Elliot Pisem

February 21, 2008 | New York Law Journal

Elliot Pisem and David E. Kahen, members of Roberts & Holland, write that taxpayers may find a silver lining in two opinions, in the form of confirmation of the courts' inclination to honor the expressed intentions of parties to a transaction as to the tax consequences of the transaction, where those intentions are clearly reflected in the parties' agreement and reconcilable with the relevant tax rules.

By Elliot Pisem and David E. Kahen

13 minute read

April 20, 2006 | New York Law Journal

David E. Kahen and Elliot Pisem, members of the law firm of Roberts & Holland, write that neither section 162(m), which limits the deductibility of compensation paid by a publicly held corporation to its CEO and its other four most highly paid officers to $1 million per year, nor the Regulations thereunder address the applicability of section 162(m) to compensation paid to a covered employee of a publicly held corporation by a partnership in which the publicly held corporation owns an interest.

By David E. Kahen and Elliot Pisem

9 minute read

December 18, 2008 | New York Law Journal

Elliot Pisem and David E. Kahen, members of Roberts & Holland, write that income earned under any "nonqualified deferred compensation plan" must be reported when it is no longer subject to a "substantial risk of forfeiture," even though not yet received, and is subject to a penalty tax and a penalty interest charge, unless the plan: requires that distributions may be made only at a pre-specified time or upon the occurrence of certain events, such as separation from service, disability, or a change of control of the employer; precludes the acceleration of payments under most circumstances; and requires that any "deferral election" be made only at prescribed times.

By Elliot Pisem and David E. Kahen

14 minute read

October 21, 2010 | New York Law Journal

David E. Kahen and Elliot Pisem, members of Roberts & Holland, review salient features of the final IRS regulations implementing new requirements that information concerning the adjusted basis of securities sold through a broker, and regarding whether any gain or loss from the sale is long-term or short-term, must generally be provided by the broker to the taxpayer and to the IRS.

By David E. Kahen and Elliot Pisem

11 minute read

April 10, 2002 | New York Law Journal

O n March 9, 2002, President George W. Bush signed the Job Creation and Worker Assistance Act of 2002 (the Act). In addition to providing new tax benefits for capital investment applicable throughout the nation, the Act contains significant incentives for investment in the area of New York City damaged in the terrorist attacks of Sept. 11, 2001, defined as the "New York Liberty Zone" (NYLZ), the area in Manhattan located on or south of Canal Street, East Broadway (east of its intersection with Canal Street)

By Elliot Pisem And Lary S. Wolfelliot Pisemlary S. Wolf

11 minute read

April 15, 2010 | New York Law Journal

David E. Kahen and Elliot Pisem, members of Roberts & Holland, review a recent Seventh Circuit decision that illustrates the range of possible tax outcomes, including immediate deduction, capitalization into the cost of a tangible or intangible asset, and, possibly, no tax benefit at all, and the method of analysis generally applied by the courts that determines the appropriate treatment of the making of settlement payments by reference to a characterization of the underlying claims with respect to which the payments are made.

By David E. Kahen and Elliot Pisem

10 minute read

April 16, 2009 | New York Law Journal

David E. Kahen and Elliot Pisem, members of Roberts & Holland, review a recent case in which the Seventh Circuit concluded the compensation of the CEO of a closely held corporation was fully deductible, notwithstanding a variety of circumstances that the Tax Court had previously found justified a different result, including evidence that the CEO received much more compensation for the year at issue than the CEOs of publicly traded competitors.

By David E. Kahen and Elliot Pisem

11 minute read

October 16, 2008 | New York Law Journal

Elliot Pisem and David E. Kahen, members of Roberts & Holland, review a recent case where a sale to one of the plaintiffs of three target companies owned by a subsidiary of the defendant resulted in litigation between the parties as to which party would ultimately bear the additional tax cost resulting from adjustments to net operating loss carryovers from pre-closing years. The result may not have been surprising, but it underscores the importance of careful drafting of the provisions of the purchase agreement that control indemnification for tax matters.

By Elliot Pisem and David E. Kahen

10 minute read

June 21, 2007 | New York Law Journal

David E. Kahen and Eliot Pisem, members of the law firm of Roberts & Holland, write that when structuring the award of equity-based compensation by a corporation to its employees, the various alternative forms of such compensation that should be considered generally include the grant of shares of stock, either without restriction or subject to restrictions on transfer and vesting; stock options and stock appreciation rights; and phantom stock. These alternatives each have their own consequences.

By David E. Kahen and Elliot Pisem

12 minute read

October 18, 2007 | New York Law Journal

David E. Kahen and Elliot Pisem, members of Roberts & Holland, write that one issue that arises with some frequency in the context of income tax audits by the Internal Revenue Service is the extent to which material in the files of the taxpayer is protected from disclosure to the Service under the work product privilege.

By David E. Kahen and Elliot Pisem

12 minute read