LexisNexis® Legal Newsroom
Withers Bergman LLP Tax Practice
Tax Risks Challenge Small Captive Insurers

by Marc T. Finer , William J. Kambas , and Ryan M. LoRusso A captive insurance company is an insurance company formed primarily or exclusively to insure the risks of one or more affiliated businesses. Many larger companies form captive insurance companies...

State Net
State Net Capitol Journal – March 21, 2016; West Virginia Ends Session Without Budget

Budget & Taxes WV Ends Session Without Budget The last day of West Virginia’s 2016 regular session on March 12 didn’t resemble the frenzied pace of past final days due to the front loading of this year’s session with major...

State Net
State Net Capitol Journal – March 14, 2016; New York Lawmakers Seek to Close ‘Carried Interest Loophole’

Budget & Taxes NY Lawmakers Seek to Close ‘Carried Interest Loophole’ A pair of Democratic New York state assemblymen - Sean Ryan and Jeffrion L. Aubry - introduced a bill this month (AB 9459) that would raise state income taxes...

Elaine Hightower Gagliardi
Consistent Basis Reporting Requirements

Executors of decedents' estates required to file federal estate tax return must also file a form reporting estate tax value of assets distributed to beneficiaries. Certain beneficiaries must use a consistent value for purposes of determining income...

State Net
State Net Capitol Journal – March 7, 2016; Brownback Makes Big Cuts to Kansas University System

Budget & Taxes Brownback Makes Big Cuts to KS University System Kansas Gov. Sam Brownback (R) announced plans for a 3 percent immediate cut to the state university system after tax collections came in well below projections last month. The...

LexisNexis Tax Law Community Staff
Avoiding Net Investment Income Tax on Sale of S-Corporation Stock

by Matthew Cavitch, J.D. * An S corporation can save certain shareholders—shareholders who are treated as non-passive under Section 469—the 3.8% net investment income tax. The 3.8% net investment income tax is imposed to the extent the...