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Partnerships

Cooley LLP

Soroban: An Update After US Tax Court Ruling

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On May 28, 2025, the US Tax Court ruled that investment manager limited partners in Soroban Capital Partners were active limited partners and, as such, were ineligible for the limited partner exception to self-employment...more

White & Case LLP

The IRS Continues Winning Self-Employment Contributions Act (SECA) Tax Against Limited Partners in Private Equity and Hedge Funds

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Recently, the Internal Revenue Service ("IRS") has successfully asserted that limited partners in private equity and hedge funds that are organized as limited partnerships were subject to tax under the Self-Employment...more

Foster Garvey PC

Class Actions, Competition Scrutiny and Lloyds’ Travel Play: A Full Plate for Online Travel

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Good Sunday morning from Seattle . . . Our Online Travel Update for the week ending Friday, May 30, 2025, is below. Booking.com features prominently (again) in our Update this week as investigations into, and claims against,...more

WilmerHale

Court Decision on Limited Partner Exception to Self-Employment Tax

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On May 28th, the U.S. Tax Court issued a decision in Soroban Capital Partners LP v. Commissioner (T.C. Memo 2025-52) holding that all of the income allocable to the partnership’s limited partners (not just the amount...more

Baker Botts L.L.P.

"The One Big Beautiful Bill" Key Tax Takeaways

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On May 22, 2025, the House passed the legislation entitled “The One Big Beautiful Bill” (the “BBB”). The BBB makes permanent, extends and, in certain cases, modifies, a number of provisions from the 2017 Tax Cuts and Jobs Act...more

International Lawyers Network

Establishing a Business Entity in Kenya (Updated)

a) Types of business entities in Kenya - Kenya has 5 main types of business entities that is, sole proprietorships, partnerships, limited liability partnerships, companies, non-governmental organizations and trusts. A...more

Eversheds Sutherland (US) LLP

House Rules Committee’s revisions to One Big Beautiful Bill include amendment to partnership disguised sale rules

On May 22, 2025, the House of Representatives passed the highly anticipated budget reconciliation bill, referred to as the “One Big Beautiful Bill,” with revisions from the House Rules Committee. On May 21, 2025, the House...more

Cadwalader, Wickersham & Taft LLP

Another Appeal Adds Fuel to the Limited Partner SECA Tax Debate

Denham Capital Management LP (“Denham”), a private equity firm, has appealed the recent U.S. Tax Court decision that declined to revisit its interpretation of the “limited partner exception” under the Self-Employment...more

Rivkin Radler LLP

Terminating a Trust? Don’t Forget to Consider This Tax Issue

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Every conveyance of property or of an interest in property from one person to another is prompted, or at least influenced, by economic considerations. The parties to the transaction may swap properties, or one party may...more

Ropes & Gray LLP

2025 Tax Legislation Update

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On May 22, 2025, the U.S. House of Representatives passed the “One Big Beautiful Bill Act” (the “BBB”) as part of the Republican Congress’s reconciliation package. The BBB generally extends certain tax provisions of the 2017...more

WilmerHale

Healthcare & Antitrust: What to Expect in the New Trump Administration

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Antitrust scrutiny of healthcare markets is nothing new. The Biden Administration and first Trump Administration focused antitrust enforcement efforts across the healthcare and life sciences industries. The newly installed...more

Weintraub Tobin

Navigating Business Interests as a Fiduciary in California

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Administering a trust or probate estate is challenging enough—but what happens when you, as a private professional fiduciary, are tasked with managing a business interest? Whether you’re a professional trustee, conservator,...more

Williams Mullen

IRS Withdraws Reporting Requirements for Certain Basis-Shifting Transactions

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On April 17, 2025, the IRS issued Notice 2025-23, which announced its intent to publish a notice of proposed rulemaking to remove Treasury Regulations Section 1.6011-18 that identifies certain partnership basis adjustment...more

Tucker Arensberg, P.C.

Oracle, Cleveland Clinic, and G42 Announce Strategic Partnership to Launch AI-Based Global Healthcare Delivery Platform

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In attempt to deliver more effective and affordable care, Oracle, Cleveland Clinic, and G42 have announced a strategic partnership that will build a global AI-powered healthcare platform....more

BakerHostetler

Weekly Blockchain Blog - May 2025 #3

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Fintech Companies Announce Crypto-Focused Acquisitions and Partnerships - A U.S.-based crypto infrastructure solutions provider announced in a recent press release that it has signed a definitive agreement to acquire a...more

International Lawyers Network

Establishing a Business Entity in Portugal (Updated)

Portugal has circa 10,3 million resident inhabitants and most of its population lives in sunny coastal areas. Important cities include the capital Lisbon, Porto (in the north), Coimbra (in the center), Faro (in southern...more

Morgan Lewis

Federal Fiscal Court Issues Two Rulings on the Requirements for a Consolidated Tax Group for Income Tax Purposes - Legal Insights...

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In two rulings, the Federal Fiscal Court (BFH) ruled in favor of the taxpayer on the requirements for a consolidated tax group for income tax purposes. Managing holding partnership as controlling company (judgment of November...more

Morgan Lewis

Federal Fiscal Court on Trade Tax for Commercially Infected Upper-Tier Partnerships - Legal Insights Germany

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The German Federal Fiscal Court (BFH) confirmed its case law according to which the commercial infection of an upper-tier partnership pursuant to Section 15 para. 3 no. 1 sentence 1 alt. 2 German Income Tax Code...more

Proskauer - Tax Talks

The One Big Beautiful Bill: SALT Deduction Workarounds Under Fire

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On May 12, 2025, House Republicans unveiled a comprehensive 389-page package of tax provisions, setting the stage for a significant tax bill to be debated in the coming weeks. Dubbed the “One Big Beautiful Bill,” this...more

Goodwin

UK Salaried Member Employment Tax Rules - Recent Developments

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This client alert discusses recent developments relevant to members of UK LLPs in respect of the UK’s salaried member employment tax rules. In particular, it focuses on recent developments in relation to Condition B (the...more

Farrell Fritz, P.C.

A Priceless Mistake: How Faulty Appraisals Can Undermine Charitable Tax Deductions

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A recent US Tax Court case (WT Art P’ship LP v. Commissioner, T.C. Memo. 2025-30) illustrates how failing to comply with the technical requirements for substantiating the value of charitable contributions can jeopardize a...more

Benesch

Dental/DSO Intelligence Monthly Report: April 2025

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DSOs have experienced several challenges amid the slowing private equity space in the years since the COVID-19 pandemic and the tightening of the private equity space, however, there are signs of a shift, with a number of...more

Proskauer Rose LLP

UK Tax Round Up - April 2025

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Welcome to April’s edition of our UK Tax Round Up. While this month has been quiet on the case law front, there have been a number of HMRC announcements and updates to prior published guidance along with published responses...more

International Lawyers Network

Establishing a Business Entity in New Zealand (Updated)

TYPES OF BUSINESS ENTITIES - There are various entities available in New Zealand from which a business can be operated. The most commonly adopted entities are: 1. Company (including Incorporated Joint Venture (JVC))...more

Lowndes

Don’t Forget! Today (5/1) Is the Deadline to File Annual Reports for Florida Entities

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Each year, all Florida corporations, limited liability companies, limited partnerships, and limited liability partnerships (either domestic entities or foreign entities qualified to do business in Florida) are required to...more

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