Economic Substance, Tax Benefits, and Schering-Plough v. U.S.

In Schering-Plough Corporation v. United States , 2009 U.S. Dist. LEXIS 77467 , the court's decision for the Government is a clarion call to taxpayers that even in cases when the taxpayer may be technically in compliance with relevant law, transactions -- particularly transfer pricing -- will be...

Tax Consequences of the Home Affordable Modification Program (HAMP) and the Treatment of Debt Discharge

Patricia Hughes Mills sets out ways in which distressed homeowners may be able to eliminate phantom taxable gain when debt is discharged--including participation in the Home Affordable Modification Program (HAMP) program. Ms. Mills writes: The Obama Administration’s Homeowner Affordability...

Mills on Planning for Like Kind Exchanges - PLRs 200810016 & 200810017

In this Analysis, Patricia Hughes Mills explains how PLR 200810016 (I.R.S. 2007) and PLR 200810017 (I.R.S. 2007) enhance planning opportunities for like kind exchanges by confirming the parameters of a technique that allows a taxpayer who wants to dispose of a property to purchase replacement property...

China Tightens Taxation on Representative Offices

by George Qi and Calvin Ding On February 20, 2010, the State Administration of Taxation (SAT) issued Guo Shui Fa [2010] No. 18 - the " Measures for the Administration of Taxation on Representative Offices of Foreign Enterprises " ("Measures") to reform the taxation rules applicable...

The Taxation Of Special Needs Trusts

Special needs trusts (SNT's) are established to benefit disabled persons who may be eligible for government assistance programs. These trusts may be first party trusts funded with the disabled person's funds or third party trusts funded by Read More...

Taxation of Short Sales and Foreclosures

In this Analysis, Mark S. Ericsson discusses the tax consequences of a divestiture of property through a short sale (in which the lender agrees to take less than the loan balance), foreclosure, or deed in lieu of foreclosure. He writes: The focus of any inquiry as to the tax consequences is how...

Taxation of Short Sales and Foreclosures

In this Analysis, Mark S. Ericsson discusses the tax consequences of a divestiture of property through a short sale (in which the lender agrees to take less than the loan balance), foreclosure, or deed in lieu of foreclosure. He writes: The focus of any inquiry as to the tax consequences is how...

Taxation of Hospitals and Health Care Organizations, Second Edition

Written by one of America's leading experts on health law and its tax ramifications, this treatise examines everything from obtaining and holding onto tax-exempt status, to the day-to-day tax issues faced by your clients. Purchase Taxation of Hospitals and Health Care Organizations, Second...

Brazil-Russia-India-China (BRIC) Laws Toolbox

B razil R ussia I ndia C hina Laws Toolbox Welcome to LexisNexis B.R.I.C.Laws toolbox that brings you LexisNexis content available for the new emerging economic bloc composed of the nations of Brazil, Russia, India and China (the People’s Republic of China.) The BRIC nations...

Western European Laws Toolbox

Western European Laws Toolbox Welcome to our Western European Laws Toolbox, our collection of laws and legal analysis for the nations of this important region. Please note that nations with an asterisk after their name are also members of the European Union and that you will want to visit our EU...

Business Insurance Law and Practice Guide

Business Insurance Law and Practice Guide is a comprehensive guide for both insurance companies and attorneys who advise businesses of all sizes. It provides detailed treatment of many different types of insurance, including liability, directors' and officers' liability, excess, property, financial...

United States Needs Taxes to Run; Why Won't the Richest Pay

Adam Smith (1723-1790), a man upon whose writings and philosophy America was built, said: " The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities ; that is, in proportion to the revenue which...

Changes to the Taxation of Regulated Investment Companies Resulting from the Regulated Investment Company Modernization Act of 2010

by Andrew W. Singer Excerpt: Regulated investment companies ("RICs"), often called mutual funds, "are essentially instruments for gathering together and investing the funds of a relatively large number of investors. ... Ideally, they secure for the investor expert management of his...

Foley & Lardner: Congress Imposes New Rules for Taxation and Regulation of Surplus Lines Insurers

By Mary Kay Martire, Partner, Foley & Lardner LLP On July 21, 2011, a portion of the Dodd-Frank Act known as the Nonadmitted and Reinsurance Reform Act (15 U.S.C. § 8201, et seq.) (NRRA) took effect. NRRA is one example of the continuing trend of increased federal oversight over state regulation...

How the Federal Government Taxes LLCs

One of the benefits to using a limited liability company is the flexibility of being able to choose how the entity is taxed. After a new LLC is formed, its owners must decide the method by which they would like their business taxed. By default, an LLC is treated as a pass-through entity, which means...

ABA PUCAT Taxation & Accounting Committee Fall 2011 Report

Excerpt: Introduction This report reviews significant tax law developments relevant to the Section of Public Utility, Communications and Transportation Law. On September 12, 2011, President Obama submitted the American Jobs Act of 2011 (S. 1549 and H.R. 2911) (the "Jobs Act") to Congress...

Super Committee Failure May Mean No Changes to Carried Interest in Near-Term

With the failure of the Congressional Supercommittee to reach agreement by its deadline, some $1.2 trillion in automatic discretionary defense and non-defense federal spending cuts are set to become effective January 1, 2013 (although it remains to be seen what will occur in the intervening year). One...

The Intersection of Bankruptcy and Taxation in Individual Debtor Chapter 11 Cases

by Daniel M. Press and Brett Weiss Excerpt: The intersection of bankruptcy and taxation is, in many respects, a complicated area of the law, and entire treatises can and have been written about it. This article does not attempt to provide a complete survey of this area of the law, but only to...

Carried Interest Tax Legislation Won't Go Away

Ways and Means Committee Ranking Member Sander Levin (D-MI) remains intent on increasing tax rates on carried interest (the profits funds managers earn on thier portfolios, which currently are taxed at 15%). At the end of last week, he announced his intention to reintroduce legislation that would...

Matthew Cavitch on State and Local Taxes and Bankruptcy Cases

In bankruptcy cases involving businesses, a key consideration is often what happens to certain tax attributes, such as net operating losses, when the debtor business presumably re-emerges from the bankruptcy proceeding. Excerpt: In addition to the Bankruptcy Code and the Internal Revenue Code...

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Immigration Lawyers Arguing: "Can I Work from Home for a Foreign Employer?"

"As a change of pace from this blog's usual fare of criticizing immigration agencies and Congress, today we'll offer a PG-rated point/counterpoint with guest blogger, Karin Wolman , and me. We debate the oft-posed question whether a foreign citizen while living in the United States and holding...

Experts, Officials, Media Offer Their Two Cents on U.S. Supreme Court’s Decision on Affordable Care Act

By John Stahl, Esq. The U.S. Supreme Court announcing its decision that the Affordable Care Act, also known as ACA and Obamacare, was constitutional was a “where were you” moment in American history. Key quotes from the majority and dissent opinions are provided below. The experts on...

Using Taxation to Impact Climate Change - The Politics of Global Warming

The U.S. Fish and Wildlife Service recently proposed the addition of the wolverine to the federal list of endangered species. The proposal asserted that global warming was largely to blame for the dramatic reduction in the wolverine's Rocky Mountain habitat and that, without listed protection, the...

Jessica Dorfmann: The Cost of United States Citizenship Abroad

"Citizenship in the United States affords many benefits - most notably the right to live, work, and vote in a global powerhouse nation. But, in recent years, Americans have been relinquishing their citizenship in record numbers – total annual renunciations have jumped more than ten-fold since...