Federal Tax Advisory

State-Sponsored Liability Limitation Funds

July 1, 2020 By Jasper L. (Jack) Cummings, Jr.

Our Federal Tax Group examines an IRS letter ruling on a company’s ability to take advantage of Section 197 intangibles. What is a liability limitation fund, and how can a company receive payments?What “event” triggers payment?What advantage is gained? Read the full advisory here. [...]Read more

Federal Tax Advisory: Disaster Losses

June 1, 2020 By Jasper L. (Jack) Cummings, Jr.

With taxes, the present can affect the past. Our Federal Tax Group takes note of a little-known rule that could allow disaster losses from 2020’s COVID-19 pandemic to be used as losses for 2019. An introduction to Section 165(i)The expansion of Section 165(i)Expect guidance from Treasury Read the full advisory here. Alston & Bird has formed a multidisciplinary response and relief team to advise clients on the business and legal implications of the coronavirus (COVID-19). [...]Read more

Tax Determinations in Bankruptcy

May 5, 2020 By Jasper L. (Jack) Cummings, Jr.

For the May federal tax advisory, we considers the unclear tax powers of the bankruptcy courts and how the IRS won’t take any determinations too kindly. Prepetition tax claimsThe IRS’s constitutional and statutory defensesBankruptcy court powers in the Code Read the full advisory here. [...]Read more

IRS Issues COVID-19 Forbearance Guidance for REMICs and Investment Trusts

April 16, 2020 By Daniel Reach, Clay Littlefield and John Baron

Yesterday, our Federal Tax Group discussed a new Revenue Procedure from the IRS that provides useful real estate mortgage investment conduit (REMIC) and investment trust safe harbors for mortgage loan payment forbearances (and related modifications).

What safe harbors are available?
Which mortgage loan forbearance programs are eligible?
How are “related modifications” treated?

Alston & Bird has formed a multidisciplinary task force to advise clients on the business and legal implications of the coronavirus (COVID-19).

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

Downward Stock Attribution for CFC Purposes

April 2, 2020 By Jasper L. (Jack) Cummings, Jr.

Missing piece to CARES? Our Federal Tax Group excavates this missing piece and investigates how it would have restored what was repealed by the Tax Cuts and Jobs Act.

Restoration of Section 958(b)(4)
New Section 951B
A newly minted controlled foreign corporation (CFC) regime

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