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1
Treasury, IRS Announce Issuance Of Proposed Regulations Aimed At Preferred Stock CFC Stripping Transactions
On Thursday, August 5, the Treasury and IRS announced the issuance of proposed regulations updating the rules for determining a United States Shareholder's pro rata share of a CFC's subpart F income (and certain other amounts). The rules take aim at transactions that purport to eliminate subpart F income through the issuance of common stock providing that no distributions can be made on such common stock until either (a) certain outstanding preferred stock is retired or (b) the director
United States
 
9 Aug 2004
2
Protections For Employees Called Into Military Service And Employer-Provided Benefits
As a result of the tragic events of September 11, many employees have had or will have to leave work to commence active military duty. The call-up of an employee to active military duty affects an employer because this triggers the application of various federal statutes and regulations in connection with employer’s sponsorship and administration of its employee benefit and welfare plans.
United States
 
21 Jul 2004
3
The Challenge Of Providing Health Benefits For Domestic Partners
As the political and social climate in the United States has changed, and the growing economy has (at least until recently) increased competition among employers for skilled workers, there has been a dramatic increase in the number of "domestic partner" benefits offered by employers to unmarried heterosexual or homosexual couples since the first major reported benefits were offered by the Village Voice in 1982.
United States
14 Jul 2004
4
Distributions from Split-Interest Trusts to Private Foundations are not Includable in Net Investment Income or Yearly Distributable Amount (Tax Exempt Organizations Advisory)
Recently, the IRS and Treasury issued Notices 2004-35 and 2004-36, announcing that new regulations will be promulgated under sections 4940 (relating to tax on investment income) and 4942 (relating to mandatory distributions) in light of the decision in Ann Jackson Family Foundation v. Commissioner, 97 T.C. 534 (1991), aff’d, 15 F.3d 917 (9th Cir. 1994). That case held that regulations under section 4942, which required private foundations to treat distributions from split interest-
United States
14 Jul 2004
5
Senate Finance Committee Holds Hearing on Charity Oversight and Reform (Tax Exempt Organizations Advisory)
On Tuesday, June 22, the Senate Finance Committee heard testimony on "Charity Oversight and Reform: Keeping Bad Things from Happening to Good Charities." The Committee focused on a number of issues related to exempt organization tax law reform, including: corporate governance, enhanced technology (e.g. electronic filing of returns), compensation packages for board members and trustees, revamping Form 990’s, self-dealing and related party transactions, tax shelters, monitoring of charitable purpo
United States
13 Jul 2004
6
The Marketing Arm And The Contracting Arm Structure – Works At The State Level But Not At The City Level Because Of The City Speculative Builder Tax
The speculative builder tax is imposed on the sale of "improved real property" if the improved real property is sold prior to completion or before the expiration of 24 months after the improvements are substantially complete.
United States
7 Jul 2004
7
Finance Committee Schedules Oversight Hearing on Charities Tax-Exempt Status - Exempt Organizations Advisory -06/03/04
On June 22, the Senate Finance Committee will hold a hearing on governance and best practices of charities, charities accommodating tax shelters, donor gifts of tangible and intangible property, and current problems and issues in the charitable community. IRS Commissioner Mark Everson and private sector witnesses are expected to testify.
United States
6 Jul 2004
8
Arizona Corporate Income Tax For Small Businesses
This outline focuses on the Arizona Corporate Income Tax and will examine in detail the mechanics of taxing multi-state corporations that conduct business both in Arizona and other states.
United States
6 Jul 2004
9
Exempt Organizations Advisory -04/28/04
The Exempt Organizations Advisory summarizes legal developments of interest to our exempt organization clients and friends of the firm. It is published on a periodic basis as developments warrant.
United States
 
2 Jul 2004
10
Partnership Noncompensatory Options
There is a wealth of information available on the proposed noncompensatory options, much of it very good. However, little of it goes beyond what the proposed noncompensatory option regulations say, and those regulations are woefully short on guidance speaking to realistic transactions. What follows is a description of the guidance we have along with an attempt to apply that guidance to more complex fact patterns.
United States
1 Jul 2004
11
FCC´s Notice of Proposed Rulemaking in the Matter of Digital Broadcast Copy Protection, MB Docket No. 02-230
The ongoing digital television ("DTV") transition poses many unique logistical and technological challenges. The current lack of digital broadcast copy protection may be a key impediment to the transition’s progress. Digital copy protection, also referred to as digital rights management, seeks to prevent the unauthorized copying and redistribution of digital media.
United States
1 Jul 2004
12
Taxation Of Clean Rooms
The Arizona Legislature has provided substantial tax benefits for clean rooms and their equipment. For property tax purposes, clean rooms will be treated as personal property and thus will be eligible for accelerated depreciation, and will not be taxed while under construction.
United States
30 Jun 2004
13
Exploitation of Intellectual Property
Many exempt organizations own valuable intellectual property rights that can be used by the organization to achieve the exempt purposes for which it was established or to provide an additional source of revenue for the organization. Where the value lies in an organization’s intellectual property will depend to a large extent on the nature of the organization and its activities. For example, many large public charities that are well known and widely supported have valuable trademarks, reflecting
United States
28 Jun 2004
14
Consumer’s Use Tax On Out-Of-State Purchases
The Arizona Legislature enacted the use tax in 1955 and it took effect on July 1, 1956. The then Governor of Arizona, Earnest W. McFarland, called a special session of the legislature to enact the tax to protect local retailers from residents going out of state to make their purchases free of the sales tax.
United States
28 Jun 2004
15
Planning Techniques for Avoiding UBIT
The Internal Revenue Code imposes a tax at normal corporate or trust rates on the unrelated business taxable income ("UBIT") of most exempt organizations. Generally speaking, UBTI is the net profit earned by an exempt organization from activities that are not related to its exempt purposes. First enacted in 1950, the purpose of the unrelated business income tax ("UBIT") is to eliminate any unfair competitive advantage that exempt organizations may have over their for-profit counterparts by impos
United States
23 Jun 2004
16
Installation Of Machinery And Equipment
Arizona imposes a transaction privilege (sales) tax on prime contractors (subcontractors are exempt). This tax is imposed under the "contracting classification" of the Arizona sales tax statutes.
United States
22 Jun 2004
17
Use of Limited Liability Companies in Corporate Transactions
The check-the-box regulations provide a host of planning opportunities for taxpayers, particularly with respect to the use of disregarded entities, such as single-member limited liability companies ("LLCs"). However, the fact that an entity may be disregarded for federal tax purposes generally does not affect the rights and obligations of the owners under state law. Treas. Reg. § 301.7701-1(a). Thus, if a state does not sanction the use of single-member LLCs or follow the check-the-box
United States
 
21 Jun 2004
18
The Retail Classification
The retail classification is comprised of the business of selling tangible personal property at retail. The tax base for the retail classification is the gross proceeds of sales or gross income derived from the business. The tax imposed on the retail classification pursuant to this section does not apply to the gross proceeds of sales or gross income from:
United States
21 Jun 2004
19
Tax Issues in Employment Settlements
or the parties negotiate a settlement before a j udgment is rendered. The parties also may negotiate a settlement after a judgment is rendered in order to avoid the appeals process. This outline focuses primarily on the tax issues of employment-related settlements. Nevertheless, the manner in which an employmentrelated dispute is settled has little, if any, significance for federal tax purposes.
United States
18 Jun 2004
20
Phoenix Tax Workshop - Research and Development Expenditures
Federal income tax deductions and credits for research and development expenditures are outlined in Section 174 and Section 41, respectively, of the Internal Revenue Code. To be eligible for the deduction under § 174, an expenditure must be incurred in connection with the taxpayer's trade or business and must represent a research and development cost in the "experimental or laboratory sense."
United States
18 Jun 2004
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