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What is the "Character" of a Sec. 16(b) Payment?
March 10, 2010
In 1959, Mr. Cummings, the Chief Executive Officer of Consolidated Food, Inc., purchased 51,500 shares of MGM, Inc. for approximately $1,030,000. He was promptly el...

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Recent Reports

Investment Holding Company Included In NYS Combined Return
March 9, 2010
The taxpayer, (IB), is a commercial bank organized and chartered under the New York State Banking Law on June 6, 1983. I...
Third Circuit Rules That ESOP Dividends Are Not Deductible
March 8, 2010
Conopco, Inc. (a subsidiary of Unilever USA and the successor-in-interest to Bestfoods, Inc. and CPC International, Inc.) created an Employee Stock Ownership Plan (...
AIG Settles Tax Dispute With I.R.S.
March 5, 2010
It is being reportedthat AIG has received a favorable ruling from the I.R.S.with respect to the withholding tax issue that was impeding its sale of...
BAC's Warrants--"Phantom" Income May Arise
March 5, 2010
The Bank of America, (BAC),warrants sold by the Treasury Department to the public recently embody some unusual attributes that, as you might expect, engender...