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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 Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.