Client Alerts

FMC Clarifies the "Unreasonable Practice" Provision of the Shipping Act

Client Alert

One of the original provisions of the Shipping Act, 1916 was former Section 17 (which became section lO(d)(l) of the 1984 Act and was recodified in 1998 as 46 U.S.C. §41102(c)). This section provided that no regulated entity could "fail to establish, observe and enforce just and reasonable regulations relating to or connected with receiving, […]

IRS Issues Guidance on the UBI Tax on Parking Benefits

Client Alert

On December 10, 2018, the Internal Revenue Service (“IRS” or “Service”) issued Notice 2018-99 and Notice 2018-100 which interpret and provide administrative guidance and transition rules relating to new Internal Revenue Code (“Code”) §§ 274(a)(4) and 512(a)(7)—the dreaded parking benefit addition to unrelated business income taxes.  These notices provide the first published guidance available to […]

U.S. Re-imposes Sanctions on Iran Following the U.S. Withdrawal from the JCPOA and the End of the Wind-Down Period

Client Alert

Effective at 12:00 a.m. Eastern Standard Time, November 5, 2018, the U.S. fully re-imposed the primary and secondary sanctions on Iran that were in place prior to the Joint Comprehensive Plan of Action (“JCPOA,” or the “Iran Nuclear Agreement”).  In addition, the U.S. government has designated numerous additional entities in the financial, shipping, and energy […]

Tax Changes Affecting Business Aviation

Legislation Alert

The Tax Cuts and Jobs Act of 2017 (the “2017 Act”), which was passed by Congress and signed by the President on December 22, 2017, contains a number of provisions that directly impact owners and operators of business jet aircraft; this Legislative Alert summarizes those provisions that are most pertinent to aircraft owners and operators. […]

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