Tax Law News and Insights

The Treasury Department and the Internal Revenue Service (IRS) have provided additional guidance to taxpayers regarding various aspects of the Opportunity Zone program1, releasing a second round of proposed regulations on April 17, 2019. The proposed regulations respond to a variety of concerns raised by stakeholders in public comments and...

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A bill before the California legislature seeks to impose an estate tax of 40% on the net value of a decedent's estate in excess of $3.5 million, with a credit for all federal estate taxes paid by the estate. Background In 2017, as Congress debated legislation that ultimately became the...

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On March 21, 2019, the IRS announced it is temporarily suspending two revenue rulings addressing tax-free spinoffs. The suspended rulings had arguably required the distributing corporation and the spun-off corporation to each independently generate current revenue. This development is welcome news for life sciences, technology, and other R&D-focused business organizations...

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