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Member News
Member News
27
May
On May 25, 2021, Customs and Border Protection (CBP) and the Department of State (DOS) announced that U.S. citizens will be able to return to the United States on an expired U.S. passport from May 21, 2021 through December 31, 2021. This will apply only to U.S. citizens who meet the following criteria:
are currently abroad seeking to return to the United States
are flying directly to the United States, a U.S. territory, or have only short-term transit (connecting...
27
May
Private markets have seen an unprecedented growth triggered by the macroeconomic scenario. There has been an exponential expansion of private markets deals with a subsequent increase of investment opportunities in private assets with a risk/return profile better suited to deal with the expected uncertain and volatile scenarios of public markets. However, the lack of specific regulations makes the exploitation of, and access to, investments in private opportunities difficult. In fact, existing alternative investment opportunities can only be subscribed by...
27
May
Tax Court, however, disagrees with taxpayer on value of the receivable.
In the May 13, 2021, decision in the Estate of Clara M. Morrissette, the U.S. Tax Court (T.C. Memo 2021-60) struck down the Section 2036, 2038, and 2703 arguments put forth by the IRS pertaining to split-dollar receivables; however, Judge Joseph Robert Goeke made significant adjustments to the value of the receivables.
Background
The IRS issued a $39.4 million deficiency with respect to the estate of Clara M. Morrissette, increasing the fair...
26
May
In this week’s Roar, we’ve got China-Europe freight trains helping the fight against COVID-19, rapidly increasing ocean shipping delays, the industry’s impending peak season, efforts to cut supply chain waste, and the rise of sustainable aviation fuel.
First, there’s something interesting happening with the China-Europe freight trains located in the Lianyungang, Jiangsu province. They are not only providing safe and reliable international transportation, but they’re also helping the global fight against the coronavirus pandemic. According to China Daily, they carried 3 million doses...
26
May
On 18 May 2021, the EU Commission published a Communication on Business Taxation for the 21st century (“the Communication”).
The Communication sets out both a long-term and a short-term vision to support the EU’s recovery from the COVID-19 pandemic, creates a fair and sustainable EU tax business environment, and takes account of the ongoing work on international corporate tax reform at OECD level.
Corporate taxpayers are expected to be significantly impacted by the proposed framework, in particular the new framework for income taxation...
24
May
With the help of our members, this thought-leadership series focuses on explaining what businesses should expect from the new reality of Brexit - in essence, with "Brexit, What's Next?". Today, we present Rachel Brandenburger, Senior Advisor & Foreign legal Advisor to HOGAN LOVELLS US LLP (admitted in England & Wales) and Visiting Research Fellow, Institute of European & Comparative Law, University of Oxford, who will address: “UK competition law enforcement after Brexit – divergence from the EU?”. |
Introduction
On January 31,...
24
May
With the help of our members, we are creating a Thought-Leadership series on important factors to take into consideration when ‘Moving to the United States’. Today, we present Lena Beck Rørvig, Founder & CEO of BECK GLOBAL CONSULTING, who will address: “The Cultural Adjustment Curve”. |
Mark, a British executive, was excited for his new career opportunity to move from the United Kingdom to New York. His wife was not particularly pleased to go since she was not 100% sure if she would...
24
May
This article is part of Portolano Cavallo’s “INFORM@Corporate” Newsletter. Click here to subscribe. |
1. Introduction
The Court of Milan has recently ruled, that breaches of representations and warranties on the target’s business and its assets (so called “business warranties”) cannot trigger the termination of the shares purchase agreement pursuant to section 1497 of the Italian Civil Code. This Section, generally applicable to any sale-purchase agreement, reads “when the goods sold do not have the qualities promised or the qualities essential for the intended...
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