Recent conversations among tax professionals have caught the attention of shareholders and advisors of S Corporation banks and bank holding companies. The issue: Do recent tax code changes create a tax advantage to be gained by terminating an S Election and thereby converting the S Corporation to a C Corporation?
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Following the “Great Recession” of 2008 and 2009, banks were forced to foreclose on a number of mortgages granted to defaulting borrowers. As a result, banks’ portfolios of “other real estate owned” grew significantly. Although the economy is recovering, these OREO properties continue to demand significant attention. While there are many regulatory issues related to OREO properties, this article will focus on some of the real estate related considerations for managing your OREO.
By Timothy M. O'Shea and Ted C. Koshiol
The United States Supreme Court recently changed the standard for awarding attorneys’ fees in infringement cases, giving district courts greater latitude to award fees, and making it less likely that those awards will be overturned on appeal.
In a bold move, the Minnesota Legislature passed on Friday, May 9, 2014, the Women’s Economic Security Act (WESA), a controversial, comprehensive bill designed to further promote opportunities for women in the workplace. Governor Dayton signed the bill on Mother’s Day. WESA is comprised of multiple pieces of legislation and is touted as the first of its kind nationwide. How will these significant changes impact your business?
Federal Circuit Court of Appeals Denies Patent on Cloned Animals to the Inventors of Dolly the Sheep
By Mia E. Mendoza and Kara K. Fairbairn
Last week, in the case of In re Roslin Institute (Edinburgh), the Federal Circuit Court of Appeals held that claims to cloned animals were not eligible for patent protection under 35 U.S.C §101 because the cloned animals are copies of products of nature. A key factor in the decision was that, although cloned animals are not completely identical to the animals from which they were copied, the differences between them were not claimed. The biotech community should take note of this decision which has important implications for the patentability of many biotech products as well as how to draft claims to avoid problems under §101.
Minnesota’s new minimum wage already is causing employers to ask many questions before its first effective date of August 1, 2014. Key questions include – What is the new minimum wage? Does it apply to my employees? and, How do I know whether to use the federal or the Minnesota minimum if they differ?
In 2002, Congress passed the Sarbanes-Oxley Act of 2002 (SOX) following the collapse of Enron Corporation. Among other things, SOX provides protection for whistleblowers who work for public companies. Recently, in Lawson v. FMR, LLC, the U.S. Supreme Court held that SOX’s whistleblower protections extend to employees of contractors and subcontractors of public companies, even if the contractor or subcontractor is privately held.
College administrators, coaches, and many of the rest of us were surprised to learn that scholarship football players at Northwestern University are “employees” for purposes of the National Labor Relations Act and thus may vote on representation by the College Athletes Players Association, affiliated with the United Steelworkers.
On April 7, 2014, USCIS announced the H-1B cap for fiscal year 2015 (October 1, 2014-September 30, 2015) had been reached as it received more applications than the number of available H-1B visas.