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News Briefs
Franchisor Tax Nexus Case Reaches Iowa Supreme Court
In a case with potentially significant implications for taxation of franchisors, the Iowa Supreme Court heard oral arguments on May 20 in KFC Corporation v. Iowa Department of Revenue. “A victory by the state would represent an extension of [Geoffrey v. South Carolina Tax Commission, 313 S.C. 15 (1993), and other similar] cases because KFC Corp. involves licensing agreements between unrelated parties,” said Bruce Ackerman, of counsel, Faegre & Benson LLP (Minneapolis), who is not involved in the litigation. “The KFC case could result in a landmark decision for states attempting to impose income tax on out-of-state franchisors and other similarly situated taxpayers. This would be the first contemporary case to reach a state supreme court and directly address the franchisor-franchisee relationship.”
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.
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.
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.
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.
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.