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The New Jersey Tax Court ruled that an individual owner of a single-member limited liability company (“SMLLC”) correctly reported his distributive share of partnership income reported by the SMLCC. The SMLLC owned a 50% interest in a partnership that...

The New Jersey Tax Court held that distributions made to a corporation’s two shareholders constituted dividends, and rejected the corporation’s argument that the distributions should be treated as compensation for managerial services that could be deducted...

The Louisiana Supreme Court ruled that residents who owned an S corporation and limited liability company were entitled to a credit against their Louisiana income tax liability for Texas franchise tax paid by the pass-through entities. In so holding,...

NEW YORK — (Mealey’s) Francis Canellas, the former director of finance for bankrupt law firm Dewey & LeBoeuf, entered a plea agreement with the New York County district attorney today admitting that he, under the direction of firm chairman...

The SEC prevailed in the Tenth Circuit Court of Appeals, securing a reversal of the district court’s order granting a motion to dismiss its complaint. The central issue in the case was if instruments which claimed to be partnership interests and...

By Patricia Hughes Mills J.D. LL.M. Planning elements tied to like-kind exchange transactions are critical to nonrecognition qualifications that turn on why the parties have held their respective properties and a host of other elements. IRC Section...

The collapse of the venerable Dewey & LeBoeuf law firm is a cautionary tale from which observers have drawn many lessons, including cautions about the perils associated with large law firm mergers and the challenges associated with various forms of...

There are few areas of the tax code as complex and potentially confusing as the rules for TEFRA partnership proceedings. Even the most steely-eyed tax pros wince at the details. Nonetheless, TEFRA is at the heart of many of the transactions that the IRS...

On this episode of the LexisNexis Corporate & Commercial Insights, Steve Berstler speaks to Francis G.X. Pileggi, Member-in-Charge, Eckert Seamans Cherin & Mellott, LLC, Wilmington, DE, about the impact of the Goggin decision on annual shareholder...

The collapse of the venerable Dewey & LeBoeuf law firm is a cautionary tale from which observers have drawn many lessons, including cautions about the perils associated with large law firm mergers and the challenges associated with various forms of...

The indictment last week of the top officials from the collapsed Dewey & LeBouef law firm is merely the latest development in the long-running sequence of events following the law firm’s demise. The indictment (and the accompanying SEC enforcement...

The Court of Appeals in February 2011 ordered Judge Jolly to dissolve Mitchell, Brewer, Richardson, Adams, Burge & Boughman, a law firm organized as a member-managed professional limited liability company. The dissolution was ordered per N.C....

Many entrepreneurs start businesses on their own, and many do so with one or more partners. In some cases multiple folks develop a business idea together and so it is difficult to suggest that some should not be partners. But other times a new person...

There are few areas of the tax code as complex and potentially confusing as the rules for TEFRA partnership proceedings. Even the most steely-eyed tax pros wince at the details. Nonetheless, TEFRA is at the heart of many of the transactions that the IRS...