S corporations and their shareholders must keep track of stock and debt basis. Failure to do so can lead to disastrous results. Nathel v. Commissioner, 105 AFTR 2d 2010-2699 (2d Cir 2010), illustrates this point.
Tax reform has been a hot topic as of late, particularly for the energy sector. On September 17, 2014, the Senate Finance Committee continued the focus on energy tax reform by holding a hearing on “Reforming America’s Outdated Energy Tax Code.”
Oregonians will vote this fall on whether to legalize marijuana for adult/recreational use through Initiative 91.
Friends, after many many years of advocating for the right of tribes to tax non-tribal businesses or vendors on tribal land, Indian Country is finally seeing some momentum.
The Georgia Department of Revenue determined that a company’s cloud-based applications and related services are not subject to Georgia sales and use tax.
One of the most difficult questions to come up at the negotiating table is also one of the most fundamental: “What is it worth?” To bridge the almost inevitable vendor-purchaser valuation gap, parties to an M&A transaction will often agree to tie part of the purchase price to some measure of post-closing business success.
As many have heard recently, Michael Sorrentino (of MTV’s “Jersey Shore” fame) and his brother Marc were indicted for tax crimes in New Jersey and made their initial appearance in court last week.
There have reported to have been approximately 15 major inversion transactions engaged in by U.S. multinationals this year, including most recently Burger King’s foray into foreign “statehood”.
An article published today called Earnout trends: balancing buyer and seller interests in “post-closing conduct of the business” covenant provides good “legal” advice on drafting earnout provisions.
On Thursday, September 18, Rep. Earl Blumenauer (D-OR) led a group of 18 House Democrats in introducing the Bridge to a Clean Energy Future Act of 2014 (H.R. 5559).