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The IRS’s reach in collecting unpaid and assessed taxes is broad, pervasive, and aimed “to reach every interest in property that a taxpayer may have” United States v. National Bank of Commerce, 472 U.S. 713, 719–720 (1985) (emphasis supplied). In exercising its expansive collection powers, the IRS often serves levies on banks, financial institutions, and other corporate entities acting as trustees concerning the administration of various trusts. What is a Corporate Trustee supposed to do when served with an IRS levy with respect to its beneficiary? What impact, if any, do spendthrift, forfeiture, and other discretionary provisions within the trust instrument have on the IRS levy? This article explains and analyzes the applicable federal tax law in the context of IRS levies served on trustees of various types of trusts, along with providing some recommended best practices.
Top 50 in the 2018 and 2019 ISS Securities Class Action Services Report and headquartered at the Empire State Building in New York City, is investigating
GX Acquisition Corp. ( GXGX or the Company ) (
) relating to its proposed merger with Celularity, Inc. Under the terms of the agreement, GXGX will acquire Celularity through a reverse merger, with Celularity emerging as a publicly traded company.
The investigation focuses on whether GX Acquisition Corp. and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, 2) whether the transaction is properly valued and 3) whether all material information has been disclosed.
Special to The Times
An Ohio think tank has asked the U.S. Supreme Court to review a case that says a Marietta teacher should not be compelled to let a labor union speak for her.
While union membership is not required for unionized jobs, dues are sometimes required to pay for collective bargaining done on behalf of employee groups.
The Buckeye Institute said it filed a petition Friday with the nation’s highest court on behalf of Jade Thompson, a Spanish teacher at Marietta High School. The case revolves around the concept that collective bargaining units, in this case the Marietta Education Association, speak on behalf of all members.
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The United States Supreme Court has resolved a split among lower courts on the issue of whether a lessor who repossesses debtor collateral on eve of bankruptcy violates the automatic stay by failing to surrender such property immediately following the bankruptcy filing.
In City of Chicago, IL v. Fulton, 141 S.Ct. 585 (2021), the Court ruled unanimously that retaining possession of a debtor’s property after a bankruptcy filing is not an act to exercise control over the bankruptcy estate prohibited by the automatic stay. In the matter before the Court, individuals who had filed Chapter 13 bankruptcy petitions requested that the City return their vehicles, which had been impounded prior to the bankruptcy cases for failure to pay motor vehicle fines. The Court reversed the lower courts’ rulings, which had found that the City’s refusal to return the vehicles violated the automatic stay.
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