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Bryan Cave: Tax News and Developments - Fall 2012

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Tax News and Developments - Fall 2012

Bryan Cave
November 5, 2012
36 pages

In this Issue:

Guidance issued for FATCA Compliance
REITs and Distressed Debt
IRS Issues Temporary Regulations Under Section 7874 Establishing Bright-Line Rule for Substantial Business Activities Test
The IRS Finally Approves Deductibility of Contributions to LLCs Wholly Owned by Domestic Section 501(c)(3) Organizations
Notice 2012-39 Provides New Rules for Outbound Transfer of Intellectual Property
Setting Up a Business in the UK: Basic Rules and Rates of UK Taxation
China Export Tax Refund Regulation Update

Corporate Tax Regulation & Guidance

Kilpatrick Townsend: Stock Sale with an Asset Basis Step Up: New Alternative to the Section 338 Election

May 21, 2013 Section 336(e) & Disposition of Subsidiary Stock

Sullivan & Cromwell: Tax Election to Treat Disposition of Stock of a Subsidiary as a Sale of Its Assets

May 17, 2013 Section 336(e) & Disposition of Subsidiary Stock

Wilson Sonsini: IRS Issues Final Regulations Treating Qualified Stock Dispositions as Asset Sales

May 16, 2013 Section 336(e) & Disposition of Subsidiary Stock

IRS Proposes to Expand the Definition of "Publicly Traded" Debt

Paul Hastings: Treasury Issues Proposed Regulations Expanding the Definition of Publicly Traded Property

Venable: New Regulations on Debt Instruments – They Give a Little and Take a Little

Cleary Gottlieb: Treasury and IRS Publish Proposed Tax Regulations Affecting Debt Exchanges and Restructurings

Report of Foreign Bank and Financial Accounts (FBAR)

Willkie Farr & Gallagher: Treasury Department Extends FBAR Deadline Until June 30, 2014 For Certain Filers

Ropes & Gray: FBAR Filing Deadline Further Extended to June 30, 2014 for Certain Employees and Officers with Signature Authority Over Foreign Financial Accounts

Sullivan & Cromwell: Reporting Requirements for Foreign Financial Accounts: FinCEN Releases Notice Extending Deadline to June 30, 2014 for Certain Signature Authority Filers

Using Net Operating Losses (NOLs)

Pepper Hamilton: Bankruptcy PLR with NOL Preservation Result

Pepper Hamilton: New Chief Counsel Advice on Coordinated Acquisitions for Section 382 Purposes Raises Concerns

Pepper Hamilton: Section 382 Issues Raised in an Acquisition of a Loss Corporation by a Private Equity Group

IRS Guidance On Loan Origination By Foreign Entities

Troutman Sanders: IRS Issues Guidance on When Lending Activity By An A Non-U.S. Person May Subject It To U.S. Income Taxation

Arnold & Porter: Loans by Offshore Entities to US Borrowers May Constitute Effectively Connected Income

Freshfields Bruckhaus Deringer: Offshore funds engaged in U.S. trade or business

Proposed IRS Rules Would Clarify Federal Tax Treatment of Series LLCs

Pepper Hamilton: Traditional Choice of Entity Principles Apply to a Not-So-Traditional Entity [Domestic Series LLCs]

Alston + Bird: Classification of Series and Cell Companies

White & Case: IRS Issues Proposed Regulations on the Federal Tax Classification of Series and Cells Established by Domestic Series Limited Liability Companies and Domestic Protected Cell Companies and Foreign Series or Cells Engaged in Insurance B

Taxation of Carried Interests

Kelley Drye: Obama Pushes Carried Interest to the Fore of U.S. Tax Policy Debate

Willkie Farr & Gallagher: Preparing for the Possible Enactment of Carried Interest Legislation

Kramer Levin: NYC DOF Discontinues Investment Fund Audit Position

Reporting of Uncertain Tax Positions (UTPs)

Sutherland: Bringing Certainty to an Uncertain Tax Position: IRS LB&I Directive Addresses Partial Worthlessness Deductions Claimed by Insurance Companies

Alston + Bird: Dealing with Financial Auditors and Schedule UTP

Vinson & Elkins: The Uncertain World of Uncertain Tax Position Disclosures and Privilege

IRS Eases Loan Modification Rules for REMICs

Sidley Austin: New Revenue Procedure Makes It Easier for REMICs to Release Liens in the Case of Commercial Mortgage Loans Secured by Multiple Real Properties

Dechert: IRS clarifies REMIC regulations and provides safe harbor for certain property release transactions

Kaye Scholer: IRS Issues Revenue Procedure Providing Additional Guidance on Qualified Status of Mortgage Loans held by REMICs — Expansion of "Lien Release Rules"

Form 990: Annual Report for Charities/Non-Profits

McGuireWoods: 2012 Changes to the Form 990 for Exempt Organizations

McDermott Will & Emery: The 2011 Form 990: More than Simple Tinkering at the Margins

McGuireWoods: IRS Releases 2011 Form 990 for Exempt Organizations

IRS Relief for REITs

Mayer Brown: Extension of Stock Dividend Safe Harbor for US REITs and RICs

Latham & Watkins: Revenue Procedure 2010-12 Extends Guidance Allowing Real Estate Investment Trusts to Preserve Cash While Satisfying Distribution Requirements

Sidley Austin: Legal Considerations for REITs Paying Cash and Stock Dividends

Mark-to-Market Accounting, FAS 157 & EESA

Quarles & Brady: Bankers Call for Elimination of Fair Value Accounting

Morrison & Foerster: PCAOB Issues Staff Audit Practice Alert on Fair Value Determinations and OTTI

Debevoise & Plimpton: FASB Issues Guidance on Fair Value Determination in Illiquid or Inactive Markets

IRS Section 457A: Deferred Offshore Income

Ropes & Gray: Deadline For Grandfathered Deferrals Payable After 2017

Mayer Brown: Section 457A Transition Relief Amendment Deadline

Sidley Austin: Section 457A Amendment Deadline Approaching

Debt Issuers Get Break on AHYDOs

DLA Piper: IRS extends suspension of AHYDO limits

King & Spalding: New Tax Law Changes Intended to Facilitate Debt Restructuring

McGuireWoods: Stimulus Act Enhances Flexibility in Debt Restructuring by Temporarily Suspending the AHYDO Rules

IR Code Section 355 and "Hot Stock" Rules

Skadden: New Section 355 No-Rule Policies

Alston + Bird: World’s Longest Letter Ruling

SNR Denton: Flexibility Created for Pre-Spin-Off Taxable Corporate Acquisitions

IRS Guidance on Electing Investment Tax Credit in Lieu of Production Tax Credit

Mintz Levin: IRS Provides Guidance on Electing Investment Tax Credit in Lieu of Production Tax Credit

Duane Morris: IRS Issues Guidance on Electing Investment Tax Credit in Lieu of Production Tax Credit for Specified Renewable Energy Property

Greenberg Traurig: IRS Provides Guidance on Claiming Investment Tax Credits for Wind, Biomass, Geothermal and other Production Tax Credit Facilities

IRS On Production Tax Credit

Chadbourne & Parke: IRS Speaks on Start of Constructions

Mayer Brown: Production Tax Credit for Wind Energy and Bonus Depreciation Extended, Cuts to Section 1603 Cash Grant Program Delayed

Winston & Strawn: Update Regarding “Binding Contracts” For Purposes of Internal Revenue Service Notice 2013-29

IRS's Section 48: ARRA Renewable Energy Tax Credit

Nixon Peabody: Additional funding available for Section 48C Advanced Energy Manufacturing Tax Credits

Dechert: Tax Credits for Alternative Energy Manufacturing Facilities Just Announced

Duane Morris: DOE and Treasury Announce Availability of $2.3 Billion in ARRA Tax Credits for Investments in Qualifying Advanced Energy Projects

IRS's Section 403(b) & Tax-Deferred Annuity Plans

Morgan Lewis: New Opinion and Advisory Program for Pre-Approved 403(b) Plans

McGuireWoods: Tax-Exempt Employers Will Be Able to Adopt Pre-Approved 403(b) Plan Documents

McDermott Will & Emery: IRS Issues Procedures for Securing Favorable Opinions on Pre-Approved 403(b) Programs