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Sullivan & Cromwell LLP

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Ninth Circuit Reverses Tax Court, Upholds Treasury Regulation on Cost-Sharing Arrangements: Decision has Significant Implication for Judicial Review of Treasury Regulations and for Corporations’ Ability to Deduct Costs of Stock Compensation

USA - August 6 2018 On July 24, 2018, in Altera Corporation v. Commissioner, the U.S. Court of Appeals for the Ninth Circuit reversed an earlier U.S. Tax Court decision

New York State Regulations Increase Salary Required for Employees Exempt from Overtime

USA - January 5 2017 On December 28, 2016, the New York State Department of Labor issued notices of adoption of new rules, effective December 31, 2016, substantially

UK tax treatment of depositary receipts: HMRC will still treat ADR holders as beneficial owners of shares

United Kingdom - May 21 2012 HM Revenue and Customs lost the HSBC case on stamp duty reserve tax in February, but did succeed in arguing that the American Depositary Receipts concerned did not give their holders beneficial ownership of HSBC shares

Corporate Governance Hot Topics Quarterly Update (June 27, 2018)

USA - June 27 2018 Lazard's Quarterly Review of Shareholder Activism for Q1 of 2018 found increased activism by shareholders in terms of number of campaigns initiated

M&A Hot Topics - Quarterly Update (April 5, 2018)

USA - April 5 2018 Comprehensive tax reform enacted in the United States on December 22, 2017 should significantly impact mergers and acquisitions activity going forward

IRS Issues Proposed Regulations That Address Tax Reform Changes to Bonus Depreciation

USA - August 8 2018 Last week, the Internal Revenue Service and the Treasury Department issued proposed regulations (the "Proposed Regulations")1 addressing bonus

CFIUS Reform: The Foreign Investment Risk Review Modernization Act of 2018

USA - August 7 2018 The Committee on Foreign Investment in the United States ("CFIUS" or the "Committee") has jurisdiction to review any transaction, by or with any

Ninth Circuit Withdraws Altera Opinion Reversing Tax Court on Cost-Sharing Arrangements: New Judge Added to Panel to Reconsider the Appeal

USA - August 7 2018 On August 7, 2018, the U.S. Court of Appeals for the Ninth Circuit withdrew its July 24, 2018 opinion in Altera Corporation v. Commissioner to allow

Ninth Circuit Reverses Tax Court, Upholds Treasury Regulation on Cost-Sharing Arrangements: Decision has Significant Implication for Judicial Review of Treasury Regulations and for Corporations’ Ability to Deduct Costs of Stock Compensation

USA - August 6 2018 On July 24, 2018, in Altera Corporation v. Commissioner, the U.S. Court of Appeals for the Ninth Circuit reversed an earlier U.S. Tax Court decision

Special Purpose Fintech National Bank Charters: OCC Issues Licensing Manual Supplement for Fintech Company Charter Applications

USA - August 3 2018 On July 31, 2018, the Office of the Comptroller of the Currency (OCC) announced that it will consider applications for special purpose National Bank