MoFo Tax Talk

Volume 6, Issue 2 – July 22, 2013

IRS Leaves Potential REIT Conversions Hanging
IRS Proposes to Relax Wash Sale Rules for Floating NAV Money Market Fund Share Redemptions
IRS Confirms Mexican Land Trust Is Not Trust Under U.S. Tax Law
Third Circuit: S Corp Flow-Through Tax Treatment Not Property of Debtor Under the Bankruptcy Code
Treasury Signs FATCA IGAs with Spain, Germany and Japan
Structured Finance Transaction Treated as “Conversion Transaction,” Taxed as Straddle
IRS Limits Taxpayer’s Holding Period, Denies DRD
IRS Disallows DRD on Substance Over Form Grounds
Acquisition of Medium Term Notes by Foreign Bank’s U.S. Branch Eligible For “10% Rule”
U.S. District Court Finds Tax Opinion Condition Could Not Have Been Met in MBIA v. Patriarch Partners-
MoFo in the News
Awards

Volume 6, Issue 1 – April 30, 2013

House Ways & Means Committee Proposal Would Require Mark-to-Market for Derivatives and Modify Certain Other Tax Rules
After Months of Anticipation, Final FATCA Regulations Released
Congress Considers Financial Transaction Tax Bill
Proxy Agreement No Barrier to Affiliated Group Membership
Reorganization Plan Qualifies for Bankruptcy Exception to NOL Limitation Rules
Holding the PHONE?—Equity Linked Debt Instrument Forms Part of a Straddle
IRS Releases New FATCA Form
Ambac Seeks Bankruptcy Court Approval of Settlement with Government Resolving Dispute Arising out of Tax Treatment of Credit Default Swaps

Volume 5, Issue 4 – January 25, 2013

Fiscal cliff Diving a.k.a. American Taxpayer Relief Act
CoCo Developments
Tax Effect of Money Market Fund Proposals
IRS Issues Final Regulations on Publicly Traded Property
Assessment of Income from Excess Loss Account Barred
Covered Bond Act Amended by House Committee
IRS Provides Guidance to the Field on Economic Substance for Securities Lending
IRS Rolls Out FATCA Intergovernmental Agreements
IRS Proposes Regulations on New Medicare Tax
MoFo in the News

Volume 5, Issue 3 – October 17, 2012

Obama v. Romney Tax Plans
IRS Rules That Excess Mortgage Servicing is “Good” Asset and Produces “Good” Income for REIT purposes
Tax Court Finds Arrangement to be Equity for Tax Purposes in Pepsico Puerto Rico, Inc. c. Commissioner - Court Addresses Demutualization Tax Treatment in Dorrance v. United States
United States and United Kingdom Enter into FATCA Cooperation Agreement
IRS Issues Guidance on Dealer Status
IRS Releases Regulations on Integrated Hedging Transactions of Qualifying Debt
Tax Court: TurboTax Not to Blame for Underreporting of Income
More Uncertainty Regarding Medicare Tax
MoFo in the News

Volume 5, Issue 2 – July 9, 2012

IRS Advisory Memo Finds Parent Cannot Claim Subsidiary’s Stock is Worthless While Tax Refund is Pending.
Tax Court Characterizes Preferred Equity as Debt in Hewlett Packard Case
NA General Partnership v. Commissioner Addresses Debt-Equity Characterization of Related-Party Advocates
IRS Rules that Money Market Fund Shares as “Cash” for REIT Asset Test Purposes
Redemption of Trust Preferreds Following New Federal Reserve
Draft Form W-8 Released for FACTA
IRS Issues Guidance on When COD Income Is “Qualifying Income” For Purposes of the Publicly Traded Partnership Provisions implementation Capital Rules
U.S. Treasury and Japan/Switzerland Announce They Will Negotiate Toward a “Third Way” for FACTA Compliance
Press Corner
MoFo in the News

Volume 5, Issue 1 – May 5, 2012

IRS Issues Tech Advice Addressing Restructured Call Options
Second Circuit Rejects GE Capital Deal, Again
IRS Releases Field Attorney Advice Disallowing Benefits of a Dividends-Received Deduction Transaction
Treasury Publishes Highly Anticipated “Withholdable Payment” FACTA Regulations and Outlines International Cooperation Alternative
IRS Issues Guidance on Registered Bonds Days Before Repeal of Bearer Bond Exception
MoFo in the News

Volume 4, Issue 4– February 2, 2012

Treasury Releases Temporary and Proposed Regulations on Withholding under Equity Swaps
IRS Releases Temporary and Proposed Regulations on Reporting of Specified Foreign Financial Assests
IRS Issues Private Letter Ruling on Look-Through Approach for Purposes of Worthless Stock Deduction
IRS Private Letter Ruling: Conversion of Bonds to a New Interest Rate Period is Not a Significant Modification
New Proposed Regulations Clarify Scope of Section 892 and Create De Minimis Exception for Inadvertent Commercial Activity
IRS Guidance on REMICs and REITs with Respect to the Home Affordable Refinance Program
Tenth Circuit Affirms Tax Court’s Holding in Anschutz Co. v. Commissioner
IRS Technical Advice: Cumulative Preferred Stock that Pays Accumulated Dividends at Redemption is Section 1504(a)(4)Preferred Stock
IRS Provides Transitional Relief from Reporting Obligations of Corporate Actions
The Classroom –Legging-In and Legging-Out of and Integrated Transaction
MoFo in the News

Volume 4, Issue 3 – October, 2011

Proposed Regulations Would Expand and Clarify What Contracts Qualify as NPCs for Tax Purposes
The Handwriting is on the Wall
Recognition of Unamortized Hedge Gain Could Not Be Deferred
Ninth Circuit Affirms Samueli Ruling
Countdown to March 18, 2012: Are You Ready?
IRS and Treasury Release 2011-2012 Priority Guidance Plan
Even Though Republicans Now Control Ways and Means Committee – Accounting Gimmicks Still Used as Pay-Fors
Tanning Tax: Was it Worth it?
GOP Presidential Candidates’ Tax Positions
The Classroom – Integrating a Debt Instrument with a Hedge into a Synthetic Debt Instrument
MoFo in the News

Volume 4, Issue 2 – July 22, 2011

IRS Announces Phased Implementation of FATCA
The Gang of Six
IRS Issues Supplemental Guidance on FATCA Reporting and Withholding Requirements
IRS Temporarily Suspends Information Reporting Requirements
Third Circuit Affirms Schering-Plough Corp. Ruling in Merck & Co., Inc. v. U.S
Temporary and Proposed Regulations Issued on Transfer and Assignment of Derivative Contracts

Volume 4, Issue 1 – April 18, 2011

IRS Reverses its Position on Closing a Forward with Borrowed Stock
Equity Units Exchange Offer
Repurchase Premiums and Consent Fees
Reporting Obligations for Corporate Actions Continued
Withholding on ADR Fees
Repeal of Expanded Form 1099 Information Reporting Requirement
Another Derivium Capital Case
Proposed Regulations for COD Income Exceptions
Press Corner
MoFo in the News
FrankNDodd

Volume 3, Issue 4 – January 18, 2011

2010 Tax Relief Act
Knock-Out Option Treated as Direct Ownership of Underlying
Tax System Overhaul Recommended by Deficit Reduction Commission
Proposed Regulations Clarify and Expand Scope of “Publicly Traded”
Short Form HIRE Act Protocol
Repatriation Holiday on the Horizon?
RIC Modernization Provisions
Modification of Mortgage Loans – New REIT Safe Harbor
IRS Reporting Obligations for Corporate Actions
Press Corner
MoFo in the News

Volume 3, Issue 3 – October 13, 2010

Prepaid Forward Plus Stock Loan Equals Sale According to U.S. Tax Court
IRS Issues Initial Guidance on FATCA Withholding and Reporting
IRS Issues Economic Substance “Guidance”
ISDA 2010 HIRE Act Protocol
Small Business Jobs Act Affects Source Rules for Guarantee Fees
Medicare Tax – On the Sale of a Principal Residence?
Did You Catch That, Again?
The Classroom--Fixed-to-Floaters
Press Corner
MoFo in the News

Volume 3, Issue 2 – July 2010

The Dodd-Frank Act – Trust Preferreds, Covered Bonds, and Section 1256 Contracts
Proposed Regulations Clarify Ambiguity in Debt Modification Regulations
Summitt v. Comm’r – Foreign Currency Options Are Not Section 1256 Contracts
Calloway v. Comm’r – Purported Stock Loan Treated as Sale
Tax Patents – Update on In Re Bilski
From Extender’s Act to American Jobs and Closing Tax Loopholes Act to Nowhere
The Classroom – RICs and Commodity Linked Structured Notes
Press Corner
MoFo in the News

Volume 3, Issue 1 – April 2, 2010

Health Care Act Revenue Raisers
HIRE Act FATCA Recap
Did You Catch That?
IRS Issues Industry Director Directive on Total Return Swaps
Container Corp. v. Commissioner: No U.S. Withholding Tax on Payment of Guaranty Fees by U.S. Subsidiary to Foreign Parent
Update on Contingent Capital
The Classroom: Reopening Structured Notes
Press Corner
MoFo in the News

Volume 2, Issue 4 – December 31, 2009

Tax Extenders Act of 2009 Includes FATCA
IRS Memorandum: Loan Origination by Foreign Entity Through U.S. Intermediary Subject to U.S. Tax
Red Eyes Contingent Capital
The Classroom: Exploring the Boundaries of Variable Rate Debt Instruments
U.S. Continues to Extend and Expand Relief Through the Tax Code
Proposed Bill Seeks to Modernize Tax Treatment of RICs
Press Corner
MoFo in the News

Volume 2, Issue 3 – October 2, 2009

New Section 108(i) Guidance – An Executive Summary
IRS Lends Public-Private Investment Program a Helping Hand
Permissive Guidance on Commercial Mortgage Loan Modifications
Schering-Plough Corp. v. United Stated
“Enhanced” Trust Preferred Securities: A-Ok?
Senator Ron Wyden’s “Oil Bill”
A Summary Comparison of BDCs and REITs
Learning Annex-A Primer on Foreign-Currency Linked Structured Notes
Press Corner
MoFo in the News

Volume 2, Issue 2 – June 16, 2009

Raising Capital and Mending Capital Structures on Wall Street
To Accrue or not to Accrue – Market Discount and Distressed Debt
Revenue Procedure 2009-23 and Notice 2009-36 – The IRS on HAMP
13 Administration Proposals for Tax Reform
Modifications of Nondebt Derivatives
The Learning Annex – Debt Modifications and the Tax Law
Samueli – A Securities Lending Transaction Gone Bust
Press Corner
MoFo in the News

Volume 2, Issue 1 – March 10, 2009

Distressed Debt Buybacks and Restructurings – It’s Easy, Unless It’s Not
The Obama Budget
A Note on APB 14-1 (Converts)
Stimulus Bill Tax Provisions – An Executive Summary
Madoff Matters – What Tax Relief?
The Learning Annex – A Primer on Debt Reopenings
MoFo in the News
Press Corner

Volume 1, Issue 4– December 19, 2008

Tax Law and the Credit Crunch – An Executive Summary
101 Events that Rocked the World – A Timeline of Significant Market Events
The Temporary Liquidity Guarantee Program and Bearer Debt
The New Administration’s Tax Plan – What to Expect
In re Bilski – The End of Patenting Tax Strategies?
The Learning Annex – Tax Patents Explained
MoFo in the News
Press Corner

Volume 1, Issue 3 – September 30, 2008

Bailout Bill Tax Provisions
Borrower’s Default on Securities Loan Doesn’t Trigger Taxable Event to Lender
Credit Crunch Results in Suspension of AHYDO Rules
Section 1032 Disallows Subsidiary Loss on Forward Contract Involving Parent Stock
Foreign Tax Credit Regulations
Legislative Changes Affect REITs
Senate Targets Dividend Withholding Tax Abuse
MoFo in the News
The Learning Annex – Options Pricing and the Taxation of Derivatives
Reporting Discharges of Debt
MoFo in the News
Press Corner

Volume 1, Issue 2 – June 17, 2008

Hybrids – An Update on Recent Mega Deals
Hybrids – Revenue Ruling 2003-97 in the News
Sovereign Wealth Funds – An Update
Credit Crunch Results in REMIC Relief
Auction Rate Securities – The IRS Provides For Liquidity
MoFo in the News
The Learning Annex: Demystifying Section 1260 (Constructive Ownership Transactions)
Developments in the Samurai Market
Variable Prepaid Forward Contracts Plus Share Loans – What if the IRS is Right?
Press Corner

Volume 1, Issue 1 – March 7, 2008

Exchange Traded Notes – A Tax-Favored Investment Vehicle?
MoFo “Developments in Hybrid Capital and Current Issues”
Hybrids – A U.S. Federal Income Tax Review
Hybrids – A Survey of Recent Mega Deals
Investing in the United States – A Sovereign Exemption
The Learning Annex: A Taxonomy for Structured Notes – Type 1, Type 2 and Type 3 Notes
Structured Foreign Tax Credit TAM
Coordinated Issue Paper on Variable Prepaid Forward Contracts Plus Share Loans
Press Corner