Taxpayers Can Be Somewhat “GRAteful” for New Rules on Gain Recognition Agreements

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This November the IRS has given some taxpayers subject to reporting on outbound property transfers to foreign corporations something to be thankful for. Under Section 367(a) of the Code, if a US person transfers property to a foreign corporation in a Section 332, 351, 354, 356, or 361 transfer or exchange, the foreign corporation generally is not treated as a corporation for purposes of determining the US transferor’s gain on the transfer. This rule typically means that the US person will recognize gain on what would otherwise be a non-taxable transfer. The regulations offer exceptions [...]Read more

Federal Tax ADVISORY: Economic Substance Doctrine Confusion

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In this month’s federal tax advisory, our Federal Tax Group explores how IRS Notice 2014-58 creates more confusion over the definition of “sham transaction doctrine.”

This advisory is provided on the Alston & Bird website: www.alston.com/advisories/economic-substance-doctrine/

Tax Policy Update – Nov. 1 – What to Expect From the Lame Duck Session

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What does Congress NEED to get done in a lame duck session?  The continuing resolution (CR) Congress passed just before leaving for the campaign trail funds the federal government just through December 11, so Congress will need to extend funding.  That’s clearly a driving force in the lame duck. There are also tax provisions that many would like to see addressed – the CR extended the Internet Tax Freedom Act  just through December 11, and there are a whole host of business and individual tax provisions (including the very popular R&D credit) that expired at the end of 2013 or will expire [...]Read more

State & Local Tax ADVISORY: The MTC’s Transfer Pricing Audit Program Comes into Focus

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This advisory reviews the Multistate Tax Commission’s efforts to create an Arm’s-Length Adjustment Service program to streamline states’ ability to effectively evaluate multistate transfer-pricing issues.

This advisory is provided on the Alston & Bird website: http://www.alston.com/advisories/MTC-transfer-pricing/

International Tax ADVISORY: IRS Complicates Withholding Agents’ Responsibilities

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Our International Tax Group explains how withholding agents must be especially vigilant in their reliance on foreign persons’ documentation of withholding certificates under new advice from the IRS.

This advisory is provided on the Alston & Bird website: http://www.alston.com/advisories/int-tax-10-15-14/

Federal Tax ADVISORY: The Attractive C Corporation

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The Federal Tax Group explores factors in the revived interest in the C corporation, including the potential reduction in the corporate tax rate, reduced pressure to distribute earnings and cash flow savings.

This advisory is provided on the Alston & Bird website: http://www.alston.com/advisories/fed-tax-sept-2014/

International Tax ADVISORY: Land of the Freely Inverting Corporation

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Alston & Bird’s International Tax Group reviews congressional proposals to curb corporate inversions amid debate over the need for comprehensive tax reform.  The advisory is provided on the Alston & Bird website: http://www.alston.com/advisories/int-tax-aug-2014/

Federal Tax ADVISORY: Two Supreme Court Tax Decisions

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During the current term, the Supreme Court of the United States decided very few taxes cases. Two of those—United States v. Clarke and Ford Motor Co. v. United States—seem quite limited in scope, until you delve under the surface.ine

This advisory is provided on the Alston & Bird website: www.alston.com/advisories/Fed-Tax-august-2014/

 

State & Local Tax ADVISORY: Alston & Bird SALT Team Secures a Proportional Exemption for an Atlanta Charity

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In an important decision with the potential to have long-lasting effects on Georgia property tax law, the Alston & Bird State & Local Tax (SALT) Team recently secured summary judgment for the Piedmont Park Conservancy (“the Conservancy”) in Fulton County Superior Court on the Conservancy’s claim that its charitable property is entitled to a “proportional” exemption from ad valorem tax. This advisory is provided on the Alston & Bird website: www.alston.com/advisories/SALT-piedmont-park-conservancy/ [...]Read more

International Tax ADVISORY: House and Senate Bills Aim to Tighten Anti-Inversion Rules

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Following the administration budget’s proposal for stricter anti-inversion legislation, Congressmen Chris Van Hollen and Sander Levin have introduced the Stop Corporate Expatriation and Invest in America’s Infrastructure Act (H.R. 4679) to stiffen the provisions of Section 7874. (Senator Carl Levin introduced a similar proposal, S. 2360, in the Senate.) The proposed legislation epitomizes the government’s anti-inversion frenzy, as more U.S. companies look for greener tax pastures overseas. This advisory is provided on the Alston & Bird website: www.alston.com/advisories/int-tax-july-2014/ [...]Read more