Two recent, but unrelated, proposals will alter spinoffs. The first, affecting Morris Trusts, has generated opposition, while the second is largely procedural
Article Abstract:
The Clinton administration suggested new rules in Mar 1996 which would limit the ability to make spinoffs free of taxation and in its 1997 FY budget bill included the elimination of the Morris trust transaction reorganization technique. In Apr 1996, the Treasury Department issued Revenue Procedure 96-30 including the standards the IRS would use in considering the tax consequences of spinoffs. The elimination of the Morris Trust transaction would be confusing as these have not usually been considered loopholes. The administration proposals are also troublesome because they tend toward complex tax legislation.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1996
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E.U. biotech directive departs from U.S. practices; patentability standards largely are similar, but U.S. applicants should be aware of differences
Article Abstract:
The most significant difference from US practice in the European Union Directive on the Legal Protection of Biotechnological Inventions is the balancing test, which precludes the patentability of certain inventions concerning the genetic engineering of animals if possible medical benefits are outweighed by the animals' possible suffering. The exclusion of patentability for for plant and animal varieties per se, in their genetically fixed forms, is also a deviation from US practice.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1999
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High Court takes care of business; almost half of the court's rulings involved business cases and they largely favored corporations
Article Abstract:
The US Supreme Court's 1995-96 term belied a tendency on the part of that court which observers have long lamented to fail to appreciate the legal issues facing business. About half of the rulings during the term in question involved business cases. The court granted certiorari in more business cases than usual and did so at a time when the total docket had reached the lowest level in more than 40 years. The business rulings rendered spanned a broad range.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1996
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Comment about this article or add new information about this topic:
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