Ed Krzanowski was quoted in an article, "IRS Estate-Transfer Proposal Meets Rare Repeal Bill," in Law360. The article is about the Internal Revenue Service's new bill to nullify estate-transfer rules of interests in corporations and partnerships for estate, gift and generation-skipping transfer tax purposes. Krzanowski questioned how realistic it is to value an interest if every shareholder in a closely held family business had the right to get out and liquidate within six months. "Too many of the realities are getting disregarded in terms of how family businesses actually operate and what the value of the interests truly are," Krzanowski said. "The IRS is trying to close what it sees as a loophole with respect to investment vehicles that families set up that aren't necessarily active trades or businesses, and I think what the IRS is doing is hitting both the active trade or business just as hard as it is hitting the family investment vehicle."
Day Pitney Advisory
Due to the COVID-19 pandemic, this year's annual Day Pitney Palm Beach Family Office Forum, which had originally been scheduled for April 28 and 29, has been postponed to hopefully be rescheduled for later this year.
On January 31, David Waizer will be speaking at "Drafting Lasting Business Contracts: Simple, Powerful Strategies That Stand The Test of Time," a program and live webcast presented by the New Jersey Institute for Continuing Legal Education, a division of the New Jersey State Bar Association.
On January 15, Brian Fischer spoke at "When Good Deals Go Bad – Pitfalls to Avoid During the Sale Process," an Exit Planning Exchange (XPX) program held at The Hartford Club in Hartford, CT.
Day Pitney Alert
Hedge Fund Law Report covered Erik Bergman's move to Day Pitney's Stamford office in an article posted March 12.
Day Pitney LLP represented Pula Capital Management LP (Pula), a newly formed investment manager based in Virginia, in connection with (i) the acquisition of a minority ownership interest in Pula by Felton Group, LLC (Felton Group), and (ii) an investment by Felton Group in Pula Capital Fund, LP, a newly formed fund managed by Pula that intends to employ novel mathematical techniques and a proprietary, systematic predictive model to trade a diversified long-short portfolio of liquid U.S. equities.
Daniel Gottfried, chair of Day Pitney's International Transactions practice was quoted in an article, "Who Can You Trust in the Cryptocurrency Economy?," published by the Robb Report.
Day Pitney Press Release
Day Pitney Press Release