SALT & Pepper

  • Developments in Estate Valuations and C Corporations

    On August 4, 2014, the U.S. Tax Court issued a final decision in the case of Estate of Franklin Z. Adell v. Commissioner (T.C. Memo 2014-155). The case involved Franklin Z. Adell, deceased. At the time of his death, Franklin owned 100 percent of the stock of STN.Com, a cable uplinking company. STN had only one customer, The Word network. The Word is a broadcast network managed by Franklin's son, Kevin. Nearly all of STN's revenue came from its contract with The Word network. Upon Franklin’s death, Kevin became the President of STN...
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  • Quinn Signs the Illinois Amazon Tax into Law

    Quinn signed into law the Illinois "Amazon tax" that requires the online retailer with affiliates in Illinois to collect a “use tax” for all sales to Illinois customers. Illinois' first attempt at an Amazon law was struck down by the Illinois Supreme Court under the U.S. Constitution’s Supremacy Clause, which prohibits States from passing laws that conflict with federal law. Illinois’ original affiliate tax fell because it directly conflicted with the Internet Tax Freedom Act, a federal law that prohibits discrimination against electronic commerce...
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  • Taxing and Legitimizing the Sharing Economy

    The so-called “sharing economy” has recently gained a lot of steam. This model, which helps owners of nascent high value assets pair up with possible users of those assets, has been cited among the most dynamic and exciting types of start-ups over the past few years. In fact, just this Monday, Illinois Governor Pat Quinn vetoed legislation that would have seriously restricted the extent to which the ride sharing app Uber may do business in the state, citing a fear of stifling innovation. As is often the case, however, the dynamism of these new business models appears to be clashing with the archaic regulations and taxes which might govern the industries upon which these “sharing” businesses are encroaching.
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About HMB Law

Welcome to HMB's SALT & Pepper blog. As the title suggests, this blog tracks important and emerging issues, trends and developments that affect our clients not only in State and Local Tax (SALT) but also in other disciplines and industries. This blog is designed to be a helpful resource. We hope our readers will find it practical, insightful and valuable.

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