Australia: Thinking about a break up? Five lessons to make your demerger a success

There’s been a recent surge in company spin-offs and demergers in the Australian market – spurred on by the success of high profile break ups like Brambles, Amcor and Foster’s. What does it take to make a demerger successful? Our five key lessons will help you navigate the path to a successful break up.

Behind most demerger decisions is the Board’s view that a tighter business focus will benefit both the demerging company and its […]

By |October 6th, 2014|

United States: Statutory Construction: What Did The General Assembly Intend? Is A “Prohibited” Tax On A Lease Distinguishable From A Tax Imposed On The Gross Receipts Relating To Rental Income Derived From A Lease?

In an opinion issued on September 19, 2014, the Commonwealth Court in George D. Fish, Stephen Hrabrick and Jonathan A. Briskin v. Township of Lower Merion, No. 1940 C.D. 2013, concluded that the Township of Lower Merion was prohibited from imposing its Business Privilege Tax (BPT) on the rental income derived by the three taxpayers who were owners and lessors of real estate in the township. For the reasons stated in its opinion, the […]

By |October 4th, 2014|

United States: IRS Issues Guidance Regarding The Deductibility Of Litigation Fees Incurred By Branded Pharmaceutical Companies When Defending Their Patents Against Challenges To Market Exclusivity By Generic Companies

There is welcome clarity for branded pharmaceutical companies seeking to deduct legal fees incurred in defending their patents against challenges to market exclusivity by generic companies. This clarity comes after a year of uncertainty arising from a negative opinion expressed by the IRS in a chief counsel memorandum (“CCM”) in January 2013, which the IRS seems to have now reversed in a second CCM issued 20 months later. (CCMs are generic legal advice prepared […]

By |October 3rd, 2014|