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McBrayer Blogs

Showing 7 posts from May 2014.

Marathon Petroleum purchases Hess gas stations

The Hess name will be removed from gas station signs as the chain has now been sold to Marathon Petroleum’s Speedway for $2.87 billion. This is significant as Hess is considered the largest chain of combined convenience stores and gas stations along the east coast. This will expand Marathon’s retail operations from nine to 23 separate states. More >

Corporate tax rates in the U.S. are arguably too high

There have been arguments made that corporate taxation should be greatly reduced in the United States. Part of the reason is that these corporate taxes encourage businesses to merge with foreign entities or engage in other strategies that will reduce their tax liability. The end result is that more American jobs are lost. More >

'Til Death Do Them Part: Creditor Rights

Settling the affairs of a deceased love one is never easy. When the decedent has outstanding debts to credit card companies, mortgage lenders, or other institutions, the process is further complicated. Generally, no one else is legally obligated to repay the debt of a person who has died, but there are exceptions to this rule. For instance, a co-signor on a loan may be liable for the debt under certain circumstances. More >

Bank to strengthen customer relationships through acquisition

The parent company of Green Bank N.A. will be acquiring SP Bankcorp Inc. for $46.2 million in cash. This would amount to a purchase at $29.55 per share. The sale is expected to be finalized during the third quarter of 2014. More >

Trusts Can "Materially Participate" in Businesses

Estate planning attorneys and financial planners now have much-needed guidance about "material participation" and "personal services" as they relate to trusts. The Tax Court recently ruled that a trust materially participated in its rental real estate business and therefore could deduct the losses it incurred in conducting those activities as losses from non-passive activities. The court rejected the IRS's argument that "personal services" performed in real estate activities must be performed by an individual, not a trust. This ruling is especially important considering the introduction of the "Medicare Tax" which imposes a 3.8% surtax on net investment income (the definition of net investment income includes income derived from a trade or business that is a passive activity to the investor). More >

Resolving disagreements in a closely held business

Those managing closely held businesses are as prone to disagreements with each other as are those managing any other kind of business. However, a closely held business does present a unique series of challenges in that resolution of those disagreements can be difficult to resolve. More >

Businesses, Take Note of New Breach Notification Duty

Kentucky just became the 47th state to enact breach notification legislation. For businesses, that means that there is a now a legal obligation to inform customers when a data breach occurs that could leave them vulnerable to identify theft. No business's security system is safe from hackers. You may recall that in January 2014, Target reported that between 70 to 110 million of its customers had personal information stolen in a widespread data breach during the holiday season. Data breaches, whether big or small, can leave customers exposed to fraudulent activity and cause massive reputational damage to businesses. More >

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