State Tax Bad Debt Recovery Issues. Agenda

Size: px
Start display at page:

Download "State Tax Bad Debt Recovery Issues. Agenda"

Transcription

1 2015 COST ANNUAL MEETING Chicago, Illinois State Tax Bad Debt Recovery Issues John Allan Partner, Jones Day Atlanta, Georgia Frank Julian Vice President, Macy s Cincinnati, Ohio David Otero Partner, Akerman LLP Jacksonville, Florida Agenda Administration of Receivables Collection by Third Parties Common State Tax Issues Related to Bad Debt Recoveries State Example (Statute Of Limitations Issue) Noteworthy Cases 2 1

2 Administration of Receivables Collection by Third Parties 3 Overview Lenders and their retailer partners have been litigating the issue of whether lenders or retailers are eligible to recover under the bad debt sales tax recovery statutes and regulations for quite some time. In most states, if sales tax was initially paid on a financed transaction and the debt was subsequently written off, a credit, deduction or refund is allowed. Historically, retailers (and then retailer captive financing sources in the 1990s) recovered sales tax related to bad debts incurred by the retailer or its captive lender. 4 2

3 Overview Retailers then started to contract with third party lenders to directly finance purchases. The lenders thought they should be able to recover under the bad debt sales tax recovery statutes as the party that bears the loss and charges off the bad debts on its income tax returns for non-recourse transactions. Some states have enacted favorable legislation regarding sales tax recovery for charged-off accounts financed by third parties: California, Florida, Illinois, Michigan, Pennsylvania, Texas & Wisconsin. 5 Overview Other states have legislatively repealed favorable Court decisions (Indiana, Michigan & Washington); or Statutes (New York). Retailers also have established precedent for recovering sales tax on accounts charged-off by third parties in numerous additional states, especially where recourse can be shown. Legal entitlement is still in dispute in numerous other states For example, Illinois (for lenders, prior to new retailer only statute) and Vermont. 6 3

4 Overview Retailers may file claims and take credits or deductions in their own name for accounts charged-off by lenders in certain states: California, Florida, Illinois (starting with January 1, 2016 charge-offs), Michigan, Pennsylvania (refund only), Texas (with assignment), and Wisconsin (effective for transactions on or after July 1, 2017). Lenders may file refund claims for bad debt sales tax recoveries in certain states (the retailer and lender may elect which party will claim the bad debt recovery): California, Michigan, Pennsylvania, and Texas. 7 Private Label Credit Cards Private label credit card: a card that can only be used at the retailer whose name or logo appears on the card, or at any of the retailer s affiliates. Many retailers issue private label credit cards for use exclusively in their stores. This trend has spread to multiple types of retailers (clothing, home improvement, general retail). Examples: Macy s Card, Lowe s Card, Target Card. Private label credit cards encourage cardholders to make more purchases with card issuers by extending credit and offering other incentives (such as discounts for purchases made with private label credit cards). 8 4

5 Administration of Private Label Cards When a retailer decides to issue a private label credit card, it generally enters into a program agreement with a third party bank to administer such functions as credit approval, billing and collection: The customer submits an application to the bank at the retailer s location. The bank reviews the application and makes the credit decision. If approved, the bank issues the card to the customer with the retailer s brand on the card. 9 Administration of Private Label Cards The customer purchases goods at the retailer s store using the private label credit card, with the bank extending credit to cover the purchase price and applicable taxes. The retailer reports a sale and remits sales tax. The customer is liable to the bank for the purchase price, taxes and any interest that accrues on the customer s account. Some customers default on their accounts, including amounts attributable to sales taxes that the retailer already remitted to the taxing jurisdiction. 10 5

6 Administration of Private Label Cards When the customer defaults, does the retailer have the right to take a bad debt deduction on its sales tax return? It depends: Who bears the risk of economic loss? The bank owns the account and is responsible for collection, but is the retailer required to indemnify the bank for bad debts? Sometimes, the bank is indemnified. The retailer s right to a bad debt deduction will often depend upon whether the retailer is the party ultimately bearing the economic loss of the default. 11 Policy Reasons For Legislative Change Permitting Recovery In PLCC Context State Retailer Associations are leading ongoing legislative efforts. The tax is imposed on the consumer in most states. The retailer is required to collect tax from the customer and remit to the state. In a credit sale, the retailer must remit the tax to the state before the consumer is required to pay his or her bill. In effect, the retailer is giving the state an interest free loan. If the consumer defaults, the state should not retain the tax, resulting in a windfall. 12 6

7 Common State Tax Issues 13 Eligibility Are bad debt recoveries limited to retailers or are financial institutions eligible? The majority of states preclude financial institutions from receiving a refund or taking the deductions. Some states will allow lenders to take the deduction. For example: o California: Retailer or lender may deduct; must file an election. (CAL REV. & TAX. CODE 6055 (b)) o Pennsylvania: Vendor or lender may elect who is eligible. 72 (P.S (a.2)) 14 7

8 Documentation What type of documentation is required to substantiate entitlement to the bad debt deduction? Many states do not provide specific documentation requirements. Others provide very detailed requirements: o California: The taxpayer must keep records that contain: (1) the date of the original sale;(2) the name/address of the purchaser;(3) amount purchaser contracted to pay; (4) amount on which retailer paid tax; (5) jurisdiction where taxes were paid;(6) payments applied to purchaser s account;(7) evidence the debt has been legally charged off; and (8) calculable percentage of amount taxable compared to entire debt owed. (CAL. CODE REGS. tit (e)) 15 Documentation o Maine: Retailers must maintain the: (1) Date of the original sale; (2)Name and address of the purchaser; (3) Amount the purchaser contracted to pay; (4) Amount on which the retailer paid tax to the State; (5) All payments and other credits applied to the account of the purchaser; (6) Evidence that the uncollectible amount on which tax was paid to the State actually has been charged off. Sales and Use Tax Instructional Bulletin No

9 Documentation The trend in many states is to provide more flexible criteria to establish the entitlement to a bad debt recovery. Florida HB 5601 (d) A dealer must use one of the following methods to determine the amount of the credit or refund: 1. An apportionment method to substantiate the amount of tax imposed under this chapter which is included in the bad debt to which the credit or refund applies. The method must use the dealer's Florida and non-florida sales, the dealer's taxable and nontaxable sales, and the amount of tax the dealer remitted to this state; or 2. A specified percentage of the accounts or receivables giving rise to the credit or refund, which is derived from a sampling of the dealer's or lender's records in accordance with a methodology agreed upon by the department and the dealer. 17 Documentation Texas Tax Code (f) A person whose volume and character of uncollectible accounts warrants an alternative method of substantiating the reimbursement or credit may: (1)maintain records other than the records specified in Subsection (e) if: (A) the records fairly and equitably apportion taxable and nontaxable elements of a bad debt and compute the amount of sales tax imposed and remitted with respect to the taxable charges remaining unpaid on the debt; and (B) the comptroller approves the procedures used; or (2) implement a system to report its future tax responsibilities based on a historical percentage calculated from a sample of transactions if: (A) the system utilizes records provided by the person claiming the credit or reimbursement; and (B) the comptroller approves the procedures used. 18 9

10 Definition of Bad Debt How is bad debt defined under state law? Often tied to Federal Income Tax deduction pursuant to Internal Revenue Code 166 and the regulations thereunder. For example: o Worthless and actually written off as uncollectible for federal income tax purposes. o Eligible to be claimed as a deduction pursuant IRC Statute of Limitations What is the statute of limitations for taking the bad debt deduction? 3 to 4 years from enumerated event is common. Time frame can be shorter: o Florida: Dealers must apply for refunds within 12 months of the month in which the bad debt was charged off for federal tax purposes. (F.S.A (3)) What is the enumerated event that starts clock? o Charge-off on books for federal income tax purposes o Filing of the sales tax return on which deduction could first be claimed o Date the tax is remitted 20 10

11 State Example: Statute of Limitations Problem 21 Statute of Limitations Example Pennsylvania Vendors allowed bad debt deduction if: o Purchaser fails to pay total purchase price; o Purchase price is written off (in whole or in part) on books and records; and o Debt has been deducted for federal income tax purposes on the federal tax return under IRC 166. (72 PA. STAT. ANN ) 22 11

12 Noteworthy Cases 23 Bangor Car Care Bangor Car Care, Inc. v. State Tax Assessor, No. BCD-AP-11-12, 2013 Me. Super. LEXIS 29 (Me. Super. Ct. Mar. 11, 2013). Taxpayer was a retailer of motor vehicles that entered into installment sales contracts and then assigned the contract on a recourse basis to third party lenders. The substance of the agreement required the taxpayer to reimburse the lender if a customer defaulted on the loan. Eligibility of recourse-debt losses for bad debt credit not disputed. Here, taxpayer could not provide adequate documentation

13 Linnehan Leasing Linnehan Leasing v. State Tax Assessor, 898 A.2d 408 (Me. 2006). 25 The taxpayer assigned the right to receive payment to a related party in exchange for a discounted price that reflected the risk of default. For accounts that became uncollectible, the related party (and not the taxpayer) charged the accounts off on its books and records and deducted the amounts for income tax purposes. The taxpayer was not required to indemnify related party for the worthless accounts and was thus not entitled to bad debt credit. Followed in Sears, Roebuck. Home Depot Home Depot USA, Inc. v. Oklahoma Tax Commission, 198 P.3d 902 (Okla. Civ. App. 2008) Third party finance company with which taxpayer had contracted owned the accounts and deducted the uncollectible portions for federal income tax purposes. Taxpayer contended that it bore the risk of loss because it paid the finance company a service fee, which included a bad debt component. Oklahoma law required the taxpayer to be eligible to claim the deduction under IRC

14 Home Depot Home Depot USA, Inc. v. Oklahoma Tax Commission, 198 P.3d 902 (Okla. Civ. App. 2008) OTC denied Home Depot s sales tax deduction for PLCC bad debts because there was no evidence that Home Depot could deduct the Service Fee... pursuant to Section Home Depot had to have been eligible to take a deduction pursuant to 1366 [the Oklahoma counterpart to IRC 166] and it was not. That was the choice it made when it fashioned the agreement with the private credit card issuers. After the initial transfer of the accounts, Home Depot could suffer no further benefit nor detriment with regard to the credit card accounts. Questions?

STATE OF ARIZONA Department of Revenue Office of the Director (602) 716-6090

STATE OF ARIZONA Department of Revenue Office of the Director (602) 716-6090 STATE OF ARIZONA Department of Revenue Office of the Director (602) 716-6090 Janet Napolitano Governor CERTIFIED MAIL [redacted] Gale Garriott Director The Director's Review of the Decision ) O R D E R

More information

HOUSE BILL No. 1468. Cherry, Frizzell

HOUSE BILL No. 1468. Cherry, Frizzell Introduced Version HOUSE BILL No. 1468 DIGEST OF INTRODUCED BILL Citations Affected: IC 6-2.5-6-9; IC 6-2.5-6-9.5. Synopsis: Sales and use tax deduction for certain bad debt. Provides a method for determining

More information

TENNESSEE DEPARTMENT OF REVENUE REVENUE RULING # 11-59 WARNING

TENNESSEE DEPARTMENT OF REVENUE REVENUE RULING # 11-59 WARNING TENNESSEE DEPARTMENT OF REVENUE REVENUE RULING # 11-59 WARNING Revenue rulings are not binding on the Department. This presentation of the ruling in a redacted form is information only. Rulings are made

More information

Sales Tax Considerations in Financing Transactions Does Substance over Form Govern?

Sales Tax Considerations in Financing Transactions Does Substance over Form Govern? Journal of Multistate Taxation and Incentives (Thomson Reuters/Tax & Accounting) Volume 25, Number 10, February 2016 SALES AND USE TAXES Sales Tax Considerations in Financing Transactions Does Substance

More information

STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS

STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS ST 09-1 Tax Type: Issue: Sales Tax Bad Debt Write-Off STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS ABC, INC., ) Docket No. 07-ST-0000 Taxpayer ) Claim Periods

More information

MAINE REVENUE SERVICES SALES, FUEL & SPECIAL TAX DIVISION INSTRUCTIONAL BULLETIN NO. 29

MAINE REVENUE SERVICES SALES, FUEL & SPECIAL TAX DIVISION INSTRUCTIONAL BULLETIN NO. 29 MAINE REVENUE SERVICES SALES, FUEL & SPECIAL TAX DIVISION INSTRUCTIONAL BULLETIN NO. 29 CREDIT FOR CERTAIN BAD DEBTS This bulletin is intended solely as advice to assist persons in determining and complying

More information

Washington Unit DECISION ON APPEAL

Washington Unit DECISION ON APPEAL Citibank (South Dakota), N.A. v. Vermont Department of Taxes, No. 709-11-14 Wncv (Teachout, J., June 30, 2015) [The text of this Vermont trial court opinion is unofficial. It has been reformatted from

More information

STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS

STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS ST 12-19 Tax Type: Sales Tax Tax Issue: Bad Debt Write-Off STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS ABC BANK, ) Docket No. XXXX Taxpayer ) Claim Periods

More information

Adjusted Factor-Based Nexus Thresholds Announced, Other Matters Discussed

Adjusted Factor-Based Nexus Thresholds Announced, Other Matters Discussed January 2013 California FTB Contacting Nonfilers The California Franchise Tax Board (FTB) is contacting more than 1 million people who did not file a 2011 state income tax return. The deadline to file

More information

STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS

STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS ST 08-4 Tax Type: Issue: Sales Tax Gross Receipts Tangible Personal Property STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS ABC S MOTORS, INC., ) Docket No.

More information

Determining What s Unitary: Combined Filing Requirements and Options

Determining What s Unitary: Combined Filing Requirements and Options NAVIGATING STATE TAXATION IN A GLOBAL BUSINESS ENVIRONMENT Determining What s Unitary: Combined Filing Requirements and Options Peter Leonardis AIG Alysse McLoughlin McDermott Will & Emery LLP David Vistica

More information

State Income and Franchise Tax Laws that Conform to the REIT Modernization Act of 1999 (May 1, 2001). 1

State Income and Franchise Tax Laws that Conform to the REIT Modernization Act of 1999 (May 1, 2001). 1 State Income and Franchise Tax Laws that Conform to the REIT Modernization Act of 1999 (May 1, 2001). 1 1. Alabama does not adopt the Code on a regular basis but instead specifically incorporates only

More information

State & Local Tax Alert

State & Local Tax Alert State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP Michigan Enacts Legislation Designed to Eliminate Multistate Tax Compact Apportionment Election Refunds Allowed

More information

Model Regulation Service April 2005 GUIDELINES ON CORPORATE OWNED LIFE INSURANCE

Model Regulation Service April 2005 GUIDELINES ON CORPORATE OWNED LIFE INSURANCE Model Regulation Service April 2005 Corporate Owned Life Insurance (COLI) is life insurance a corporate employer buys covering one or more employees. With COLI, the employer is generally the applicant,

More information

CORPORATE INCOME TAX AND BONUS DEPRECIATION SPECIAL REPORT

CORPORATE INCOME TAX AND BONUS DEPRECIATION SPECIAL REPORT December 4, 2003 CCH Tax Briefing: CORPORATE INCOME TAX AND BONUS DEPRECIATION SPECIAL REPORT Bonus Depreciation Scorecard ] Conforming States:12 ] Add-back and Take Over Time: 8 ] Recompute and Adjust

More information

Income/Franchise: New Jersey: General Guidelines Issued for Determining Whether Select Activities Create Corporation Business Tax Nexus

Income/Franchise: New Jersey: General Guidelines Issued for Determining Whether Select Activities Create Corporation Business Tax Nexus Multistate Tax State Tax Matters August 7, 2015 In this issue: Income/Franchise: New Jersey: General Guidelines Issued for Determining Whether Select Activities Create Corporation Business Tax Nexus...

More information

State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP

State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP Major Nexus Developments of 2010 Examined; States Follow Trend of Adopting Bright-Line Nexus Standards During 2010,

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549. FORM 8-K Current Report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549. FORM 8-K Current Report UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event

More information

Michigan Business Tax Frequently Asked Questions

Michigan Business Tax Frequently Asked Questions NOTICE: The MBT was amended by 145 PA 2007 on December 1, 2007. Act 145 imposes an annual surcharge to taxpayers' MBT liability, as well as makes other changes. Some of the FAQs below have revised answers

More information

State Tax Return. Georgia Court Ruling Spotlights Significant Complexities of 338(h)(10) Elections for State Income Tax Purposes

State Tax Return. Georgia Court Ruling Spotlights Significant Complexities of 338(h)(10) Elections for State Income Tax Purposes June 2009 State Tax Return Volume 16 Number 2 Georgia Court Ruling Spotlights Significant Complexities of 338(h)(10) Elections for State Income Tax Purposes Kirk Kringelis Atlanta (404) 581-8565 In most

More information

Illinois Department of Revenue Regulations. Title 86 Part 100 Section 100.9710 Financial Organizations (IITA Section 1501) TITLE 86: REVENUE

Illinois Department of Revenue Regulations. Title 86 Part 100 Section 100.9710 Financial Organizations (IITA Section 1501) TITLE 86: REVENUE Illinois Department of Revenue Regulations Title 86 Part 100 Section 100.9710 Financial Organizations (IITA Section 1501) TITLE 86: REVENUE PART 100 INCOME TAX Section 100.9710 Financial Organizations

More information

Filing Claims for Refund of Sales or Use Tax

Filing Claims for Refund of Sales or Use Tax State of Wisconsin Department of Revenue Important Change The football stadium district tax in Brown County ends on September 30, 2015. Filing Claims for Refund of Sales or Use Tax Includes information

More information

50 STATE DEDUCTIBLE REIMBURSEMENT CHART July 2007

50 STATE DEDUCTIBLE REIMBURSEMENT CHART July 2007 MATTHIESEN, WICKERT & LEHRER, S.C. 1111 E. Sumner Street P.O. Box 270670 Hartford, WI 53027 (262) 673-7850 (262) 673-3766 (Fax) www.mwl-law.com 50 STATE DEDUCTIBLE REIMBURSEMENT CHART July 2007 STATE ALABAMA

More information

State & Local Tax Alert

State & Local Tax Alert State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP Nevada Enacts Budget Bill Including New Commerce Tax On June 9, 2015, Nevada Governor Brian Sandoval signed legislation

More information

Date Filed with the Secretary of the State: September 29, 2004

Date Filed with the Secretary of the State: September 29, 2004 State of California Franchise Tax Board-Legislative Services Bureau Telephone: (916) 845-4326 PO Box 1468 ATSS: 468-4326 Sacramento, CA 95812-1468 FAX: (916) 845-5472 Legislative Change No. 04-37 Bill

More information

Citibank (South Dakota), National Association on behalf of Citibank Credit Card Master Trust I. United States of America 46-0358360

Citibank (South Dakota), National Association on behalf of Citibank Credit Card Master Trust I. United States of America 46-0358360 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event

More information

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA : : : : : : : : : : : : FINDINGS OF FACT AND CONCLUSIONS OF LAW

IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA : : : : : : : : : : : : FINDINGS OF FACT AND CONCLUSIONS OF LAW IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF PENNSYLVANIA UNITED STATES OF AMERICA, Plaintiff, v. ROBERT J. BIRCH, Defendant and Third-Party Plaintiff, v. PENNSYLVANIA HIGHER EDUCATION

More information

LEGISLATIVE EDUCATION STUDY COMMITTEE BILL ANALYSIS. Bill Number: SJM 8 52nd Legislature, 1st Session, 2015

LEGISLATIVE EDUCATION STUDY COMMITTEE BILL ANALYSIS. Bill Number: SJM 8 52nd Legislature, 1st Session, 2015 LEGISLATIVE EDUCATION STUDY COMMITTEE BILL ANALYSIS Bill Number: SJM 8 52nd Legislature, 1st Session, 2015 Tracking Number:.198013.1 Short Title: Chance to Refinance Student Debt Sponsor(s): Senator Jacob

More information

United States of America 46-0358360

United States of America 46-0358360 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event

More information

State Individual Income Taxes: Treatment of Select Itemized Deductions, 2006

State Individual Income Taxes: Treatment of Select Itemized Deductions, 2006 State Individual Income Taxes: Treatment of Select Itemized Deductions, 2006 State Federal Income Tax State General Sales Tax State Personal Property Tax Interest Expenses Medical Expenses Charitable Contributions

More information

INFORMATION BULLETIN NONPOSSESSORY COMPUTER LEASES

INFORMATION BULLETIN NONPOSSESSORY COMPUTER LEASES INFORMATION BULLETIN NONPOSSESSORY COMPUTER LEASES This Information Bulletin ( Bulletin ) provides further guidance on the application of the City of Chicago s Personal Property Lease Transaction Tax ("Lease

More information

What does it mean for real property to be secured by or encumbered by debt?

What does it mean for real property to be secured by or encumbered by debt? What does it mean for real property to be secured by or encumbered by debt? Todd Golub Beverly Katz David A. Miller Baker & McKenzie LLP Internal Revenue Service Ernst & Young LLP Chicago, Illinois Washington,

More information

MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE MODEL REGULATION

MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE MODEL REGULATION Table of Contents Model Regulation Service January 1996 MASS MARKETING OF PROPERTY AND LIABILITY INSURANCE MODEL REGULATION Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7.

More information

20102011 SURVEY 2 STATE TAXATION OF STATE AND LOCAL OBLIGATIONS I. STATE INCOME TAXES OR TAXES THAT APPLY TO INTEREST AND DIVIDENDS

20102011 SURVEY 2 STATE TAXATION OF STATE AND LOCAL OBLIGATIONS I. STATE INCOME TAXES OR TAXES THAT APPLY TO INTEREST AND DIVIDENDS 20102011 SURVEY 2 STATE TAXATION OF STATE AND LOCAL OBLIGATIONS I. STATE INCOME TAXES OR TAXES THAT APPLY TO INTEREST AND DIVIDENDS Income Tax (41 states and the District of Columbia) Alabama Kansas* New

More information

State Corporate Income Tax Rates As of December 31, 2006 (2006's noteworthy changes in bold italics)

State Corporate Income Tax Rates As of December 31, 2006 (2006's noteworthy changes in bold italics) State Corporate Income Tax Rates As of December 31, 2006 (2006's noteworthy changes in bold italics) State Tax Rates and Brackets Special Rates or Notes Alabama 6.50% Federal deductibility Alaska 1.0%

More information

PUBLIC INSURANCE ADJUSTER FEE PROVISIONS 50 STATE SURVEY AS OF 6/29/07. LIKELY YES [Cal. Ins. Code 15027]

PUBLIC INSURANCE ADJUSTER FEE PROVISIONS 50 STATE SURVEY AS OF 6/29/07. LIKELY YES [Cal. Ins. Code 15027] Alabama Alaska Arizona Arkansas California [Cal. Ins. Code 15027] ] Colorado [Cal. Ins. Code 15027] Connecticut Delaware of the actual or final settlement of a loss [Conn. Ins. Code 38a-788-8] 2.5% of

More information

Office of Tax Policy Analysis Technical Services Division December 27, 2005

Office of Tax Policy Analysis Technical Services Division December 27, 2005 New York State Department of Taxation and Finance Office of Tax Policy Analysis Technical Services Division STATE OF NEW YORK COMMISSIONER OF TAXATION AND FINANCE ADVISORY OPINION PETITION NO. S050815A

More information

INFORMATION BULLETIN #28S SALES TAX APRIL 2012. (Replaces Information Bulletin #28S dated October 2011)

INFORMATION BULLETIN #28S SALES TAX APRIL 2012. (Replaces Information Bulletin #28S dated October 2011) INFORMATION BULLETIN #28S SALES TAX APRIL 2012 (Replaces Information Bulletin #28S dated October 2011) DISCLAIMER: SUBJECT: EFFECTIVE: Information bulletins are intended to provide nontechnical assistance

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549. FORM 8-K Current Report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549. FORM 8-K Current Report UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event

More information

State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP

State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP Release date May 16, 2011 States California California Enacts Voluntary Compliance Initiative, Expands Tax Shelter

More information

STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS. Administrative Law Judge RECOMMENDATION FOR DISPOSITION

STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS. Administrative Law Judge RECOMMENDATION FOR DISPOSITION ST 13-18 Tax Type: Tax Issue: Sales Tax Bad Debt Write-Off STATE OF ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS THE DEPARTMENT OF REVENUE OF THE STATE OF ILLINOIS

More information

Tax Rates. For personal income tax purposes, for tax years beginning after 2014, the tax rates are as follows:

Tax Rates. For personal income tax purposes, for tax years beginning after 2014, the tax rates are as follows: October 2014 District of Columbia Reduced Tax Rates, Single Sales Factor, Other Changes Adopted Permanent District of Columbia budget legislation makes numerous significant changes to the corporation franchise

More information

Department of Treasury Film Credit FAQs. General Incentive FAQs for Projects Approved Prior to 12/31/11

Department of Treasury Film Credit FAQs. General Incentive FAQs for Projects Approved Prior to 12/31/11 2008-2011 Incentive FAQs Department of Treasury Film Credit FAQs General Incentive FAQs for Projects Approved Prior to 12/31/11 What is the Michigan film incentive? The film incentive, officially called

More information

MEDICAL MALPRACTICE STATE STATUTORY

MEDICAL MALPRACTICE STATE STATUTORY MEDICAL MALPRACTICE STATE STATUTORY REFERENCE GUIDE 41 MEDICAL MALPRACTICE STATE STATUTORY REFERENCE GUIDE The following references to statutes relevant to medical malpractice cases are intended exclusively

More information

Sales Tax Guidelines: How Kansas Motor Vehicle Dealers and Leasing Companies Should Charge Sales Tax on Leases

Sales Tax Guidelines: How Kansas Motor Vehicle Dealers and Leasing Companies Should Charge Sales Tax on Leases JOAN WAGNON, SECRETARY DEPARTMENT OF REVENUE POLICY AND RESEARCH MARK PARKINSON, GOVERNOR DEPARTMENT OF REVENUE POLICY AND RESEARCH Sales Tax Guidelines: How Kansas Motor Vehicle Dealers and Leasing Companies

More information

Uniform Cost-Sharing Regulations

Uniform Cost-Sharing Regulations UniFirst.com Uniform Program Options Uniform Cost-Sharing Regulations Uniform cost-sharing through employee payroll deductions presents many benefits to both the uniform wearer and the company. The net

More information

The Model Transactional Tax Overpayment Act

The Model Transactional Tax Overpayment Act AMERICAN BAR ASSOCIATION SECTION OF TAXATION REPORT TO THE HOUSE OF DELEGATES RESOLUTION 1 RESOLVED, That the American Bar Association adopts the Model Transactional Tax Overpayment Act, dated February

More information

How To Get A Surplus Line Insurance Policy In The United States

How To Get A Surplus Line Insurance Policy In The United States State Alabama Alaska Arizona Arkansas California Exhibit A Non Admitted Carrier Disclosure Notices to the Insured Disclosure This contract is registered and delivered as a surplus line coverage under the

More information

An Ohio court authorized this notice. This is not a solicitation from a lawyer. You are not being sued.

An Ohio court authorized this notice. This is not a solicitation from a lawyer. You are not being sued. NOTICE OF CLASS ACTION, PROPOSED SETTLEMENT, FAIRNESS HEARING AND RIGHT TO APPEAR To all persons who purchased a single premium credit life and/or credit disability insurance policy from Protective Life

More information

Federal Change Reporting: Hot Topics & Current Issues

Federal Change Reporting: Hot Topics & Current Issues Houston Tax Executives Institute May 7, 2013 Federal Change Reporting: Hot Topics & Current Issues Jordan M. Goodman (312) 606-3225 jgoodman@saltlawyers.com Marilyn A. Wethekam (312) 606-3240 mwethekam@saltlawyers.com

More information

Use of Bail/Bond Funds for Restitution

Use of Bail/Bond Funds for Restitution Alaska Alaska Stat. 12.30.075 X X Forfeited money posted by D goes to restitution, if owed to victim, otherwise forfeited money goes to the state. Does not make distinction whether timing must be pretrial

More information

HOSPITAL MEDICAL COLLECTIONS, INC. et al., Plaintiffs and Respondents, v. CITY OF LOS ANGELES et al., Defendants and Appellants

HOSPITAL MEDICAL COLLECTIONS, INC. et al., Plaintiffs and Respondents, v. CITY OF LOS ANGELES et al., Defendants and Appellants 65 Cal. App. 3d 46, *; 1976 Cal. App. LEXIS 2189, **; 135 Cal. Rptr. 147, *** HOSPITAL MEDICAL COLLECTIONS, INC. et al., Plaintiffs and Respondents, v. CITY OF LOS ANGELES et al., Defendants and Appellants

More information

Tax Relief for Businesses in Distress American Bar Association Section of Taxation

Tax Relief for Businesses in Distress American Bar Association Section of Taxation Tax Relief for Businesses in Distress American Bar Association Section of Taxation 5-Year Carryback of 2008 and 2009 Net Operating Losses (NOLs) for Eligible Small Businesses (ESBs) For 2008 and 2009,

More information

2 Business Income Tax

2 Business Income Tax 2 Business Income Tax 2 BUSINESS INCOME TAX PART A: GENERAL TAX PROVISIONS AND ADMINISTRATION OF CREDITS 1. FEDERAL TAX CONFORMITY South Carolina income tax laws conform substantially to the federal income

More information

Venture Capital Tax Credits By State

Venture Capital Tax Credits By State Venture Capital Tax Credits By State Alabama States Credit Amount Eligibility Notes Alaska Arizona Angel Investment Bill (Direct Tax Credit available for investments made after June 30, 2006, for tax years

More information

Illinois Department of Revenue Regulations

Illinois Department of Revenue Regulations Illinois Department of Revenue Regulations Title 86 Part 130 Section 130.2125 Retailer s Occupation Tax Section 130.2125 Discount Coupons, Gift Situations, Trading Stamps, Automobile Rebates and Dealer

More information

Friends With Benefits Received? A Comparison of Market Sourcing Rules

Friends With Benefits Received? A Comparison of Market Sourcing Rules Friends With Benefits Received? A Comparison of Market Sourcing Rules by Jeffrey A. Friedman and Michele L. Pielsticker often look to where the benefit of the service was received. Determining the receipt

More information

Internal Revenue Service

Internal Revenue Service Internal Revenue Service Number: 201429007 Release Date: 7/18/2014 Index Number: 1504.02-00, 832.00-00, 832.06-00 --------------- ------------------------------------------------------------ ------------

More information

CITIBANK CREDIT CARD ISSUANCE TRUST

CITIBANK CREDIT CARD ISSUANCE TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event

More information

IRS Issues Audit Directive on Worthless Debt Deductions for Banks and Bank Affiliates

IRS Issues Audit Directive on Worthless Debt Deductions for Banks and Bank Affiliates October 29, 2014 IRS Issues Audit Directive on Worthless Debt Deductions for Banks and Bank Affiliates LBI Directs Its Auditors Not to Challenge Certain Worthless Debt Deductions SUMMARY The Large Business

More information

December 21, 2010. Re: Docket No R-1390 The Federal Reserve Board (FRB) Proposals to Revise Regulation Z

December 21, 2010. Re: Docket No R-1390 The Federal Reserve Board (FRB) Proposals to Revise Regulation Z owner guard corporation, 1 7 7 5 Hancock street, suite 200, san diego, california, 9 2 1 1 0-2 0 3 6, (6 1 9) 2 2 8-0 1 0 0, (8 0 0) 8 2 2-8 5 8 7, fax (6 1 9) 2 2 8-0 1 2 8, sensible approaches to financial

More information

Model Regulation Service January 2006 DISCLOSURE FOR SMALL FACE AMOUNT LIFE INSURANCE POLICIES MODEL ACT

Model Regulation Service January 2006 DISCLOSURE FOR SMALL FACE AMOUNT LIFE INSURANCE POLICIES MODEL ACT Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 1. Model Regulation Service January 2006 Purpose Definition Exemptions Disclosure Requirements Insurer Duties

More information

House Bill 640 Ways and Means - State Tax Consequences

House Bill 640 Ways and Means - State Tax Consequences House Bill 640 Ways and Means Department of Legislative Services 2012 Session FISCAL AND POLICY NOTE Revised (Delegate Serafini, et al.) HB 640 Budget and Taxation Income Tax - Subtraction Modification

More information

Simplify the Tax Treatment of Cancellation of Debt Income

Simplify the Tax Treatment of Cancellation of Debt Income Appendices Most Serious Simplify the Tax Treatment of Cancellation of Debt Income LR # 6 LR #6 Simplify the Tax Treatment of Cancellation of Debt Income Problem At a time when the government is taking

More information

State Corporate Income Tax Rates As of July 1, 2009

State Corporate Income Tax Rates As of July 1, 2009 State Tax Rates and Special Rates or Notes Brackets Alabama 6.5% Federal deductibility Alaska 1.0% > $0 2.0 > 10K 3.0 > 20K 4.0 > 30K 5.0 > 40K 6.0 > 50K 7.0 > 60K 8.0 > 70K 9.0 > 80K 9.4 > 90K Arizona

More information

Colorado Bar Association 2014 Annual Case Law Update Tax Law Update

Colorado Bar Association 2014 Annual Case Law Update Tax Law Update Colorado Bar Association 2014 Annual Case Law Update Tax Law Update Tyler Murray 1 Sales and Use Tax Dep t of Revenue v. Public Service Co. of Colo., 330 P.3d 385, (Colo. 2014). Public Service Company

More information

State Tax Return. Tax Amnesty Update

State Tax Return. Tax Amnesty Update June 2009 State Tax Return Volume 16 Number 2 Tax Amnesty Update Karen H. Currie Dallas (214) 969-5285 We return to this space to update you on the ever-changing world of tax amnesty. The economic challenges

More information

State & Local Tax Alert

State & Local Tax Alert State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP Minnesota Tax Court Denies Use of Multistate Tax Compact s Equally-Weighted Three-Factor Apportionment Formula

More information

Articles: A Roadmap of How One Governor Used Economic Development to Create a New Virginia Economy: Part Two

Articles: A Roadmap of How One Governor Used Economic Development to Create a New Virginia Economy: Part Two Multistate Tax State Tax Matters August 21, 2015 In this issue: Articles: A Roadmap of How One Governor Used Economic Development to Create a New Virginia Economy: Part Two... 1 Income/Franchise: Alabama:

More information

Tax Research: Understanding Sources of Tax Law (Why my IRC beats your Rev Proc!)

Tax Research: Understanding Sources of Tax Law (Why my IRC beats your Rev Proc!) Tax Research: Understanding Sources of Tax Law (Why my IRC beats your Rev Proc!) Understanding the Federal Courts There are three levels of Federal courts that hear tax cases. At the bottom of the hierarchy,

More information

State & Local Tax Alert

State & Local Tax Alert State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP Texas ALJ Holds Software Delivered to Texas Is Taxable Use On July 2, 2015, a Texas Comptroller Administrative

More information

STATE OF ILLINOIS ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS RECOMMENDATION FOR DISPOSITION

STATE OF ILLINOIS ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS RECOMMENDATION FOR DISPOSITION ST 08-3 Tax Type: Issue: Sales Tax Claim Issues Properly and Timely Filed Bad Debt Write-Off STATE OF ILLINOIS ILLINOIS DEPARTMENT OF REVENUE OFFICE OF ADMINISTRATIVE HEARINGS CHICAGO, ILLINOIS THE DEPARTMENT

More information

Cross Border Tax Issues

Cross Border Tax Issues Cross Border Tax Issues By Reinhold G. Krahn December 2000 This is a general overview of the subject matter and should not be relied upon as legal advice or opinion. For specific legal advice on the information

More information

The State of State and Local Taxation and How it Impacts Your Law Firm

The State of State and Local Taxation and How it Impacts Your Law Firm The State of State and Local Taxation and How it Impacts Your Law Firm Presentation to the Association of Legal Administrators February 20, 2014 Steven D. Lando, CPA Tax Partner Anchin, Block & Anchin

More information

Florida Senate - 2016 SB 534

Florida Senate - 2016 SB 534 By Senator Hays 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 A bill to be entitled An act relating to water and wastewater; creating s. 159.8105, F.S.; requiring the Division

More information

PURSUANT TO INTERNAL REVENUE CODE SECTION 7463(b),THIS OPINION MAY NOT BE TREATED AS PRECEDENT FOR ANY OTHER CASE.

PURSUANT TO INTERNAL REVENUE CODE SECTION 7463(b),THIS OPINION MAY NOT BE TREATED AS PRECEDENT FOR ANY OTHER CASE. PURSUANT TO INTERNAL REVENUE CODE SECTION 7463(b),THIS OPINION MAY NOT BE TREATED AS PRECEDENT FOR ANY OTHER CASE. T.C. Summary Opinion 2005-126 UNITED STATES TAX COURT CAROLYN A. GLENN, Petitioner v.

More information

SUMMARY OF LAWS & GUIDELINES Payment of Sexual Assault Forensic Examinations CURRENT AS OF FEBRUARY 2012

SUMMARY OF LAWS & GUIDELINES Payment of Sexual Assault Forensic Examinations CURRENT AS OF FEBRUARY 2012 SUMMARY OF LAWS & GUIDELINES Payment of Sexual Assault Forensic Examinations CURRENT AS OF FEBRUARY 2012 AEQUITAS: THE PROSECUTORS RESOURCE ON VIOLENCE AGAINST WOMEN 1100 H STREET NW, SUITE 310 WASHINGTON,

More information

LIFE AND HEALTH INSURANCE POLICY LANGUAGE SIMPLIFICATION MODEL ACT

LIFE AND HEALTH INSURANCE POLICY LANGUAGE SIMPLIFICATION MODEL ACT Model Regulation Service April 1995 LIFE AND HEALTH INSURANCE POLICY LANGUAGE SIMPLIFICATION MODEL ACT Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7. Section

More information

Merchant card and third-party payment network transaction reporting requirements

Merchant card and third-party payment network transaction reporting requirements Merchant card and third-party payment network transaction reporting requirements Contents 1 Introduction 2 Overview 6 Amount reported 7 Additional application to retailers, restaurants and hospitality

More information

OPERATION AS A PARTNERSHIP OR LIMITED LIABILITY COMPANY STATE INCOME TAX CONSEQUENCES TO THE ENTITY, ITS PARTNERS AND ITS MEMBERS

OPERATION AS A PARTNERSHIP OR LIMITED LIABILITY COMPANY STATE INCOME TAX CONSEQUENCES TO THE ENTITY, ITS PARTNERS AND ITS MEMBERS OPERATION AS A PARTNERSHIP OR LIMITED LIABILITY COMPANY STATE INCOME TAX CONSEQUENCES TO THE ENTITY, ITS PARTNERS AND ITS MEMBERS David A. Fruchtman Horwood Marcus & Berk Chartered 180 N. LaSalle Street,

More information

Table of Mortgage Broker (and Originator) Bond Laws by State Current as of July 1, 2010

Table of Mortgage Broker (and Originator) Bond Laws by State Current as of July 1, 2010 Alabama Ala. Code 5-25-5 Bond only required where licensee does not submit evidence of net worth. Loan originators may be covered by Alaska 25,000 Alaska Stat. 06.60.045 Arizona $10,000-$15,000 Ariz. Rev.

More information

United States Workers Compensation/Indemnification Overview

United States Workers Compensation/Indemnification Overview United States Workers Compensation/Indemnification Overview January 18, 2012 Jill Kirila jill.kirila@squiresanders.com Kevin Hess kevin.hess@squiresanders.com 36 Offices in 17 Countries Workers Compensation

More information

STATE SECURITY DEPOSIT LAWS

STATE SECURITY DEPOSIT LAWS STATE SECURITY DEPOSIT LAWS August 14, 2013 IREM Legislative White Paper Table of Contents Common Provisions in Security Deposit Laws..2 Limits on the Size of Deposits...2 Return of Deposit...2 Deductions.

More information

Apportionment Formulas

Apportionment Formulas Apportionment Formulas When a corporation s business activities extend into more than one state, such that the corporation is or could be taxed by more than one state, the question arises as to how to

More information

Presented by: David L. Rice, Esq. For CalCPA Pasadena Discussion Group. (c) David L. Rice

Presented by: David L. Rice, Esq. For CalCPA Pasadena Discussion Group. (c) David L. Rice Presented by: David L. Rice, Esq. For CalCPA Pasadena Discussion Group 1 Mortgage defaults and foreclosures are of a national concern. In 2011, nearly 5,000,000 borrowers are behind on their mortgage.

More information

Payment Processing Guidance. 2013 Edition

Payment Processing Guidance. 2013 Edition PAYMAXX PRO, LLC Payment Processing Guidance 2013 Edition This document provides thought leadership on payment processing to new or existing merchants who accept credit/debit card or ACH payments. This

More information

NH&RA Fall Developers Forum October 18-19, 2010 A Few Things to Remember About Debt Restructuring

NH&RA Fall Developers Forum October 18-19, 2010 A Few Things to Remember About Debt Restructuring NH&RA Fall Developers Forum October 18-19, 2010 A Few Things to Remember About Debt Restructuring Forrest Milder, Nixon Peabody LLP Roger Yorkshaitis, Gatehouse Group, Inc., Overview -- 1 The cancellation

More information

Transcript for Canceled Debt (Tax Consequences)

Transcript for Canceled Debt (Tax Consequences) Transcript for Canceled Debt (Tax Consequences) Hello. I m Jean Wetzler, with a reenactment of a March 2009 IRS National Phone Forum on the Tax Consequences of Canceled Debt. The presenter for the phone

More information

COLLISION DAMAGE WAIVER MODEL ACT. This chapter shall be known and may be cited as the Collision Damage Waiver Model Act.

COLLISION DAMAGE WAIVER MODEL ACT. This chapter shall be known and may be cited as the Collision Damage Waiver Model Act. Model Regulation Service April 1996 COLLISION DAMAGE WAIVER MODEL ACT Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7. Section 1. Title of Chapter Scope Purpose

More information

COMPARISON OF CALIFORNIA, ILLINOIS, AND OREGON STATE-RUN RETIREMENT PLAN LEGISLATION

COMPARISON OF CALIFORNIA, ILLINOIS, AND OREGON STATE-RUN RETIREMENT PLAN LEGISLATION COMPARISON OF CALIFORNIA, ILLINOIS, AND OREGON STATE-RUN RETIREMENT PLAN LEGISLATION TOPIC / LEGISLATION DATE SIGNED INTO LAW STATED PURPOSE California Secure Choice Retirement Savings Trust Act ( California

More information

SUMMARY. Aug 08, 1997

SUMMARY. Aug 08, 1997 SUMMARY The Department held where appropriate amounts of documentary stamp tax and non-recurring intangible tax were paid at the time of the recordation of a mortgage to secure an out of state note, taxpayer

More information

22 States do not provide access to Chapter 9 Bankruptcy

22 States do not provide access to Chapter 9 Bankruptcy 22 States do not provide access to Chapter 9 Bankruptcy -Georgia explicitly denies access to municipal bankruptcy. (GA Code 36 80-5) States with No Statutes: Alaska Delaware Hawaii Indiana Kansas Maine

More information

The Internal Revenue Service and the Treasury Department are aware of types

The Internal Revenue Service and the Treasury Department are aware of types Part III Administrative, Procedural, and Miscellaneous Tax-Exempt Leasing Involving Defeasance Notice 2005-13 The Internal Revenue Service and the Treasury Department are aware of types of transactions,

More information

DISCHARGE OF INDEBTEDNESS INCOME PLANNING OPPORTUNITIES

DISCHARGE OF INDEBTEDNESS INCOME PLANNING OPPORTUNITIES DISCHARGE OF INDEBTEDNESS INCOME PLANNING OPPORTUNITIES Thomas Mammarella Gordon, Fournaris & Mammarella, P.A. 1925 Lovering Avenue Wilmington, DE 19806 Tel: (302) 652-2900 Fax: (302) 652-1142 tmammarella@gfmlaw.com

More information

Illinois Institute for Continuing Legal Education. Limited Liability Companies vs. S Corporations. Essential Tax Issues

Illinois Institute for Continuing Legal Education. Limited Liability Companies vs. S Corporations. Essential Tax Issues Illinois Institute for Continuing Legal Education Limited Liability Companies vs. S Corporations Essential Tax Issues By James A. Nepple Nepple Law, PLC 1515 Fourth Avenue, Suite 300 Rock Island, Illinois

More information

Copyright 2009-2010 LA First Tax & Financial Services. All Rights Reserved.

Copyright 2009-2010 LA First Tax & Financial Services. All Rights Reserved. Cancellation of Debt Important Terms Foreclosure/ Repossession Forms 1099- A or C Non-recourse Debt Recourse Debt Debt Discharge Income (DDI) Insolvency IRS Tax Provisions Tax Provisions Involved: Emergency

More information

Credit Card Agreement for Best Buy Retail Cards in Capital One, N.A.

Credit Card Agreement for Best Buy Retail Cards in Capital One, N.A. Credit Card Agreement for Best Buy Retail Cards in Capital One, N.A. There are two parts to this Credit Card Agreement: Capital One Pricing Information and the Capital One Customer Agreement. The Pricing

More information

D.C. Code Ann. Prohibits employment discrimination on the basis of tobacco use except where

D.C. Code Ann. Prohibits employment discrimination on the basis of tobacco use except where National Conference of State Legislatures Discrimination Laws Regarding Off-Duty Conduct Updated October 18, 2010 The issue of employees' rights to engage in certain off-duty activities and in the competing

More information

What China's Lemon Law Will Mean For Manufacturers

What China's Lemon Law Will Mean For Manufacturers Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com What China's Lemon Law Will Mean For Manufacturers

More information

Gross Receipts. Gross Receipts. Department of Revenue 445 East Capitol Avenue Pierre, South Dakota 57501. July 2013

Gross Receipts. Gross Receipts. Department of Revenue 445 East Capitol Avenue Pierre, South Dakota 57501. July 2013 South Gross Dakota Receipts Department of Revenue 445 East Capitol Avenue Pierre, South Dakota 57501 This fact sheet is designed to provide general guidelines and examples of what is included in a retailer

More information