New York State recently issued final corporate franchise tax regulations for sourcing income (the "Regulations"), including specific sourcing rules for service fees paid by passive investment customers ("PICs") to investment managers operating in corporate form.
On April 12, 2024, a unanimous U.S. Supreme Court issued an opinion in Macquarie Infrastructure Corp. v. Moab Partners, L. P.,1 vacating a judgment of the U.S. Court of Appeals for the Second Circuit.
The Supreme Court recently took away an often-used weapon by shareholder plaintiffs in securities fraud cases, ruling that "pure omissions" from periodic SEC filings (absent any other duty to disclose) are not actionable under SEC Rule 10b-5.
On March 28, 2024, the Council of the Corporation Law Section of the Delaware State Bar Association (the "Council") approved its legislation proposing to amend the General Corporation Law of the State of Delaware.
For many charitable institutions, accepting gifts subject to certain donor-imposed restrictions is in the normal course of business. While these restricted funds are quite common.