SALT & Pepper
Recent Decision in Ampal Confuses Issue Whether Bankruptcy Trustee Can Avoid Extraterritorial Transfer
April 19, 2017
Authored by: Eric (Rick) Rein
In:
International Asset RecoveryIn a ruling recently decided by the U.S. Bankruptcy Court for the Southern District of New York, Spizz v. Goldfarb Seligman & Co. (In re Ampal-Am Israel Corp.), 562 B.R. 601 (Bankr. S.D.N.Y. 2017), that court disagreed with other courts both within and outside its own district to rule that the avoidance provisions of the Bankruptcy Code do not apply outside the U.S. because, based on the language in the provisions, Congress did not intend for them to apply extraterritorially.
Read MoreA Long Time in the Making: Illinois (Finally) Proposes Draft Regulations to Clarify the Reasonable Compensation Deduction
March 16, 2017
Authored by: David Hughes and Samantha Breslow
In: State & Local Tax (SALT)In January 2017, the Department of Revenue took steps to clarify the scope of the Reasonable Compensation Deduction by proposing draft regulations. Despite the admirable intention of the Department, the proposed regulations nevertheless only seem to shine a dim flashlight on the opaque statute.
Read MoreAnother Dakota Takes on Physical Presence
March 10, 2017
In: State & Local Tax (SALT)On 3/16/17, the Sixth Judicial Court of South Dakota overturned the State’s recently-enacted remote sales tax law. In striking down the economic nexus standard, the court specifically stated that it was bound to follow the United States Supreme Court’s decision in Quill Corp. v. North Dakota, 504 U.S. 298 (1992) because that case was directly controlling.
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