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Partnerships

Partnership Abuse of Entity Rule Invoked in Section 367(d) Outbound IP Transaction

May 15, 2019 By Edward Tanenbaum, Jasper L. (Jack) Cummings, Jr. and Daniel Reach

Our International Tax Group explores a recent, heavily redacted Chief Counsel Advice applying the partnership abuse of entity rule to a Section 367(d) outbound IP transaction. Outbound IP transfers and Section 367(d) The partnership abuse of entity rule Interaction between the partnership abuse of entity rule and Section 367(d) successor rules Read the full advisory here. [...]Read more

Filed Under: International - Outbound, Partnerships Tagged With: international tax, Section 367

Tax Reform: Invitation to the Weekly Client Update from Alston & Bird

January 8, 2018 By Alston & Bird Tax Team

With tax reform officially upon us, our subject matter experts will take a deeper dive into areas that are critical to your business, such as corporate taxes, international issues, executive compensation and employee benefits, and partnerships.   The 2018 call-in series will kick off on Tuesday, January 9. All seminars will start at 11am ET and last approximately 30 minutes. Click here to RSVP and receive the dial-in information.   [...]Read more

Filed Under: Corporate - Federal, Corporate - State, Employee Benefits, Federal - Corporate Tax Planning, Federal Tax, Partnerships, Tax Policy, Tax Reform Tagged With: corporate, employee benefits, executive compensation, health & welfare, international tax, partnerships, section 965, Tax, tax reform

IRS Private Letter Ruling Holds that Pass-Through Interests in Mortgages Can Qualify as Registered Form Obligations

February 25, 2015 By Daniel Reach

In late January, the IRS issued a private letter ruling (P.L.R. 201504004) dealing with whether interests in a non-grantor trust and a partnership are considered to be in registered form, a precursor to qualification for payments thereon to the portfolio interest exemption. Although the ruling answers in the affirmative, it does not ultimately state whether the particular payments addressed in the ruling would be eligible for the portfolio interest exemption. To qualify for the portfolio interest exemption, and avoid U.S. withholding tax on payments of U.S.-source interest to a foreign person, [...]Read more

Filed Under: Financial Products and Securities, International - Corporate Tax Planning, International - Inbound, International Tax Alert, Partnerships, RICs, REITs and other Special Entities Tagged With: engaged in a US trade or business, grantor trust, PLR, portfolio interest exemption

Bigco Acquires Small Partnership for Stock, Tax Free

June 4, 2012 By Jasper L. (Jack) Cummings, Jr. and Edward Tanenbaum

LTRs 20122014, 20122015, 20122016, and 20122017, are identical rulings showing how the “control immediately after” requirement of section 351 really doesn’t mean that. They also show how to resolve the classic problem of a Bigco Corp. acquiring the corner grocery store tax free for Bigco stock, despite the fact that the grocery owners do not control Bigco and the grocery was not incorporated. Facts: Three individuals owned LLC, a partnership. Bigco wanted to acquire LLC for Bigco stock in a tax free exchange. We know that the individuals could not incorporate the LLC and reorganize [...]Read more

Filed Under: Corporate - Federal, Federal - Corporate Tax Planning, Mergers and Acquisitions - International, Partnerships

Home Concrete Decided: Taxpayer Wins

April 25, 2012 By Jasper L. (Jack) Cummings, Jr. and Edward Tanenbaum

On April 25, 2012 the Supreme Court ruled that the overstatement of the basis of property sold, resulting in a substantial understatement of gain, is not an omission from gross income, and so the three year and not the six year statute of limitations applied to the taxpayer’s assessment, meaning the assessment came too late. United States v. Home Concrete & Supply, LLP, 2012 U.S. LEXIS 3274, affirming, 634 F.3d 249 (4th Cir. 2011). Stare Decisis. The plurality opinion of Justice Breyer relied squarely on Colony, Inc. v. Commissioner, 357 U.S. 28 (1958), which appeared to have, and the [...]Read more

Filed Under: Controversies - Federal, Partnerships, Penalties

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