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|Michigan: Treasury Department Used Wrong Definition in Determining Whether a Unified Business Group Existed|
McDonald Hopkins LLC;
May 20, 2016, previously published on April 14, 2016In the case LaBelle Management, Inc. v. Michigan Department of Treasury, decided March 31, 2016, the Michigan Court of Appeals reversed a trial court’s conclusion that three companies made up a unified business group in accordance with the federal income tax definition of constructive...
|Our Tax Sale Title Was Annulled - Now What?|
Wesley M. Plaisance; Breazeale, Sachse & Wilson, L.L.P.;
May 20, 2016, previously published on March 2016With the increasing number of tax sales being annulled across the State of Louisiana due to lack of constitutionally required pretax sale notice to record owner(s), mortgage holder(s) and/or other lien holders of record, I am frequently asked by tax sale purchasers: Who is responsible for the...
|Ohio: Gov. Kasich “Always Looking to Cut Taxes”|
McDonald Hopkins LLC;
May 20, 2016, previously published on April 14, 2016When Gov. John Kasich gave his sixth state of the state speech last week, the Columbus Dispatch noticed that he offered a hopeful message, but few new ideas. The governor pointed out in his speech that “just five short years ago,” Ohio faced an $8 billion deficit, and that “our...
|Is it Debt or is it Not? Proposed Treasury Regulations Would Significantly Change Debt vs. Equity Analysis|
Sohail Itani, Abraham A. Reshtick; Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
May 19, 2016, previously published on April 28, 2016Earlier this month, the IRS and Treasury Department proposed new Treasury regulations (the “Proposed Regulations”) under Section 385 of the Internal Revenue Code. The Proposed Regulations would significantly modify the tax analysis concerning the treatment of certain related-party...
|The Panama Papers and the U.S. Response: New Risks for Financial Institutions, Clients and Advisors|
Mark E. Matthews, Scott D. Michel, Cono R. Namorato; Caplin & Drysdale, Chartered;
May 18, 2016, previously published on May 18, 2016The massive Panama Papers leak from the law firm Mossack Fonseca has exposed a variety of suspicious and possibly illegal activity and drawn the attention of tax enforcement authorities and investigators worldwide. On May 9, 2016, the International Consortium of Investigative Journalists (ICIJ),...
|Mississippi Legislature Passes Significant Tax Relief|
Alveno N. Castilla, J. Paul Varner; Butler Snow LLP;
May 18, 2016, previously published on May 6, 2016On April 18, 2016, the Mississippi Legislature passed Senate Bill 2858 and enacted the “Taxpayer Pay Raise Act of 2016.” Lieutenant Governor Tate Reeves describes the Act as the largest tax relief package in Mississippi history. The changes made by the Act are estimated to save...
|IRS Denies Tax-Exempt Status to Non-MSSP ACO|
Gerald M. (Gerry) Griffith, Catherine E. (Cathy) Livingston; Jones Day;
May 18, 2016, previously published on April 2016Earlier this month, the IRS released a denial of an exemption application for an accountable care organization ("ACO") outside of the Medicare Shared Savings Program ("MSSP") that was seeking exemption under section 501(c)(3). This is the first publicly available IRS ruling on a...
|Details of the Alberta Carbon Levy Announced|
Beverly Gilbert; Borden Ladner Gervais LLP;
May 16, 2016, previously published on April 22, 2016The implementation of the Climate Leadership Plan by Budget 2016 includes preliminary details of a Carbon Levy that will become effective on January 1, 2017. The Carbon Levy will initially feature a $20/tonne price on carbon emissions, rising to $30/tonne effective January 1, 2018. The Carbon Levy...
|Partnerships and LLCs Must Rethink the “Tax Matters Partner” Role|
Mark D. Klimek; McDonald Hopkins LLC;
May 16, 2016, previously published on April 22, 2016The Bipartisan Budget Act of 2015 (the “BBA”), which became law in November, includes significant changes in the way IRS partnership audits will be handled (all references herein to “partnerships “ and “Partners” apply to LLCs and their members). One of the major...
|The Use of Trusts|
Gregory Sanders; Perley-Robertson, Hill & McDougall LLP/s.r.l.;
May 12, 2016, previously published on April 15, 2016Trusts have been around for six centuries. In that timespan, their uses have evolved as circumstances have changed. Trusts were first used to distinguish between legal ownership and beneficial ownership. Trusts evolved out of this environment to find equitable solutions to difficult problems. Today...