1.- Tax treatment of different acquisitions: What are the differences in tax treatment between an acquisition of stock in a company and the acquisition of business assets and liabilities? The main difference from the acquirer’s perspective is that there is only a step-up in the tax basis on an asset purchase, while a stock acquisition as a general rule does not allow for a step-up on the basis of the target’s assets ...
On November 8, 2011, three municipalities in western Pennsylvania put direct democracy to the test with referendums that would essentially ban natural gas drilling in their communities. Two of the referendums were overwhelmingly defeated while one succeeded with overwhelming support ...
The Joint Select Committee on Marcellus Shale (the “Committee”) reported a 121 page bill governing horizontal wells that utilize 210,000 gallons of water or more per month or that involve surface disturbance of 3 acres or more. The final version of the bill was posted to the West Virginia Legislature’s website on November 18, 2011 (the “Bill”) ...
On November 15, 2011, the Pennsylvania Senate passed S.B. 1100, a fairly comprehensive legislative effort aimed at increasing governmental oversight of the development and production of Marcellus Shale resources ...
I- Major Innovation - The new framework Law on Crude Oil Refining, Storage, Transport, Distribution and Trade of Petroleum Products was approved (“LCOR”) was enacted by Law no. 28/11, of 1 September 2011. This law was preceded by the Strategy for liberalisation of the fuel sector and the schedule for its implementation set forth in 2009 by means of the Council of Ministers’ Resolution no. 105/09, of 19 November ...
The cost of energy—particularly the cost of electricity—comprises a significant portion of the total cost of production for industrial and manufacturing companies ...
The Congressional Super Committee (the Joint Select Committee on Deficit Reduction) continues to meet in Washington, D.C., with the goal of reducing the country’s deficit through program cuts and revenue increases. There have been several unsubstantiated rumors regarding proposed changes to the estate and gift tax laws. One online rumor sparked particular interest even though no source was mentioned ...
November 8, 2011- The Minister of Finance and Economic Development delivered his Budget Speech on the 4th of November 2011. The Budget aims at providing for innovative measures to support key economic sectors (such as ICT/BPO, Tourism, Financial Sector...) and new markets (renewable energies...). The Budget also provides for a National Resilience Plan to support the economy in a global economic downturn ...
Mining companies investing for the first time in Canada’s North may find the experience unlike any other. This holds true not only for foreign corporations, but also for companies familiar with mining in the Canadian south. This article provides an orientation around some of these unique challenges. Aboriginal groups and mining companies in the North – A multi-faceted relationship The relationship between Aboriginal groups and mining companies in Canada’s North has many facets ...
The IRS has today released proposed amendments to the Code Section 892 regulations. Code Section 892 is the provision within the Internal Revenue Code that exempts foreign sovereigns from taxation in respect of investment income earned in the U.S. The primary amendments are described below. 1 ...
Order in Council no. 292/2011, published on 8 November, updated the list of countries, territories and regions with clearly more favourable privileged tax regimes ( known as ‘tax havens’) appearing in the earlier Order in Council no. 150/2004 of 13 February. It also excluded from the list two countries that are members of the European Union (EU): Cyprus and Luxembourg ...
The IRS has today released proposed amendments to the Code Section 892 regulations. Code Section 892 is the provision within the Internal Revenue Code that exempts foreign sovereigns from taxation in respect of investment income earned in the U.S. The primary amendments are described below. 1 ...
Panama’s current administration began its tax reforms with Law 49 of September 17, 2009 (Law 49/2009), that was followed by Law 69 of November 6, 2009 (Law 69/2009), Law 8 of March 15, 2010 (Law 8/2010), Law 33 of June 30, 2010 (Law 33/2010), and finally Law 31 of April 5, 2011 (Law 31 / 2011). All were implemented through formal laws and complemented with subsequent reforms in related executive decrees ...
Canada is uniquely positioned to provide an abundance of secure and reliable energy. With conventional oil supply declining, the need for unconventional resources, like oil sands and shale gas, will increase. Alberta and British Columbia, Canada’s two western-most provinces, house the vast majority of Canada’s oil and natural gas deposits, making both provinces key players in the push to develop resources sufficient to meet growing energy demand in North America and beyond ...
Entity classification refers to a set of rules used in the U.S. tax system to classify entities for the purposes of the Internal Revenue Code. Once classified, the entity will either be subject to the Code rules for corporations or the Code rules for partnerships. The Canadian tax system, on the other hand, does not have entity classification rules. Instead, the Canadian tax system simply categorizes entities for tax purposes based on their classification under commercial law ...
Despite complying with conditions attached to planning permission for an onshore wind farm development, developers, landowners and operators may find themselves defending an action for nuisance if the noise from the wind turbines unreasonably interferes with the use of another's land ...
President Obama recently sent to Congress proposed legislative language and analyses of his proposed deficit-reduction plan. Among the proposed legislative changes is a change to the formula used for calculating the cap on the amount that the federal government will reimburse federal contractors for executive compensation ...
Is the Marcellus shale that underlies a significant part of western and central Pennsylvania itself a “mineral”? Is Marcellus shale gas the type of natural gas contemplated in prior Pennsylvania case law, or something different? Is the Marcellus shale similar to coal, so that whoever owns the shale owns the gas that is embedded in that shale? In reversing and remanding the decision by the Susquehanna County Court of Common Pleas, a three judge panel of the P
In a somewhat surprising turn of events in the question of potential Pennsylvania Public Utility Commission ("Pa. PUC" or "Commission") regulation over midstream Marcellus Shale development entities, on September 8, 2011, Laser Northeast Gathering Company, LLC ("Laser") petitioned the Pa. PUC to withdraw its pending application for Certificate of Public Convenience to act as Public Utility ...
Activists opposed to natural gas drilling are taking a unique approach in an attempt to ban hydraulic fracturing in Peters Township, which is located in Washington County, Pennsylvania. The Peters Township Marcellus Shale Awareness group is attempting to have township residents vote on a referendum that amends the home rule charter to ban hydraulic fracturing ...
As leases are negotiated, permits are filed and shales are fractured across America, energy companies encounter the public. Some of these interactions are direct, while others are through the actions of a contracted service provider or partner. Still, the vast majority of first impressions will be presented to the public through the lens of the media, whether traditional or social ...
These days the Ministry of Taxation is leading a crusade against Danish companies that have omitted to withhold tax at source in connection with the payment of dividend or interest to intermediary holding companies abroad. It is claimed that the companies are liable for the tax that has not been withheld ...
The long anticipated America Invents Act (the “Act”) was signed into law today. However, given that certain provisions of the Act are now in effect while others do not come online until March 16, 2013, innovating companies and individuals should consider the impact and timing of those provisions on their overall patent strategy. Below is a link to some practice pointers and strategic tips you may want to consider when operating under the Act ...
Contents To Include: i) Engaging in Activities as a Dealer or Adviser: Am I Required to Register? ii) A Corporation’s Unanimous Shareholder A greement Now Available to its Creditors iii) Invoices of Convenience and Accommodation iv) The Importance of Written Contracts Respecting Intellectual Property or the Art of Leaving Traces ENGAGING IN ACTIVITIES AS A DEALER OR ADVISER: AM I REQUIRED TO REGISTER?Josianne Beaudry jbeaudry@lavery ...
