Unanimous Supreme Court Sides with IRS that a Corporation’s Redemption Obligation Is Not a Liability That Offsets the Value of Life Insurance Owned by the Corporation

Unanimous Supreme Court Sides with IRS that a Corporation’s Redemption Obligation Is Not a Liability That Offsets the Value of Life Insurance Owned by the Corporation

The Supreme Court resolved unanimously a common estate tax issue for many closely-held companies. The issue in Connelly v. United States was “whether the corporation’s obligation to redeem [a deceased shareholder’s shares] was a liability that decreased the value of those shares.” The court concluded it was not. Family-owned companies will often purchase life insurance […]

Recent D&O Claims Developments

Recent D&O Claims Developments

The D&O claims environment is now in an unusually uncertain state. A fragile U.S. economy, a struggling global economy, high inflation and interest rates, a tight labor market, the collapse of several large crypto firms, and unpredictable fuel costs will likely create a material increase in D&O claims activity in a wide variety of industries. […]

Insurance Issues Arising After Mass Shooting Occurrences

Insurance Issues Arising After Mass Shooting Occurrences

There is no question that mass shooting incidents in this country are unfortunately continuing at a staggering pace. As of April 29, the crowd-sourced “Mass Shooting Tracker” project, which considers a mass shooting to include a single incident in which four or more people are shot in any incident, lists 163 incidents that fit this […]

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Insights

Leaving a Legacy Through Charitable Giving

Americans have a history of being the most generous individuals in the world, giving an estimated $370 billion to charity in 2015 alone. Most donors engage with their nonprofits of choice during their lifetime with direct gifts of money and... Read More

A Summary of the SEC and Ohio Crowdfunding Provisions

On May 16, 2016, the U.S. Securities and Exchange Commission's much-anticipated Regulation Crowdfunding took effect. Read More (PDF) Read More

Delaware Temple-Inland v. Cook Litigation Update

In May of 2014, we reported about the lawsuit that Temple-Inland, Inc. filed against the State of Delaware in federal court for the District of Delaware challenging Delaware’s unclaimed property audit and enforcement procedures (“Lawsuit”). The Lawsuit generally alleged that... Read More

Dan Bailey Provides an Update on Recent D&O Claims Developments

The D&O claims environment is now in an unusually uncertain state. The COVID-19 pandemic created aberrational D&O claims data, so it is difficult to predict future claims activity based on that data. It appears much of the recent claims data... Read More

President Obama Signs Federal Trade Secret Law

On May 11, 2016, President Obama signed into law The Defend Trade Secrets Act ("DTSA"). Effective May 12, 2016, the DTSA amended The Economic Espionage Act to allow a new civil action in federal court for the misappropriation of trade... Read More

Recent NLRB Rulings Cause Employers To Review Work Rules And Social Media Policies

The National Labor Relations Board ("NLRB") has recently expanded the rights of employees to use social media to publicize disputes with employers, including non-union employers. All employers should review their work rules and their social media policies to determine if... Read More

Online Retailer Updates

This Client Alert highlights new legal developments impacting our retail clients conducting e-commerce sales over the Internet. FTC's Mail, Internet, or Telephone Order Rule On September 11 , 2014, the Federal Trade Commission ("FTC") approved amendments to the Mail, Internet,... Read More

Retail Legal Updates

This client alert highlights new legal developments impacting our retail clients conducting business in the States of California and New Jersey. CALIFORNIA California's State-wide Single-use Carryout Bag Ban The State of California recently passed the first ever state­ wide single-use... Read More

New Jersey Gift Card Law Updates

This client alert discusses pending legislation in the New Jersey legislature affecting gift cards. Introduced on June 16, 2014, Senate Bill No. 2235 (the "Bill") aims to eliminate New Jersey's zip code collection requirement for gift card purchasers currently slated... Read More

An Important New Asset Protection Tool: The Ohio Legacy Trust Act

Ohio House Bill 479, which was recently signed into law by Governor Kasich, permits the creation of a new type of trust in Ohio, the "Legacy Trust", allowing an individual to more effectively shield assets from future creditors. Historically, if... Read More

Ohio’s Commercial Activity Tax: Don’t Let the CAT Get Your Tongue

Over a decade ago, Ohio fully phased in the Commercial Activity Tax (“CAT”) which replaced the business franchise tax and the personal property tax.  The CAT functions as a business privilege tax measured by gross receipts on commercial activities.  Taxable... Read More

Ohio Senate Bill 246: Pass-Through Entity Tax and the New Ohio SALT Cap Workaround

Ohio Governor Mike DeWine recently signed Senate Bill 246, which will save many Ohio taxpayers thousands of dollars in federal income tax. Senate Bill 246 (the “Bill”) functions as a workaround to the $10,000 state and local tax (SALT) itemized... Read More

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