Unclaimed Property ADVISORY: Sailing the Sea Change of Delaware’s New Escheat Law

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Now that Delaware's rewrite of its escheats laws is enshrined in Delaware law, holders will soon be faced with making some important decisions about audits and the VDA program. Our Unclaimed Property Group takes stock of what it means for holders going forward. Read the full advisory here. [...]Read more

Federal Tax ADVISORY: Predecessor and Successor Regulations

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There are still many questions about the meaning of the Treasury’s new regulations applying Section 355(e) to predecessors and successors. Our Federal Tax Group examines the answers we do have and what they mean for practitioners.

Read the full advisory here. 

Delaware’s Unclaimed Property Overhaul Legislation Awaits the Governor’s Signature

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Exactly two weeks after introduction, Delaware’s major unclaimed property overhaul bill – SB 13 – passed both the Senate and the House of Delaware’s General Assembly on January 26.  The bill is now on the desk of newly inaugurated Governor Carney and is awaiting signature.  We have previously addressed some of the significant features of SB 13 here.  To summarize, SB 13 represents a complete rewrite of the Delaware Escheats Law in reaction to the Temple-Inland decision and other recent unclaimed property developments.  Although SB 13 is inspired by and based in part on the new 2016 [...]Read more

Unclaimed Property ADVISORY: Delaware Moves to Revamp Its Unclaimed Property Law

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Our Unclaimed Property Group explores legislation introduced in the state Senate that if enacted, would prompt a sea change in Delaware law governing abandoned and unclaimed property.

Read the full advisory here.

International Tax Advisory: The PFIC Regulations Get a Facelift

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Our International Tax Group discusses the new rules found in Treasury’s final regulations on passive foreign investment companies.

Read the full advisory by clicking here.

New York Looks to Further Restrict Gift Card Practices

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In December, we wrote about a new gift card law in New York that took effect on Christmas day (http://www.alston.com/advisories/ny-gift-card-legislation/), which was enacted by Senate Bill S. 4771-E. Under that now-effective law: Gift card issuers are prohibited from charging a service fee before the twenty-fifth month of dormancy, and any service fees that are applied after this time must be waived and put back on the card if the card is used within three years of the issue date. No gift card may have an expiration date of earlier than five years from the date the card was issued or the [...]Read more

Federal Tax Advisory: Stock Dividend Foot Faults

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Beware of the unexpected application of Section 305 to your stock distributions. Our Federal Tax Group serves up examples of useful tools to use.

Read the full advisory by clicking here. 

Killing the Killer B: The Treasury and IRS Issue a Sixth Set of Rules on Killer B Transactions

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The Treasury looks to slay Killer B transactions with its newest rules. Our International Tax Group follows the trail of glitches in the regulation.

Read the full advisory here.

Unclaimed Property Advisory: New York Puts Coal in Gift Card Issuers’ Stockings with New Rules

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Our Unclaimed Property Group explains how, effective December 25, New York will further restrict gift card service fees, limit card expiration dates and require additional terms and conditions to be clearly and conspicuously stated.

Read the full advisory here.

Another Wynne for Taxpayers: Unconstitutional Limitations on Credits for Taxes Paid to Other States

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Clark Calhoun explores the implications of a decision from the U.S. Supreme Court in an article published in IPT Insider. (See p. 10 of the linked document.) In Comptroller of the Treasury of Maryland v. Wynne, the U.S. Supreme Court declared Maryland’s income tax credit scheme unconstitutional, holding that the state’s failure to provide a full credit for the state and local taxes paid to other states was internally inconsistent and, therefore, violated the dormant Commerce Clause. Calhoun's article focuses on a similar tax credit issue, the constitutionality of which seems highly suspect [...]Read more