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Results: 1-10 of 41

Redemption of trust preferreds following new Federal Reserve capital rules

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 9 2012

On June 7, 2012, the Federal banking agencies (the OCC, Federal Reserve Board and FDIC) (the “Agencies”) formally proposed for comment, in three separate but related proposals, significant changes to the U.S. regulatory capital framework: the Basel III Proposal, which applies the Basel III capital framework to almost all U.S. banking organizations; the Standardized Approach Proposal, which applies certain elements of the Basel II standardized approach for credit risk weightings to almost all U.S. banking organizations; and the Advanced Approaches Proposal, which applies changes made to Basel II and Basel III in the past few years to large U.S. banking organizations subject to the advanced Basel II capital framework

NA General Partnership v. Commissioner addresses debt-equity characterization of related-party advances

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 9 2012

In NA General Partnership v. Commissioner the Tax Court held that notes issued to a parent by a subsidiary in connection with the acquisition of a target were properly characterized as debt and were not equity for tax purposes

U.S. Treasury and JapanSwitzerland announce they will negotiate toward a "third way" for FATCA compliance

  • Morrison & Foerster LLP
  • -
  • Japan, Switzerland, USA
  • -
  • July 9 2012

As we have previously reported, FATCA is becoming a significant concern to foreign banks, brokers and investment funds because of its potentially far reaching scope

IRS issues guidance on when COD income is "qualifying income" for purposes of the publicly traded partnership provisions

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 9 2012

On June 15, 2012, the IRS issued guidance on when cancellation-of-indebtedness (“COD”) income is treated as “qualifying income” for purposes of determining whether publicly traded partnerships (“PTP”) must be treated as corporations under Section 7704

Tax Court recharacterizes preferred equity as debt in Hewlett-Packard case

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 9 2012

In Hewlett-Packard Co. v. Commissioner, the Tax Court recharacterized preferred equity owned by Hewlett-Packard Co. (“HP”) in a Dutch corporation as indebtedness and denied HP foreign tax credits and a capital loss on the exit transaction

Draft Form W-8 released for FATCA implementation

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 9 2012

The IRS has released draft versions of revised Forms W-8 that allow foreign financial institutions (“FFIs”) to certify the status of beneficial accountholders that might otherwise be subject to withholding under FATCA

IRS advisory memo finds parent cannot claim subsidiary’s stock is worthless while tax refund is pending

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 9 2012

In May 2012, the IRS released an advisory memo addressing whether the parent of a consolidated group can claim a deduction for a subsidiary’s worthless stock when the subsidiary continues to hold tax refund claims

IRS rules that money market fund shares are "cash" for REIT asset test purposes

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • July 9 2012

On June 18, 2012, the IRS issued Revenue Ruling 2012-17, which addressed whether shares in a money market fund are categorized as “cash and cash items” for purposes of the 75 percent value test of Section 856

Second Circuit rejects GE capital deal, again

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • April 30 2012

For the second time in six years, the U.S. Court of Appeals for the Second Circuit (the “Second Circuit”) rejected a GE Capital Corporation (“GECC”) transaction involving allocation of aircraft lease income to two Dutch banks

IRS issues tech advice addressing restructured call options

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • April 30 2012

In late October 2011, the IRS released a technical advice memorandum addressing whether written call options continued to be options for federal income tax purposes after being restructured, whether such restructuring of the options resulted in a Section2 1001 event, whether the restructured options were hedging transactions, and lastly whether the taxpayer was permitted to realize the options’ losses upon closing