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New York Law Journal

No Sweat (Equity): Tax Court Addresses Partnership Profits Interests

In their Real Estate Financing column, Ezra Dyckman and Charles Nelson discuss the recent case, 'ES NPA Holding, LLC v. Commissioner,' where the Tax Court interpreted Revenue Procedure 93-27 favorably. The case showed that taxpayers receiving partnership profits interests should be careful to ensure that they have satisfied all requirements of the revenue procedure.
5 minute read

The Legal Intelligencer

Why the SAFE Banking Act Still Stinks: Third Try Falls Short

While preferable to its predecessors, the SAFE Banking Act fails to provide legal marijuana growers, processors, transporters or sellers (marijuana-related businesses or MRBs) with the access to banking that every other legitimate industry enjoys.
10 minute read

The American Lawyer

Paul Hastings Lands Two Fintech Partners, Including Co-Chair of Perkins Industry Group

Dana Syracuse and Josh Boehm said they believe strongly in their client relationships, when asked whether they expected their client base to move with them.
3 minute read

New York Law Journal

An Emerging Financial Crisis In 2023? A Primer on Old Metrics

Potential weaknesses in the financial system are augmented by social media and the gamification of financial markets. This article explores risks that have surfaced in prior financial crisis cases and potential strategies for mitigating exposures.
8 minute read

Delaware Business Court Insider

Bankruptcy Judge Dismissed Fraudulent Transfer Claim in $7.2 Billion Purchase Led by Kohlberg Kravis Roberts

"It is black letter law in this Circuit that the gold standard for determining the value of an asset is to sell it in an open and fair market," stated U.S. Bankruptcy Judge Brendan Linehan Shannon. "A thing is worth what a willing buyer will pay to a willing seller following a proper marketing process.
4 minute read

Law.com

Mid Penn Bank Alleges Hotel Lied on PPP Application About Prior SBA Loan Default

This complaint was first surfaced by Law.com Radar.
4 minute read

New York Law Journal

When an Expense is Considered 'Paid': 'Gage v. Commissioner'

A discussion of the recent Tax Court case, Gage v. Commissioner, which addressed (1) the year in which a payment in settlement of claims made against the taxpayers by the federal government was considered to have been made for tax purposes, and (2) whether it was reasonable for the taxpayers to believe that the payment was not a "fine or similar penalty" nondeductible under IRC section 162(f).
8 minute read

Law.com

Montana Sues the National Association of Attorneys General, Looks to Determine State's Share of Assets

"Montanans deserve a full accounting of their money being managed by NAAG. For the last year, I've been raising concerns over NAAG's financial mismanagement, but they have been unable to account for Montana's public funds and are not following state law. As promised, I'm taking them to court to hold them accountable to Montanans," Montana Attorney General Austin Knudsen said in an emailed statement.
4 minute read

Corporate Counsel

Coinbase CLO Paul Grewal 'Ultimately Optimistic' Despite 'Regulatory Backlash'

Grewal talked with Berkeley Law's Irene Liu on Tuesday, a week after the SEC sued the crypto exchange, alleging it was illegally operating as an unregistered broker.
5 minute read

New York Law Journal

Shareholders Bring Credit Suisse, KPMG Scheme Claims to Manhattan Federal Court

The class action complaint claims that two RICO violations and breaches of duties to shareholders under both Swiss and New York law.
2 minute read

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