Empty Bankruptcy Win for Commercial Landlord
February 01, 2025
In In re Sears Holdings Corporation, the Second Circuit apparently ended a multi-year litigation by affirming the district court’s decision that the landlord’s appeal was “moot for lack of a remedy because, although [that] court [had properly] vacated the assignment and assumption of the lease …, the lease would not revert to [the landlord under Code] §365(d)(4), and that [the landlord] had no alternative remedy.”
Client Succession Guide for Retiring Partners
February 01, 2025
“Succession planning is essential to every lawyer’s practice, proactively protecting clients and colleagues in the event of the lawyer’s disability or death.” The ABA page has a link to a document that lists each state’s requirement related to succession planning. If you are considering retiring in 2025 then this is a roadmap for you.
Use Tax: The Overlooked Tax of Law Firms
February 01, 2025
Understanding use tax, a tax imposed on goods or services purchased outside a jurisdiction but used within that jurisdiction, is critical. Use tax is meant to complement sales tax by ensuring that items bought from out-of-state sellers, where sales tax might not be collected, are still taxed.
Legal Leaders Need To Create A High-Trust Culture
February 01, 2025
In any legal office, leaders set the tone, whether they lead a large or small office. Setting the tone means serving as a role model of trustworthiness and trust. Nothing serves to harm an organization more than a failure of trust, which can raise its ugly head in myriad ways on a daily basis.
Eliminating Judicial Exceptions: The Promise of the Patent Eligibility Restoration Act
February 01, 2025
The Patent Eligibility Restoration Act (PERA) proposes a solution to a complex debate: What can be patented, and when do nature and thoughts become property? This article provides an overview of the PERA bill, examines the current issues with Section 101 of the Patent Act, the specific proposals of PERA, and the existing pros and cons of the bill.
Real Property Sale Proceeds Must Be Used to Pay Unavoided Portion of IRS Tax Lien First
February 01, 2025
Given the downward pressure on commercial real estate valuations in many areas, and the increasing likelihood that owners of real property will cease paying real property taxes when there is no longer any equity, this article reports on a recent Ninth Circuit decision that reversed a decision of the bankruptcy court, affirmed by the district court, allocating the distribution of the proceeds of a sale of real property pro rata between the Internal Revenue Service on account of its tax lien, and the bankruptcy estate.