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Fox Rothschild LLP | USA | 26 Oct 2016

Fees granted in Dell Inc. appraisal action

In the Dell Inc. appraisal action, the Court previously held that the fair value of Dell common stock at the effective time of the merger was $3.87


Fox Rothschild LLP | USA | 11 Oct 2016

Arch coal successfully emerges from bankruptcy

Arch Coal has announced that it has successfully completed financial restructuring and has emerged from bankruptcy. Shares of the reorganized company


Fox Rothschild LLP | USA | 27 Aug 2016

Chancery partially grants motion to dismiss regarding waiver claim

The doctrine of waiver is fairly straightforward. Its application, on the other hand, can prove to be not so simple. The recent decision of Stephen W


Fox Rothschild LLP | USA | 13 Aug 2016

Void issuance of stock does not confer standing to bring Section 220 books and records action

Does an individual who received a void issuance of stock from a Delaware corporation have standing to bring a books and records action under Section


Fox Rothschild LLP | USA | 11 Apr 2012

Treasury and Internal Revenue Service issue new temporary regulations on "all cash" Type D reorganizations

In TD 9558, issued late last year, Temporary Regulations were promulgated on the determination of the basis of stock or securities in a reorganization where no stock or securities of the issuing corporation are issued and distributed in the transaction, and, in particular, the treatment of “all cash D reorganizations”.


Fox Rothschild LLP | USA | 15 Feb 2012

Facebook founder, Mark Zuckerberg, expected to realize $6 billion in gross income on exercise of nonqualified stock options in Facebook's initial IPO

Under Section 83, the transfer of property in connection with the performance of services, results in compensation to the service provider in the year in which the property received is non-forfeitable or transferable, and, if neither, if a timely election is made under Section 83(b).


Fox Rothschild LLP | USA | 9 Nov 2011

Increased foreign investment in United States requires review of the FIRPTA provisions

Under 26 IRC 897, which was adopted into law as part of the Foreign Investment in Real Property Tax Act (“FIRPTA”) in 1980, gain realized by a foreign person with respect to the disposition of an interest in US real property (“USRPI”) is characterized as income effectively connected with the conduct of a U.S. trade or business and subjects the foreign person to U.S. income tax on the net income derived from such gain at normal U.S. income tax rates.


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 | 30 Sep 2011

Court of Chancery interprets LLC operating agreement to determine distribution made to retired member

In the case of Glenn B. Showell v. William H. Pusey, et al., C.A. No. 3970-VCG (Del. Ch., Sept. 1, 2011), the Court of Chancery construed the provisions of an operating agreement of Robert M. Hoyt and Company, L.L.C. to determine what value, if any, Plaintiff was due upon his voluntary retirement from the company.


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

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