|Proposed US Treasury Regulations Attempt to Distinguish “Active” Insurance Companies from Hedge Funds|
James R. Barry, Jason S. Bazar, George W. Craven, Mark H. Leeds; Mayer Brown LLP;
May 4, 2015, previously published on April 27, 2015Offshore insurance companies can provide substantial tax benefits to their owner-insureds through current deductions for the insurance premium and, if properly structured, deferral on reserve investments. In 2003, the Internal Revenue Service (the IRS) warned that it would scrutinize...
|Three Things US Audit Committee Members Should Consider in 2015|
David S. Bakst, Jason S. Bazar, John P. Berkery, Edward S. Best, Jennifer J. Carlson; Mayer Brown LLP;
April 14, 2015, previously published on January 23, 2015Audit Committees are facing increased demands from many quarters heading into 2015, which expand their responsibilities, expose them to greater regulatory scrutiny and potential liabilities, and provide the basis for proxy and shareholder activists to oppose the re-election of Audit Committee...
|The IRS and Treasury Issue New Anti-Inversion Guidance|
James R. Barry, Jason S. Bazar, Lee Morlock; Mayer Brown LLP;
September 26, 2014, previously published on September 25, 2014Following weeks of anticipation and speculation about administrative guidance on corporate inversions, the Internal Revenue Service (“IRS”) and the Treasury Department (“Treasury”) released Notice 2014-52 (“Notice”) on September 22, 2014, describing new...
|IRS and Treasury Issue Long-Awaited Guidance on Corporate Inversions and “Disqualified Stock”|
James R. Barry, Jason S. Bazar, Michael K. Marion, Lee Morlock; Mayer Brown LLP;
January 31, 2014, previously published on January 27, 2014On January 16, 2014, the Internal Revenue Service (the “IRS”) and the Treasury Department (the “Treasury”) issued longawaited temporary and proposed regulations under Code section 7874 relating to corporate inversions (the “Regulations”).
|New York State Seeks to Recharacterize a Nonresident Partner's "Carried" Interest|
Jason S. Bazar, Matthew DiDonato, C. Wells Hall; Mayer Brown LLP;
July 22, 2010, previously published on July 7, 2010In an effort to balance the New York State budget, Governor Paterson is supporting a proposal to amend the state’s tax law with respect to the treatment of carried interest income of nonresident fund managers from an investment fund located in New York as income for the performance of...
|IRS Chief Counsel Memorandum on Effectively Connected Income if Loan Origination Activity is conducted through a U.S. Agent
James R. Barry, Jason S. Bazar, Russell E. Nance, Daniel R. Read; Mayer Brown LLP;
October 1, 2009, previously published on September 24, 2009On September 22, 2009, the Office of Chief Counsel of the Internal Revenue Service (the "Service") issued a memorandum to the Director of Field Operations for Financial Services in Manhattan (the "Memorandum") setting forth its position and legal analysis with respect to certain...
|2009 Economic Stimulus Package: Certain Debt Repurchases by Businesses Granted Relief from Tax on Cancellation of Indebtedness Income|
James R. Barry, Jason S. Bazar, Russell E. Nance; Mayer Brown LLP;
March 9, 2009, previously published on February 17, 2009The economic stimulus package, signed into law on February 17, 2009, grants corporations and businesses that repurchase their debt at a discount a right, under certain circumstances, to elect to defer the recognition of their cancellation of indebtedness (COD) income for up to five years.
|IRS Issues Guidance to Address Transactions in Distressed Market Conditions|
James R. Barry, Jeffrey P. Cantrell, Timothy C. Sherck, Jason S. Bazar, Russell E. Nance; Mayer Brown LLP;
October 16, 2008, previously published on October 3, 2008The Internal Revenue Service (the "Service") recently issued guidance intended to address certain situations arising as a consequence of the current market developments.