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|The “Voluntary Tax” Revisited|
Sherman F. Levey, Katherine McCurdy; Boylan Code, LLP;
October 11, 2016, previously published on September 30, 2016In 1976 Harvard Law Professor A. James Casner, an acknowledged expert in estates, told the members of the House Ways and Means Committee: “In fact, we haven’t got an estate tax, what we have, you pay an estate tax if you want to; if you don’t want to, you don’t have...
|Q&A with Kimberly Lewis Robinson, Secretary of the Louisiana Department of Revenue|
Jesse R. Adams, William M. Backstrom; Jones Walker LLP;
October 11, 2016, previously published on October 4, 2016The greatest challenge was starting work in the middle of a budget crisis. Within days of getting to work at Louisiana Department of Revenue ("LDR"), my management team and I were tasked with providing guidance for the two special legislative sessions and the Task Force on Structural...
|New Proposed RIC Regulations|
John Kaufmann, Carl J. Riley; Greenberg Traurig, LLP;
October 10, 2016, previously published on October 5, 2016It is a good thing to qualify as a Regulated Investment Company (a “RIC”). All domestic corporations are subject to income tax on their net taxable income. Regular domestic corporations (“subchapter C corporations”) are taxed on their income before they distribute dividends...
|Own a Stake in a Million-Dollar Residence? The IRS's New Policy May Benefit You!|
Duane Morris LLP;
October 7, 2016, previously published on August 30, 2016While it is common knowledge that the Internal Revenue Service (IRS) allows a deduction for mortgage interest, many are unaware of the limits on the amount of the tax deduction. A taxpayer may deduct interest on up to only $1 million of acquisition indebtedness, plus interest on up to $100,000 of...
|Jointly-Owned Property: Not Always the Right Plan|
Cheryl A. Jones; Pessin Katz Law, P.A.;
October 6, 2016, previously published on September 23, 2016For any number of reasons, you have decided to add a partner, child, or close friend as a joint owner on one or more of your assets. Perhaps you are concerned about becoming disabled, and want to know that your loved one can easily pay your bills and manage things for you. Perhaps you want to...
|Generating Steam Heat: Materials and Labor Used to Build Power Plant Exempt From Florida Sales Tax|
Jonathan A. Feldman, Michael J. Kerman; Sutherland Asbill & Brennan LLP;
October 6, 2016, previously published on October 6, 2016The Florida Department of Revenue advised that certain materials and labor a taxpayer plans to use to construct a combined heating and power plant will be exempt from Florida sales and use tax. The plant will produce electricity for sale. Florida exempts purchases of machinery and equipment...
|Kentucky Court of Appeals Finds Retroactive Statute Constitutional|
Andrew D. Appleby, Chelsea E. Marmor; Sutherland Asbill & Brennan LLP;
October 3, 2016, previously published on October 3, 2016The Kentucky Court of Appeals held that a Kentucky statute, which retroactively reduced vendors’ 1% deduction of the sales tax collected and remitted to Kentucky to $1,500 in any monthly reporting period, did not violate the Kentucky Constitution. Wal-Mart argued that the statute violated the...
|An Update on Mrs. Clinton’s Estate Tax Proposals|
Charles Reid Barrineau, Edward H. Brown, Joshua A. Ehrenfeld, James M. McCarten, Allen Sullivan; Burr & Forman LLP;
October 3, 2016, previously published on September 2016Since we published our Burr Alert summarizing each presidential candidate's estate tax proposals earlier this month (FAMILY-CONTROLLED BUSINESSES -- TAX TARGETS AGAIN: Newly Proposed 2704 Regulations and Presidential Candidates' Positions ("Tax Targets Again")), Mrs. Clinton has expanded...
|Empty Miles, Empty Factor? Texas Comptroller Clarifies "Empty Miles" Treatment in Transportation Apportionment Factor|
Timothy A. Gustafson, Chelsea E. Marmor; Sutherland Asbill & Brennan LLP;
October 3, 2016, previously published on October 4, 2016The Texas Comptroller of Public Accounts issued a franchise tax letter clarifying that “total mileage” for purposes of computing the Texas special apportionment formula for transportation receipts may either include or exclude “empty miles” provided symmetry is maintained...
|Reversing Course—Proposed Regulations Reverse IRS Ruling Position on Treatment of Income from CFCs and PFICs for RIC Qualification Purposes|
Michael R. Miles, David A. Roby, Rich Sun; Sutherland Asbill & Brennan LLP;
October 3, 2016, previously published on October 3, 2016On September 27, the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) issued proposed regulations (REG-123600-16) (the Proposed Regulations) under section 851 addressing the income test applicable to regulated investment companies (RICs) that hold interests in certain...