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Tax incentives approved by Kentucky house for certain businesses
Kentucky lawmakers have decided to extend tax incentives to help spur on expansion projects being conducted by AK Steel and General Electric. Those sponsoring the bill hope that the bills will protect high-paying jobs that are being offered by these corporations. The bills reportedly passed without opposition. More >
Relief for M&A Brokers in Form of No-Action Letter
Recently, the Division of Trading and Markets ("the Division") of the U.S. Securities and Exchange Commission released a no-action letter indicating that the staff of the SEC would not recommend enforcement action against an "M&A Broker", even though that person or firm will receive compensation for assisting in the private sale of the stock of a target company. Those in the financial industry have long argued that the role of an M&A Broker is different from that of institutional brokerages and those qualified as such should not have to deal with the full costs and regulatory burdens associated with broker-dealer registration. More >
Proposed Bill Would Promote P3s in Kentucky
In July, the Kentucky Chamber of Commerce released a report entitled Private Solutions to Public Problems: Partnerships to Build a Better Government. The Chamber report, which was the subject of an earlier post, describes the benefits that public-private partnerships ("P3s") can provide to the Commonwealth. As a refresher, a public-private partnership typically involves a working relationship between a state or local government unit and a private business under which the business builds, finances and/or operates a project the governmental agency would have financed, built and operated in years past. The Kentucky Chamber report provides a broader definition that includes the provision by private entities of a wider variety of government services. More >
Supplier of industrial and medical gases is acquired
Airgas, Inc. has acquired Welding & Therapy Services, Inc. Airgas is a leading supplier of industrial, medical and specialty gases. Welding & Therapy, a company that also supplies industrial and medical gas as well as being a welding supply distributor has five locations spread across Kentucky and Indiana. Airgas has been serving customers in two separate states for longer than 40 years. Also, the the revenues of the company exceed $10 million annually. More >
Business succession involving closely-held businesses
Kentucky business owners hope that when exiting a business they get out of it what they put into it. This is especially true when it comes to owners who have devoted much of their lives to a closely held business. More >
My Spouse is Gone, But is the Debt?
After a divorce, the last thing one wants to consider is the debt that their former spouse may have left behind. In Kentucky, debt accumulated during the marriage is treated differently than property acquired during the marriage. Kentucky is a marital property state, meaning that property acquired during the marriage is subject to equitable distribution. On the other hand, according to the Kentucky Supreme Court, there is no statutory presumption that debts incurred during the marriage are marital or non-marital in nature. More >
Tax lawsuit surrounds claimed $658 overpayment by GE
General Electric has sued the U.S. Internal Revenue Service concerning an alleged overpayment of taxes and interest related to losses suffered during the sale of ERC Life Reinsurance. The dispute goes back to 2003 when ERC was acquired by another company. The IRS refused to grant GE a capital loss of $2.2 billion realized from sale of ERC Life shares. More >
A Winning Estate Planning Team
The Sochi Winter Olympics are in full-swing and, with them, a spirit of solidarity. There is something special about the Olympians' demonstration of sportsmanship, camaraderie, and mutual respect for one another that is inspiring. As I was watching the coverage over the weekend, I began thinking about teamwork and how it relates to my role as an estate planning attorney. More >
Injet technology company to open in Lexington
An inkjet technology company is soon planning n opening a facility in Lexington. While it's expected to employ up to 50 additional individuals, each employee will be paid on average $100,000 per year. More >
Jim Beam purchased by Japanese conglomerate
Whiskey brewed in Kentucky appears to be growing in popularity on both a national and international scale. This may be behind the acquisition of Jim Beam by the Japanese company, Suntory Holdings Limited. Kentucky Bourbon's whiskey has been particularly popular in markets like Japan. More >
