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News Briefs
Franchise Industry Watches Tax Nexus Case Carefully
The franchise industry is anticipating a U.S. Supreme Court decision in A&F Trademark, Inc., et al v. North Carolina, a case involving states' ability to tax businesses that are not based in that state. In the case, the Limited, Inc., a chain of clothing stores, which licensed its trademark through A&F Trademark, challenged a ruling by the North Carolina Secretary of Revenue that it owed corporate franchise and income taxes in the state. Ultimately, the North Carolina Court of Appeals upheld a ruling by the Wake County Superior Court that the presence of intangible property in North Carolina is sufficient nexus for the state to impose a state income tax. The appeals court rejected A&F's claim that its lack of offices, employees, tangible property, transactions with residents or customer service in North Carolina left it outside the definition of taxable nexus. The court said that the state's tax statutes defined the term “doing business” as “owning, renting or operating business or income-producing property in North Carolina including … [t]rademarks [and] trade names.”
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.