In Camp v. Robinson, No. 10609D, (La. Bd. Tax App. June 13, 2018), the Louisiana Board of Tax Appeals (the “Board”) held that Louisiana’s Individual Net Capital Gain Exclusion applies to a multi-step transaction. In so holding, the Board read more broadly the scope of the transactions to which the capital gain exclusion may
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Louisiana Department of Revenue Undeterred by Rulings in Favor of Taxpayers; Continues Severance Tax Audits and Assessments of Oil Producers
Over the last two or more years, the Louisiana Department of Revenue (the “Department”) has audited oil and gas producers operating in the state for severance-oil tax compliance. Of the completed audits, a significant number have resulted in a formal assessment, and many of those assessments are the subject of current, ongoing litigation. The Department
Louisiana Department of Revenue Issuing Arm’s Length Transfer Pricing Adjustments
The Louisiana Department of Revenue (the “Department”) has joined the ranks of cash-strapped states looking to raise additional corporate tax revenue through scrutinizing transfer pricing and proposing adjustments. In transfer pricing audits, the Department looks at transactions between related parties (having common ownership) and seek to determine whether the transactions are priced as they would
The Tax Cuts and Jobs Act (TCJA) and Its Impacts on Businesses and Individuals
Overview
On December 22, 2017, President Trump signed into law H.R.1, also known as the Tax Cuts and Jobs Act (the “TCJA”). The TCJA makes the most significant and sweeping changes to the federal taxation of business and individuals in more than a generation. Due to the unusual speed with which the TCJA went through
EPA Approves Emergency Fuel Waiver for Areas in Louisiana in Response to Hurricane Harvey
On August 28, 2017, the Environmental Protection Agency (“EPA”) approved an emergency fuel waiver for areas for Louisiana affected by Hurricane Harvey. The waiver is an effort to minimize or prevent problems with the supply of gasoline. Sixteen parishes in the state are required to sell low Reid vapor pressure (“RVP”) gasoline,[i] having a
Governor Edwards Proposes Comprehensive Louisiana Tax Reform Package
On March 29, 2017, Louisiana Governor John Bel Edwards released the broad outlines of his Louisiana tax reform proposal (the “Tax Reform Proposal”), which he promoted as a comprehensive plan to stabilize Louisiana’s budget and avoid future mid-year budget cuts. The Governor’s plan includes individual income tax, sales and use tax, corporate tax, and tax
SEC Changes the Regulatory Landscape of Intrastate and Regional Securities Offerings – Rule 147 Amendments Become Effective April 20, 2017
On October 26, 2016, the SEC adopted final rules that (1) modernize Rule 147, (2) create a new Rule 147A, (3) amend Rule 504, and (4) repeal Rule 505 (collectively, the “Amendments”). The adopting release can be found here. Several of the significant changes brought about by the Amendments are broadly summarized below.
Modernization of Rule
Delaware Court of Chancery Provides Additional Guidance on the Application of the Business Judgment Rule in the Context of a Controller Buyout
In In re Books-A-Million, Inc. Stockholders Litigation, the Delaware Court of Chancery dismissed a suit by minority stockholders (the “Plaintiffs”) alleging that several fiduciaries breached their duties in connection with a squeeze-out merger (the “Merger”) through which the controlling stockholders of Books-A-Million, Inc. (the “Company”) took the Company private.[1] The decision, authored by Vice Chancellor J. Travis Laster, provides additional guidance
Effective Immediately, EPA Withdraws Information Collection Request for Methane Emissions from Existing Oil & Gas Sources
On March 2, 2017, the EPA withdrew its information collection request (ICR) regarding methane emissions from existing oil and gas facilities. EPA finalized and issued the underlying ICR on November 10, 2016. Since that time, EPA sent letters to thousands of owners and operators in the oil and gas industry, requiring them to complete surveys
The Pros, Cons and Quirks of Arbitration
By the Kean Miller Construction Team
Conventional wisdom holds that arbitration is a more preferable mechanism for dispute resolution than full-blown litigation in the court system. Knowing nothing else about the particulars of a particular dispute, if arbitration is available as an alternative to state or federal litigation, we generally advise our clients to arbitrate.