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Letters of Wishes: An Administrative and Moral Headache in Disguise?02/04/2020

Trustees may have difficulties determining whether to make distributions when the grantor’s intentions are unclear.

Current Treatment of Mareva Injunctions in Canada01/29/2020

A Mareva injunction freezes a defendant’s assets to avoid their dissipation and to enable a judgment to be later satisfied. 

Cybersecurity Preparedness01/29/2020

As 2020 kicks off, cybersecurity remains ever present in the news whether its predictions for cyberattacks in conflict between state actors, such as the United States and Iran, or the recent New York Times report regarding a possible hack at the Ukrainian gas company at the heart …

SEC Proposes Changes to Accredited Investor Standard and Assesses its Impact on the Marketplace01/09/2020

In December 2019, the Securities and Exchange Commission (the “SEC”) proposed amendments to the definitions of “accredited investor” and “qualified institutional buyer”.

Illinois House Bill Requires Public Corporations with Principal Executive Offices in Illinois to Report to Secretary of State01/07/2020

House Bill 3394, approved by the Governor on August 27, 2019 and effective immediately (Public Act 100-589), amends the Business Corporation Act of 1983 (“BCA”) to add new Section 8.12 and amend Section 14.05.

Developments Offshore In Third Party Disclosures in Wrongdoings (Norwich Pharmacal Relief)01/06/2020

In the last several years to assist tracing of assets and discovery of perpetrators, courts in English common law countries have shown a willingness to assist victims by ordering third parties to disclose information through discovery about wrongdoings under Norwich Pharmacal relief.

Recent Circuit Court Decisions Extend The Breadth of Section 1782 U.S. Discovery in Foreign Proceedings10/31/2019

A federal district court may order discovery under 28 U.S.C. Section 1782 “for use in a proceeding in a foreign or international tribunal” upon application by any “interested person”.

Applying the Chicago Lease Transaction Tax to “Cloud” Software Products09/11/2019

In a prior post, I explained the basics of the Chicago Personal Property Lease Transaction Tax (“Transaction Tax”), including the applicability of the tax to tangible personal property and software, potentially applicable exemptions and exclusions from the tax, and collection issues. This follow-up post in …

State Tax Developments for Pass-Through Entities, Apportionment of Income for Corporate Partners06/18/2019

State taxation of corporate partners in multistate partnerships raises interesting issues. In many circumstances, the corporate partner is subject to multistate taxation and is therefore engaged in the process of allocating and apportioning its income on a multistate basis.

BVI Scales Back Stand-Alone Injunctions06/12/2019

In 2009 in Black Swan Investment ISA v. Harvest View Limited BHVC (Com) 2009/399, the court established the principle that a court can act in aid of foreign proceedings where it can be shown that there is property situated in BVI which belongs to the …

Second Circuit in Madoff Enables Trustee To Recover Under Bankruptcy Code For Fraudulent Transfers Initially Sent Offshore from the U.S.02/28/2019

On February 25, 2019, the Second Circuit in the Madoff liquidation decided that Sections 548 and 550 of the Bankruptcy Code can be applied extraterritorially to recover fraudulent transfers. There, offshore feeder funds were recipients of investors’ fraudulent transfers and contended that U.S. fraudulent transfer …

Employers Beware: The Cannabis Laws, They Are A-Changin’02/26/2019

Of course, laws are changing all the time. But with medical marijuana laws being enacted in states around the country at a quick pace, the list of shifting rights and obligations related to the workplace is growing like a weed. Two recent cases highlight wins …

Mareva Injunctions in Aid of Foreign Proceedings in Singapore02/18/2019

Singapore has become a financial and business center in Asia, which means that a number of foreign companies and individuals have assets there. Until now, the question of whether a Singapore court has the power when a dispute is being litigated in a foreign court …

Illinois’ Income Taxation of Foreign Income01/29/2019

With the Tax Cuts and Jobs Act (TCJA), many taxpayers have begun to focus on the manner in which states tax foreign income. Illinois? taxation of foreign income is fairly in line with most other states. However, given how much states can diverge on this …

Chicago and Cook County Amusement Tax01/08/2019

Although the Chicago and Cook County amusement tax are imposed similarly on taxpayers, they are independently administered taxes that feature key differences. Both the Chicago Amusement Tax Ordinance and Cook County Amusement Tax Ordinance impose the tax “upon the patrons of every amusement” within the …

Obtaining Jurisdiction Over a Foreign Corporation for Section 1782 Discovery is Becoming Extremely Difficult01/07/2019

Pursuant to 28 U.S.C. Section 1782, a party may apply to conduct discovery in the U.S. for use in foreign proceedings. In a recent decision from the U.S. District Court for the Southern District of New York, In re Ruiz, 2018 U.S. Dist. Lexis 180262, …

Cook County Taxes: Parking Lot and Garage Operations Tax12/11/2018

The “Parking Lot Tax” has recently been targeted by the Cook County Department of Revenue. In the past 3-5 years, we have seen a significant uptick in the Department’s audit activity, and challenges to Taxpayer positions. Their efforts have primarily focused on the enforcement of …

Illinois Corporate Income Tax- Apportioning Insurance Company Income11/27/2018

In a previous post, we addressed the basics of Illinois corporate income tax apportionment. We also addressed how while most corporations are required to follow the standard statutory formula, the state imposes unique rules on a number of industries, including financial organizations. In addition to …

A Multistate Perspective on Taxation of Digital Products11/13/2018

In a General Information Letter published in 2017, Illinois addressed how its taxation of canned and custom software would apply to cloud computing. The state explained that software as a service (SaaS) is not subject to the Retailers’ Occupation Tax, and SaaS providers are instead …

Tenancy by the Entirety Not a Defense to a Mortgage Foreclosure Case When Both Spouses Signed Letter of Direction to Trustee of Land Trust11/04/2018

In  Marquette Bank v. Gesiakowski, et al., 2015 IL App (1st) 142627, the Illinois First District Appellate Court recently ruled in favor of a lender in a mortgage foreclosure case that resolved interesting issues regarding a mortgagee's ability to foreclose on real estate held in a land trust, when the beneficial interest in that land trust is held by spouses as…

Illinois’ Taxation and Apportionment of Partnership Income Earned by Corporate Partners10/30/2018

Partnerships are not subject to the Illinois Income Tax. Instead, partners are taxed individually on their distributive shares from a partnership. For nonresident individual partners, only their pro rata share of the partnership’s income apportioned to Illinois is taxable. Corporate partners may be required to …

The Illinois Franchise Tax10/09/2018

The Illinois Franchise Tax is a weird tax. It is imposed on the privilege of exercising a franchise in Illinois or, in the case of foreign corporations, for the authority to transact business in the state. It is administered by the Illinois Secretary of State, …

Canada Provides Helpful Guidelines When Mareva Injunction Can Be Granted Without Notice10/08/2018

Ontario’s Divisional Court in 2092280 Ontario Inc. v. Voralto Group Inc., 2018 ONSC 2305, confirmed the requirements in obtaining an injunction on the dissipation of assets without notice.

Illinois Motor Fuel Taxes09/25/2018

Like many states, Illinois and a number of Illinois localities impose motor fuel taxes. Although these taxes are each generally similar, they function slightly differently and are administered by different agencies. It is important not only for retailers of motor fuel, but any business that …

Application and Abatement of Penalties in Chicago and Cook County09/11/2018

For taxpayers surprised to find their business caught in the crosshairs of a Chicago or Cook County audit, substantial penalties can also be an alarming challenge. In a prior post, I outlined penalties assessed by the Illinois Department of Revenue (“Department”), the basis for relief, …

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