Marriage has become as globalized as business today. If one spouse is a non-citizen, there are some minor challenges in drafting estate planning documents to minimize United States estate taxes, and we recommend consulting with counsel in the non-citizen’s home country. If the non-citizen’s family has substantial wealth, there are opportunities to reduce, or even eliminate, U.S. estate and gift tax on transfers to that individual ...
By Vitas Vasiliauskas, Associate Partner of the law firm LAWIN Lideika, Petrauskas, Valiûnas ir partneriai In December 2010, the most important legislative acts on taxation to be enacted in 2011 were publicised ...
Under the Texas Public Information Act, a “requestor” may file suit for a writ of mandamus compelling the release of public information. In The City of Dallas v. The Dallas Morning News, the Dallas Court of Appeals held that an employer has standing to file such a suit when its employee made the initial request. Reporters for the Dallas Morning News requested certain emails from the City of Dallas. The City claimed that the documents fell under PIA exceptions ...
st1/:*{behavior:url(#ieooui) } New Bank Indonesia Regulation on the Business Plans of BanksThe Governor of Bank Indonesia issued a new regulation concerning Bank’s Business Plans. This new regulation revokes the previous regulation except for certain provisions related to reports on the realization of Business Plans and reports on the supervision of Business Plans which remain valid until the end of the 2010 Business Plan reporting period ...
General Terms and Conditions for Contracts with Trustees for the Issuance of Debt InstrumentsBapepam-LK introduced a new regulation regarding the general terms and conditions for contracts with Trustees for the issuance of debt instruments, also known as Bapepam-LK Regulation No. VI.C.4. This regulation sets out the detailed terms and conditions that must be included in contracts with Trustees, including the roles and obligations of the Trustee ...
On November 19, 2010, the Securities and Exchange Commission (the “SEC”) proposed new rules and amendments to existing rules and Form ADV under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that would implement various amendments to the Advisers Act contained as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) ...
On Friday December 17, 2010, the President signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”). Many taxpayers were keeping an eye on this legislation because of the possible impact it might have on year-end tax planning. Specifically, taxpayers were keen to find out if certain favorable tax laws would be extended. Many of the tax laws that were scheduled to sunset were extended for an additional two years ...
The U.S. Securities and Exchange Commission announced on December 20, 2010, that it entered into a non-prosecution agreement with Carter’s, Inc., an Atlanta-based provider of children’s clothing. This is the first non-prosecution agreement entered since the SEC announced its new cooperation initiative in January 2010 to encourage cooperation from corporations and individuals ...
Last week, the European Commission (“EC”) adopted revised rules for evaluating cooperation agreements between horizontal competitors at the same level in the supply/distribution chain. The Guidelines on the Applicability of Article 101 of the Treaty on the Functioning of the European Union to Horizontal Co-Operation Agreements (the “Guidelines”) provide a framework for analyzing common forms of cooperation agreements between competitors ...
Earlier this week, the U.S. Supreme Court issued a split decision and failed to resolve whether copyrighted materials legally made abroad can be imported into the U.S. and sold without the express permission of the copyright owner. See Costco Wholesale Corp. v. Omega S.A., 562 U.S. __ (2010). In other words, it is still up to the nation’s circuit courts to decide whether the first sale doctrine extinguishes the rights of a copyright holder when the goods are made outside of the U.S ...
Contents* Limited Partners: a Closer Look at Your Liability * Voluntary Disclosure: Is It Still a Worthwhile Option for Repenting Taxpayers? * The Court of Appeal Recognizes the Right to Claim Legal Fees from a Defaulting Debtor * The Superior Court’s Decision in Chambre des notaires du Québec v ...
If the generation-skipping transfer tax (“GST tax”) provisions of the proposed Tax Bill from December 9 remain unchanged, the most significant year-end tax planning opportunity is the ability to make gifts to trusts for grandchildren and great-grandchildren without imposition of the GST tax and without utilizing any of your GST tax exemption ...
Here are the most significant estate, gift, and generation-skipping tax features of the Tax Bill introduced in the Senate yesterday: The estate of an individual who died in 2010 can elect the 2011 rules ($5,000,000 exemption and top estate tax rate of 35%) or the "repeal" provisions (no estate tax but special rules for limited increase in the income tax basis of the assets of the decedent) ...
Effective as of July 21, 2011, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) repeals a key exemption from investment adviser registration currently relied upon by many private fund managers and replaces it with several much more limited exemptions from registration ...
Many companies know that the Public Procurement Act (Sw. abbr. LOU) regulates how contracting authorities act when purchasing supplies, services and public works. However, something less well known is that the provisions in LOU can also be of significant importance for how a public contract is handled after the procurement has ended and that the provisions in LOU can apply in completely different contexts, e.g. in conjunction with mergers, acquisitions and similar transactions ...
On 1 December, the Swedish Parliament resolved on the delayed legislative amendments to the Swedish Companies Act which, among other things, concern the mode of convening general meetings, on which we reported in previous newsletters (October 2009 and June 2010). The new rules take effect on 1 January 2011 ...
Following is a list of year-end administrative issues for Texas limited partnerships and limited liability companies (“LP/LLC”): Ensure that the LP/LLC’s activities, transactions, capital infusions (capital contributions or loan proceeds), and distributions are accurately reflected in the entity’s records; Avoid causing the LP/LLC to make any distributions not in compliance with the terms of its LP/LLC agreement or applicable law; for example, an LP/LLC should not make disproportion
Those who have filed – or at least reviewed – the “new” Form 990 since it was revised in 2008 are well aware of its comprehensive nature. For everyone else, suffice it to say that the form requires substantially more information than its predecessor and can compel an organization to implement additional record-keeping or information-gathering procedures ...
Public Service Review – Local Government and the Regions Recession breeds new rules and a new approach to procurement The recession and the need for public sector budget cuts have uncovered a twin track for procurement policy in the UK. There is a clear need to cut public sector expenditure – of that we can be in no doubt both in terms of the unit cost of supplies and services ...
First, the good news: No estate tax on individuals who die during 2010; No generation-skipping transfer (“GST”) tax on “transfers” during 2010; Tax rate on gifts during 2010 is 35% (rather than 45%); and Congress appears less likely to take any action to retroactively change these rules ...
In an October 19, 2010 opinion arising out of the Scotia Pacific bankruptcy cases, the Fifth Circuit ruled that reorganized Scotia and its affiliate Pacific Lumber Company were obliged – nearly 2½ years after Scotia’s reorganization plan was consummated – to pay Scotia’s former secured lenders approximately $30 million on account of a mistake made by the bankruptcy judge in calculating the amount owed to the secured lenders for the use of their collateral during the bankruptcy cases ...
Last March, we informed you that the Business Corporations Act (Quebec) (the “Bill”) had been adopted by Quebec’s National Assembly and summarily described certain features of this new legislation, which will replace the Companies Act (Quebec) (the “CAQ”). In this special edition of Ratio, we provide an overview of certain aspects of the Bill that are of interest to professionals in the areas of accounting, management and finance ...
In response to the current state of the economy, Congress has passed some tax legislation amending the Internal Revenue Code (the “Code”). Although it is up for debate, some would say that Congress has not been busy enough. As we near the end of the year, many taxpayers and their advisers are going through their usual year-end tax planning checklist ...
Introduction From the seller's perspective, knowing the outcome of the sale process in terms of the price that it will obtain for a company is always of great importance. Usually, a buyer will make an offer to buy a company on a 'cash and debt-free' basis, meaning that the purchase price offered (ie, the enterprise value) will be adjusted up or down depending on the company's financial position at a given time to reach the actual purchase price ...
