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Iowa Decision Upholds Tax Assessment Against Out-of-State Franchisor
The Iowa Supreme Court recently issued a decision holding that the state of Iowa has the authority to impose its income tax on out-of-state franchisors based solely on the use of their intangible property by franchisees located in the state. The court's decision in KFC Corporation v. Iowa Department of Revenue (No. 09-1032, 2010 WL 5393506 (Iowa Dec. 30, 2010)) is expected to lead to increased enforcement efforts in Iowa, and perhaps other states. Franchisors should therefore be aware of this case and the impact that it could have on them in Iowa and in other states across the nation.
The KFC case involved an assertion by the Iowa Department of Revenue that KFC was responsible for paying corporate income tax in the state based solely on its receipt of royalties from franchisees in the state. In June 2009, an Iowa District Court upheld the state's imposition of tax, and KFC appealed the decision to the Iowa Supreme Court. The Iowa Supreme Court heard oral arguments in May 2010 and issued its determination on Dec. 30, 2010.
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.