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Results: 1-10 of 27

The classroom: reopening structured notes

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 31 2010

As discussed in our prior issue of MoFo Tax Talk (see MoFo Tax Talk, Volume 2, Issue 1), debt issues are often "reopened," meaning that an issuer issues an additional tranche of notes ("additional notes") at some point after the original issuance ("original notes"

Container Corp. v. Commissioner: no US withholding tax on payment of guaranty fees by US subsidiary to foreign parent

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 31 2010

In resolving what has long been an uncertain issue, the Tax Court held, in an opinion dated February 17, 2010, that a U.S. corporate subsidiary of a Mexican parent company was not required to withhold U.S. federal income taxes from the guaranty fees the subsidiary paid to its parent in connection with guaranteeing its debt

Update on contingent capital

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 31 2010

As we previously discussed in our prior issue of MoFo Tax Talk and elsewhere (see e.g., MoFo Tax Talk, Volume 2, Issue 4, “Contingent capital instruments,” and “Is it a bird? A plane? Exploring contingent capital”) contingent capital instruments are a novel hybrid security intended to provide a buffer for financial institution issuers during times of stress, when financial institutions may find it difficult to access the market in order to bolster their regulatory capital levels

Health Care Act revenue raisers

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 31 2010

As discussed in our client alert, "Reconciliation Bill Codifies 'Economic Substance' Doctrine, Expands Medicare Taxes on High-Income Earners and Imposes Reporting Requirements on Certain Payments to Corporations," on March 30, 2010, President Barrack Obama signed into law the Health Care and Education Reconciliation Act of 2010, which supplements the Patient Protection and Affordable Care Act, which was signed into law on March 23, 2010

Press corner

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 31 2010

The US tax authorities will soon launch another prosecution against a foreign bank for facilitating offshore tax evasion, a la the case against Swiss bank UBS AG, according to an IRS agent speaking with Reuters

IRS issues Industry Director Directive on Total Return Swaps

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 31 2010

On January 14, 2010, the IRS issued an Industry Director Directive on Total Return Swaps Used to Avoid Dividend Withholding Tax ("IDD"

Did you catch that?

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 31 2010

Keen readers of fine print may have noticed 561 of the HIRE Act and 1410 of the Health Care and Education Reconciliation Act of 2010

HIRE Act FACTA recap

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • March 31 2010

As discussed in our prior client alert "FATCA Provisions Enacted Into Law: New Withholding Tax, Ban on Bearer Bonds, and Withholding on Dividend Equivalents," on March 18, 2010, President Obama signed into law the HIRE Act

Proposed bill seeks to modernize tax treatment of RICs

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • December 31 2009

Earlier this month, House Ways and Means Committee chairman, Charles Rangel (D-New York) introduced the Regulated Investment Company Modernization Act of 2009 ("Act"

Exploring the boundaries of variable rate debt instruments

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • December 31 2009

A complication that arises for floating rate-linked notes within the Type 1 category (i.e., principal protected notes treated as debt for U.S. federal income tax purposes) where the rate is expressed by reference to an index that does not measure borrowing rates (e.g., LIBOR or EURIBOR) is whether the expressed rate is treated as an objective rate within the meaning of the applicable regulations