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Kathleen Cornett

About Kathleen Cornett

Kathleen Cornett is an associate on the Alston & Bird State & Local Tax Team. She focuses her practice on federal, state, and local tax controversy matters, as well as unclaimed property issues.

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Pushing Beyond the Limit: Examining the Scope of Subpoenas Issued During Unclaimed Property Audits

July 28, 2020 By Josh Labat, Matt Hedstrom, Kendall Houghton, Michael Giovannini, Kathleen Cornett, Maryann Luongo and Ethan Millar

A Delaware court quashed a subpoena aimed at an unclaimed property holder, but the victory may be short-lived. Our Unclaimed Property Team explores the latest court decision addressing a subpoena for records dating back to the 1990s. The subpoena asked for every check issued from 27 accounts over 20 years, including cleared and voided checks and checks issued to payees in other statesThe court found the subpoena too expansive and unreasonableThe third-party auditor’s incentives and motives were called into question Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: AT&T, Delaware, Delaware Court of Chancery, Kelmar, Section 1172(c), State of Escheator, subpoena, Univar

New York Assembly Introduces a Bill on the Escheat of Virtual Currency

June 25, 2019 By Kendall Houghton and Kathleen Cornett

New York Assembly Bill 8314, introduced on June 13, 2019, would provide for the escheat of virtual currency. The bill, which also directs the comptroller to create regulations establishing when electronic communication qualifies as “written contact” from an owner, defines “virtual currency” as “any type of digital unit that is used for  a  medium of exchange or a form of digitally stored value.” The definition is meant to be broadly construed and includes decentralized currencies and those with a central depository or administrator. However, the bill excludes online gaming currencies, [...]Read more

Filed Under: Unclaimed Property Tagged With: cryptocurrencies, New York Assembly, Unclaimed property, virtual currency

Colorado’s New Revised Uniform Unclaimed Property Act Should Prompt Holder Action

April 17, 2019 By Michael Giovannini and Kathleen Cornett

Our Unclaimed Property Team examines the potential adverse impacts on holders as Colorado joins the list of states updating their unclaimed property laws by adopting a version of RUUPA that repeals its existing $25 reporting deduction but preserves the state’s existing treatment of gift cards.

Impacted holders should consider redomestication
Will the state apply the repeal retroactively and attempt to claw back deducted funds?
Gift cards and gift certificates – maintaining the status quo

Read the fill advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: $25 reporting deduction, Colorado, gift card, RUUPA, Unclaimed property, UP

Delaware’s Escheats Law Is Back in Court

December 10, 2018 By Charles Wakefield and Kathleen Cornett

Our Unclaimed Property Group examines the latest challenge to Delaware’s Escheats Law, regulations, and audit practices.

Lawsuit in response to state subpoena of holder’s records
Substantive challenge to audit practices even after recent Escheats Law amendments
Comparison to Plains All American Pipeline and Temple-Inland

Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: Delaware Escheat Law, District Court of Delaware, Due Process, Equal Protection, Ex Post Fato, federal common law, Fourth Amendment, Kelmar, perceived profitability, Takings Clause, Univar Inc

Controlling Interest Transfer Taxes (Part Two)

October 24, 2018 By Clark Calhoun and Kathleen Cornett

Some states impose a controlling interest transfer tax (CITT) in a simple, straightforward manner, but, as a whole, most states’ CITT statutes suffer from ambiguous terms, complicated calculations, and a lack of guidance. Even the states with seriously solid music scenes. In their second article for the Journal of Multistate Taxation and Incentives reviewing states’ CITT statutes (you can find the first one here), Clark Calhoun and Kathleen Cornett discuss the remaining nine states (including the District of Columbia) that tax the transfer of a controlling interest in an entity that owns real [...]Read more

Filed Under: State & Local Tax Tagged With: CITT, controlled interest transfer tax

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