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Tax Shelters: Avoidance or Evasion?
January 01, 2004
Recent hearings of a subcommittee of the Senate Committee Governmental Affairs have again focused a harsh spotlight on the abusive use of tax shelters. As if to stress the point, On Dec. 29, 2003, the Treasury Department proposed changes to Circular 230 that "set high standards for the tax advisors and firms that provide opinions supporting tax-motivated transactions."
Cooperatives & Condominiums
January 01, 2004
Recent rulings of importance to you and your clients.
Index
January 01, 2004
A guide to everything in this issue.
Landlord & Tenant
January 01, 2004
Recent rulings of importance to you and your clients.
Court Sustains Recreation Impact Fee
January 01, 2004
In <i>Twin Lakes Development Corp. v. Town of Monroe</i> (NYLJ 11/21/03, p.19, col. 5), the New York Court of Appeals addressed an issue that has been unresolved in New York since the United States Supreme Court's 1994 opinion in <i>Dolan v. City of Tigard</i>, 512 US 374: Can a municipality collect a payment in lieu of parkland dedication as the price for approving a subdivision when the municipality has not made an individualized determination of the need for recreational facilities generated by the proposed subdivision? The court had little difficulty upholding the fee, raising two further questions: first, will the court's decision survive scrutiny by the United States Supreme Court, and second, what constitutional limits remain on a municipality's power to impose fees on developers?
Real Property Law
January 01, 2004
Recent rulings of importance to you and your clients.
Development
January 01, 2004
Recent rulings of importance to you and your clients.
Selling 'Free and Clear': Will It Continue?
January 01, 2004
Section 363(f) of the Bankruptcy Code provides an extraordinary tool to trustees and debtors in possession -- the ability to sell property "free and clear." This unique power, unavailable to a seller outside bankruptcy, not only facilitates the tasks of liquidation or reorganization, but it may even be the critical incentive for entering bankruptcy in the first place. It has now become the principal focus of many Chapter 11 cases.
The Bankruptcy Hotline
January 01, 2004
Recent rulings of importance to your practice.
When to Use a 'Stalking Horse' Agreement
January 01, 2004
A debtor has a fiduciary duty to maximize the value of the assets of its estate. When selling assets of a bankruptcy estate, the process usually begins with an extensive marketing process. As a result of extensive marketing, a debtor can find itself actively negotiating with numerous potential purchasers. While most marketing periods end with a court-approved auction, it has become commonplace for the debtor to enter into the auction process with a "stalking horse" agreement in place.

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