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6365 Bankruptcy and Insolvency Tax Issues
With the current state of the economy, an increased understanding of tax issues that deal with bankruptcy and insolvency is in the forefront of many attorneys’ practices today. The presenters of this course take an in-depth look at Sections 382 and 108 of the Internal Revenue Code, cancellation of debt, significant modifications, and how to handle net operating losses using real-life examples to illustrate numerous workout situations.
I. Introduction
A. Overview
II. Bankruptcy
A. Focus on the Facts
B. Significant Modifications
C. Cancellation of Debt
1. Two Rules
2. Recourse vs. Non-Recourse Debt
3. Other Types of COD
D. Exceptions to Insolvency
E. Taxpayer Relief
F. Partnerships
III. Net Operating Losses
A. Rules Overview
B. Ownership Changes
1. Section 382
2. Section 382(l)(5) and Section 382(l)(6)
3. Section 382 Example
C. Valuation of a Company
D. Buil-in Gains and Losses
E. Questions Answered
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6210 Basic Tax Rules for Mergers and Acquisitions
Basic Tax Rules for Mergers and Acquisitions
I. Taxable Acquisitions
A. Acquiring a Parent Corporation
B. Acquiring a Subsidiary: Two Basic Choices
C. Acquiring a Subsidiary: Basic § 338(h)(10) Rules
II. Stock, Assets and Purchase Price
A. Stock vs. Assets
B. Allocation of Purchase Price Among Assets
III. Contingent Liabilities and Contingent Purchase Price
A. Contingent Liabilities
B. Contingent Purchase Price
IV. Amortization of Section 197 Assets
V. Reorganizations
A. Tax-Free Reorganizations: General Requirements
B. “A” Reorganizations
C. Section 368(a)(2)(D) and “B” Reorganizations
D. Section 368(a)(2)(E)
E. Section 368(a)(2)(E) and “C” Reorganizations
F. Section 351 Transactions
G. Advantages and Disadvantages of Reorganizations
VI. Spin-Offs
A. Basic Requirements (1)
B. Basic Requirements (2)
C. Sections 355(d) and 355(e)
D. More on Section 355(e)
E. More on Section 355(e), Continued
VII. Section 382
VIII. Consolidated Returns and Joint Ventures
A. Consolidated Returns
B. Joint Ventures
IX. Section 704 Allocations
X. Distributions and International Transactions
A. Distributions
B. International Transactions
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6260 Negotiating a Corporate Acquisition
Negotiating a Corporate Acquisition
I. Fundamentals of the Deal
II. Understanding the Deal
A. Early Understanding
B. Areas of Agreement
C. Get the Whole Agreement
III. Other Issues
A. Representations and Warranties
1. History
2. Due Diligence and Escape Function
3. Deal Problems
4. Truth of Representations
B. Indemnification
1. Make Sure It Works
2. Holdbacks
IV. Tax Representations
A. Post-Closing Issues
B. Separate Tax Indemnification
C. Standard Tax Representations
V. Carryforwards
VI. Sample Representations
A. Potential Tax Liability
B. Knowledge and Materiality
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6355 Corporate Spin-offs
Using detailed examples, the presenters discuss the tax implications of corporate spin-offs with an attention to high-vote/low-vote recapitalization, pertinent private letter rulings, REITs, active trade or business, and the tools used in establishing capital structures.
I. High-Vote/Low-Vote Capitalization
A. A Primer
B. Realignment of Voting Control
C. Capital Markets Perspective
D. Present Expectation
E. 2010 Private Letter Ruling
F. Economic Substance Discussion
G. Revenue Procedure 2009-25
H. Active Trade or Business
I. Real Estate Investment Trust
II. Establishing Capital Structures
A. Four Tools
B. What Has Happened?
C. Lever Up Controlled
D. D Reorganization
E. Trust and Escrow Issues
F. Leveraged Distributions
G. What Can Be Paid Off?
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6375 Tax Accounting Issues in Mergers and Acquisitions
Corporate tax lawyers discuss current developments in the area of transaction costs in mergers and acquisitions, focusing on the implications of some recent IRS rulings. Other topics covered include the interaction and tension between 26 U.S.C. § 709 and the regulations dealing with covered transaction costs, integration costs in non-acquisitive transactions, issues regarding built-in losses for companies emerging from bankruptcy, debt modifications, and post-petition interest.
I. Recent IRS Rulings
A. Merger Ruling
B. Bright-Line Date Ruling
C. Success-Based Fees
II. Covered Transaction Costs
A. Section 709 and Reg. 1.263(a)-5
B. Transaction Cost Questions
III. Integration Costs
A. Spin-Offs and IPOs
IV. Section 481 Issues
A. Section 382 Limitation
V. Debt-for-Debt Exchange
A. Debt Modifications
VI. Post-Petition Interest
A. Post-Petition Interest Income
B. Post-Petition Interest Deductibility
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7140 Recent Legal, Business and Economic Merger and Acquisition Developments
Recent Legal, Business and Economic Merger and Acquisition Developments
I. M&A Market Review
A. Introduction to Market Review
B. The Past
C. The Present
D. The Future
1. M&A Market Conditions
2. M&A Players
E. Summary
II. Banking Q&A
A. Deal Structures
1. Is It Time to Move a Sale Forward or Wait?
2. Material Adverse Change Clauses
3. Deal Structures After Market Normalization
B. Growth Opportunities
1. Are There Unique Opportunities for Strategic Buyers?
2. Are Banks in the Best-Efforts or Underwriting Business?
C. Market Perceptions and How They Affect M&A
1. What Will Drive the Market Back to Historical Levels?
2. Risks to Your Institution’s Reputation
3. Can a Well-Written Deal Protect Against Loss of Reputation?
III. M&A Legal Review
A. Introduction to Legal Review
B. What We’ve Learned From the Recent Past
C. Deal Tactics
D. New Issues and New Industries
E. Deal Terms and Structures
1. Deal Structures Have Changed Over Time
2. Breakup Fees
3. Defining Material Adverse Change
F. Process Issues
1. How to Proceed When Going Private
2. Go-Shops
3. Stapled Financing
IV. Litigation
A. Recent Cases
1. Cases Overview
2. Netsmart
3. Lear
4. Topps
B. Legal Disputes (1)
C. Legal Disputes (2)
D. Legal Disputes (3)
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7150 An Introduction to the Basic Legal Principles of Mergers and Acquisitions: The Ten Building Blocks
An Introduction to the Basic Legal Principles of Mergers and Acquisitions: Ten Building Blocks
I. Introduction
A. Basic M&A Concepts and Transactional Forms
II. The Ten Building Blocks
A. Overview
B. Understanding the M&A Marketplace
C. Strategic Vision and Valuation of Target
D. Antitrust and Other Regulatory Analysis (1)
E. Antitrust and Other Regulatory Analysis (2)
F. Understanding the Fiduciary Duties of Directors (1)
G. Understanding the Fiduciary Duties of Directors (2)
H. Understanding the Fiduciary Duties of Directors (3)
I. Dealing With Pre-Deal Issues
J. Structuring the Deal
1. Deal Structure Factors
2. Stock Acquisitions
3. Asset Purchases
4. Private Company Mergers
5. Public Reverse Subsidiary Mergers (1)
6. Public Reverse Subsidiary Mergers (2)
7. Public Forward Subsidiary Mergers
8. Public Binding Share Exchanges and Short-Form Mergers
9. Tender Offer Hypothetical
10. Tender Offers
K. Drafting Acquisition Agreements
L. Announcing the Deal, Drafting SEC Disclosure Documents, and Regulatory Filings
M. Signing, Closing and Post-Closing Issues
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7160 Primer on Tender Offers
Primer on Tender Offers
1. Introduction
2. What Is a Tender Offer?
3. Disclosure Timing
4. Typical Conditions to a Tender Offer
5. Advantages of a Tender Offer
6. Timelines: Cash Tender Offer vs. Cash Merger
7. Disadvantages of a Tender Offer
8. Filling Out the Architecture
9. Timing Considerations
10. Some More Issues
11. In Conclusion
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7170 Ethics Issues in Mergers & Acquisitions Transactions
Ethical Issues in Mergers & Acquisitions Transactions
I. Introduction
II. Dual Representation
A. Dual Representation
B. What About a Wall?
III. Success Fee
A. Success Fee
B. What s the Rule?
IV. Non-Disclosure
A. Conflict of (Personal) Interest
B. What s the Rule Here?
V. A Whistle-Blowing Issue
A. A Whistle-Blowing Issue
B. What About After He’s Been Discharged?
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Acquisitions in the Financial Services Industry
I. Recent Developments
A. Expect the Unexpected
B. Congressional Actions
C. Credit-Driven Difficulties
D. The Impact of Capital
E. Accounting Issues
F. Market Consequences
II. Shifts in the Banking Industry
A. Bank Holding Company Act
B. Controlling Interest
C. The Private Equity Industry
III. Looking to the Future
A. Consolidation
B. The Shift in Investments
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Delaware Law Issues in Mergers and Acquisitions and Related Transactions
Outline
I. Obligations of Directors
A. Introduction
B. Issues With Disclosure
C. Netsmart
D. Projections in Wayne County Employees
E. Checkfree
II. The Concept of Bad Faith
A. The Lyondell Cases
B. Ryan v. Lyondell
C. The Importance of a Trial
III. Termination Cases
A. Hexion v. Huntsman
B. United Rentals, Inc.
C. CA Timeline
D. The Court’s Opinion in the CA case
E. The Economic Impact
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Ethical Issues Facing Attorneys in Mergers, Acquisitions and Related Transactions
Outline
I. Introduction
II. Hypothetical Framework
III. Success Fee Arrangement
A. Basic Framework
B. Fiduciary Relationships
C. Hourly Billing vs. Success Fee
1. Ethically Bulletproof?
2. Practical Application
IV. Rule 1.7
V. An SEC Approach
A. Part 205 Rules: A Practical Walk-Through
B. What’s a Lawyer to Do?
C. Noisy Withdrawal Rules
D. Intersection Between State Laws & SEC Rule
VI. Hypothetical Wrap-Up
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Ethical Issues in Tax Practice
I. Introduction
II. About § 6694
III. Circular 230
IV. A Hypothetical Case
A. Hypothetical
B. Hypothetical (continued)
C. Hypothetical (more)
V. Questions for Discussion
A. Questions for Discussion
B. More Discussion of the Questions
C. Further Questions
D. Question on Diligence Obligations
E. An Alternate View
F. One Last Question
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Joint Ventures and Pass-Through Entities
I. An Alternative to Divestiture
A. A Flexible Management Tool
B. Tax Considerations
C. Nonrecourse Debt
D. Remedial Method of Allocation
E. Tax Considerations on Formation
F. Tax Considerations on Unwind
II. Partnership Mergers & Divisions
A. Definitions and Rules
B. Capital Contributions vs. Sale
C. Exceptions
D. State Law Forms
III. Transactional Redirection
A. The 50 Percent Aggregate Interests Test
B. Nonqualified Liabilities
C. One-Partnership Rule
D. Partnership Divisions
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Non-Delaware Corporate Governance Issues in Mergers and Acquisitions
Outline
I. Non-Delaware Developments
A. Introduction
B. Fairness Opinions
C. FINRA Rule 2290
D. The HA-LO Case
E. The Joyce case
II. New Trends in Investing
A. The Investor Profile
B. The Evolution of Shareholders
C. Market Reaction
III. M&A, Corporate Governance and the SEC
A. Dismantling Corporate Defenses
B. Proxy Contests
C. Wolf-Pack Tactics
D. GAAP and IFRS
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Recent Legal Developments in Mergers and Acquistions: An International Perspective
I. Overview
A. Turbulent M&A Marketplace
B. The Changing Face of M&A
II. “Save the Company” Transactions
A. Why They Have Surfaced
B. Material Adverse Effect
C. Deal Protection
1. Twenty-Percent Rule
2. International Problems
D. Board Recommendations
III. Hostile Deals
A. Takeovers of Technology Companies
B. Taint
C. Takeover Defenses
1. Extreme Challenge
2. Proxy Contest
D. Launching a Successful Bid
1. Options
2. International Options
E. Foreign Buyers
1. Fear
2. Prohibiting Factors
IV. Deal Negotiations
A. Lyondell Case
1. Case Specifics
2. Moving Too Quickly
B. Omnicare
C. Breakup Fees & International Alternatives
D. Tender Offers
V. M&A Negotiation Trends
A. The Words Matter
B. Forthright Negotiator Principle
1. What’s Involved
2. Reaction to Forthright Negotiatior Principle
C. Nonreliance Clause
1. Application of Clause
2. It Can Make a Difference
D. Antitrust Commitment
E. Strategic Buyers
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