 78 and the enactment of…
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/ Business Organizations, International Law & Trade, Taxation
In a recent trial, I had occasion to encounter the issue of when an issue can be considered to have been tried by consent. The trial was an adversary proceeding in a bankruptcy court, and the issues related to the alleged…
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/ Bankruptcy, Civil Procedure
In Ryckman v. Commissioner, the U.S. Tax Court tackled an issue of first impression: whether it has jurisdiction over a case challenging the denial by the Internal Revenue Service (“IRS”) of a collection due process (“CDP”)…
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/ International Law & Trade, Taxation
If you own a business in Texas, you’ve likely encountered (for better or worse) the Texas franchise tax. The franchise tax is a tax imposed on any “taxable entity” that does business in Texas or that is chartered or organized…
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/ Franchise Law, Taxation
In recent years, Mexico has introduced several tax reforms designed to enhance efficiency and reduce the administrative burden for small and medium-sized enterprises and individual entrepreneurs. These reforms have made Mexico…
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/ International Law & Trade, Taxation
Introduction -
In this revenue ruling, the Service addressed the application of the economic substance doctrine to certain basis-shifting transactions which result from the operative rules of Subchapter K. Generally, the…
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/ Taxation
Many startup projects begin with small investments from founders and friends or family who believe in the founders’ plan, product, or idea. As startups further develop their business offering and concept, they often require…
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/ Business Organizations, Finance & Banking
The Texas Supreme Court recently denied a petition for review of decision of the Texas Fourteenth Court of Appeals’ decision in West Exchange, Inc. v. Hegar. This case illustrates the importance of complying with all statutory…
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/ Administrative Law, Civil Procedure, Taxation
The Treasury Department (“Treasury”) and Internal Revenue Service (“IRS”) recently published final regulations requiring brokers to file information returns and issue payee statements containing information regarding…
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/ Finance & Banking, Science, Computers, & Technology, Taxation
Among the multitude of “taxable services” listed in the Texas Tax Code are “information services.” Although the Texas Tax Code’s definition of information services is somewhat sparse, the Comptroller has expanded on this…
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/ Science, Computers, & Technology, Taxation
Centralized Partnership Audit Regime (CPAR) is a somewhat new regime that followed TEFRA. Congress promulgated CPAR as part of the Bi-partisan Budget Act of 2015. For taxable years beginning in 2018, CPAR is the controlling…
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/ Commercial Law & Contracts, Taxation
The Treasury Department and Internal Revenue Service are proposing regulations that would make so-called basket contract transactions as listed transactions under section 6011(a) of the Internal Revenue Code…
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/ Taxation
