Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 25 – May 29, 2020. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource
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How Energy Company Buyers Can Limit Environmental Liability Risk
Many energy companies may be driven into bankruptcy because of the COVID-19 pandemic. Third parties seeking to purchase those companies’ assets may be concerned about potential successor liability for the seller’s environmental obligations. This article highlights some steps that asset…
Five Takeaways: Early Moves and Current Trends in Energy Storage
McDermott continues its dialogue with renewable industry leaders to provide the latest market updates on the disruption, challenges and opportunities COVID-19 presents to the industry. This week, we focused on the energy storage market and hosted Chris McKissack, CEO at…
IRS Extends Deadline for ITC and PTC Projects
The IRS yesterday released anticipated guidance extending the placed-in-service deadline for the Investment Tax Credit (ITC) and Production Tax Credit (PTC). Under Notice 2020-41, the “Continuity Safe Harbor” was extended to five years for any project that otherwise began construction in…
FTC Continues To Zero In On Problematic M&A Noncompetes
Since September 2019, the Federal Trade Commission has challenged noncompete provisions in at least three transactions. These challenges demonstrate that the FTC will challenge noncompete provisions even when it concludes that the underlying transaction raises no substantive antitrust issues and…
Verdict Delivered: Shipment Notification Claims are Patent Ineligible—Even with Security Flair
The US Court of Appeals for the Federal Circuit affirmed a district court’s pleadings-stage determination that a patent claim directed to a delivery notification system was subject matter ineligible under 35 U.S.C. § 101. Elec. Commc’n Techs., LLC v. ShoppersChoice.com,…
Pandemic Unemployment Aid Intensifies Debate Over Classifying Gig Workers
The federal Pandemic Unemployment Assistance program extends relief to workers and employees who don’t have access to state benefits, but it will almost certainly put pressure on gig economy companies to start paying into state unemployment insurance funds as government…
Double Meaning Can Make Mark Distinctive
The US Court of Appeals for the Eleventh Circuit reversed a district court’s grant of summary judgment invalidating a service mark for lacking distinctiveness, finding that a reasonable jury could understand the mark to entail a double meaning and therefore…
Prayer for Declaratory Relief Invokes Copyright Act and Available Attorneys’ Fees
Vacating the district court’s order denying a defendant’s recovery of attorneys’ fees under the Copyright Act, the US Court of Appeals for the Ninth Circuit held that, even when asserted as a claim for declaratory relief, any action that turns…
Chalk One Up to the Knock-Off
Addressing issues of design patent infringement, copyright infringement, trade dress infringement and unfair competition, the US Court of Appeals for the Federal Circuit affirmed a district court’s grant of summary judgment on all claims. Lanard Toys Limited v. Dolgencorp LLC,…