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Fox Rothschild LLP | USA, Canada | 8 Nov 2011

New technical interpretation issued by Canada Revenue Agency on stock options will spark debate

A recent technical interpretation issued by the Canada Revenue Agency, Technical Interpretation 2011-0393411E5, provides that under Article XV of the Canada-U.S. Income Tax Convention, that after 2008, when a U.S. resident employee of a Canadian resident corporation acquires shares of the corporation on the exercise of employee stock options, the Canada Revenue Agency (CRA) would disallow that the income from the taxable amount would qualify for exemption from Canadian income tax under the Canada-U.S. Tax Treaty, even if the employer was not present in Canada for more than 183 days.


Fox Rothschild LLP | USA | 13 Sep 2011

Non-resident sellers of Canadian taxable property pose challenges despite recent reforms announced by Canada

Under 116 of The Canadian Income Tax Act (“CITA”), non-residents who dispose of certain taxable Canadian property, aka “Canadian Taxable Property”, must notify the Canada Revenue Agency (“CRA”) of the pending sale either prior to the disposition or within 10 days after the closing


Fox Rothschild LLP | USA | 24 Jul 2011

Tax Court rules that securities transaction did not qualify under Section 1058: decision follows on the heels of the Tax Court's recent decisions under Section 1058 in anshutz (135 T.C. No.5) and Carroway (135 T.C. No. 3) decided last year

In Henry Samueli et al v. Commissioner, 132 T.C. No. 4 (2011), the Tax Court, per Judge Kroupa’s opinion for the majority, in response to the petitioners and respondent (IRS) filing of cross motions for summary judgment in a consolidated proceeding, upheld the Service’s deficiencies in income tax for denying the taxpayers interest deductions claimed on the underlying “margin loans” used to acquire the securities, were disallowed on the basis the purported payments of “interest” were not made with respect to an actual debt


Fox Rothschild LLP | USA | 17 Feb 2011

Rollovers for business startups: a new wrinkle

In 2009, the Employee Plans Unit of the IRS initiated a ROBS (rollovers for business startups) Compliance Project to monitor general compliance among ROBS plans.


Fox Rothschild LLP | USA | 30 Jul 2010

ESOPs: the undiscovered estate planning tool

Business owners, like most other baby boomers, will be retiring in large numbers in the next 10 to 15 years.

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