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Reincorporation and the economic substance doctrine?

Alston & Bird LLP
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USA
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July 13 2011

Normally, achieving this restructuring would require Sub to distribute the business assets to Parent, which could create deferred intercompany gain that would be triggered into income if either the business or Sub left the group

CFC’S Subpart F earnings not qualified dividends

Alston & Bird LLP
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USA
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December 15 2011

On December 7, 2011, The U.S. Tax Court ruled that inclusions in U.S. residents’ gross income that were required under the Subpart F provisions with respect to their controlled foreign corporation’s investments in U.S. property did not constitute qualified dividend income under Section 1(h) (11

Supreme Court to review economic substance case

Alston & Bird LLP
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USA
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April 1 2013

United States v. Gary Woods, 471 Fed. Appx. 320 (5th Cir. 2012), affirming per curiam, 794 F. Supp. 2d 714 (WD Tex. 2011), will be reviewed by the

The worthless subsidiary problem

Alston & Bird LLP
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USA
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January 31 2013

LPCiminelli Interests, Inc. v. United States, 110 AFTR 2d 2012-6631 (W.D. N.Y. 2012) ruled that a consolidated group did not have to amend its

Home Concrete decided: taxpayer wins

Alston & Bird LLP
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USA
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April 25 2012

On April 25, 2012 the Supreme Court ruled that the overstatement of the basis of property sold, resulting in a substantial understatement of gain, is not an omission from gross income, and so the three year and not the six year statute of limitations applied to the taxpayer’s assessment, meaning the assessment came too late

Intercompany accounts require maintenance

Alston & Bird LLP
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USA
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August 1 2009

Corporate groups almost universally designate one member as the "banker" and arrange for all of the group’s cash to be swept into the banker’s account, which is carefully managed by the group’s treasury function

Excess loss account avoided

Alston & Bird LLP
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USA
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November 15 2012

LPCiminelli Interests Inc. v. United States (W.D.N.Y. Nov. 13, 2012) ruled for the taxpayer on an IRS assertion of excess loss account liability

Supreme Court limits exception to taxpayers’ lack of standing to dispute the expenditure of tax funds

Alston & Bird LLP
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USA
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May 1 2011

Federal tax cases, in contrast to state tax cases, rarely involve constitutional issues

The “conservative” tax majority on the Supreme Court

Alston & Bird LLP
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USA
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June 1 2012

The two most recent decisions of the Supreme Court involving federal taxes illustrate how a conservative approach to statutory interpretation tends to prevail, but only with great effort, and changing constituencies

White knight fees deductible

Alston & Bird LLP
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USA
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June 1 2009

The Tax Court has ruled that a corporation can deduct a $65 million termination fee it paid to a white knight to end its obligation to be acquired by the white knight and to permit it to accept a hostile offer that produced more value for its shareholders