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Mergers & Acquisitions 2017:
Advanced Trends and Developments
CORPORATE LAW AND PRACTICECourse Handbook Series
Number B-2294
ChairKevin Miller
© Practising Law Institute
18
Basic Federal Income Tax Aspects of Mergers & Acquisitions (January 13, 2017) (PowerPoint slides)
Stuart M. Finkelstein
Skadden, Arps, Slate, Meagher & Flom LLP
© 2016, Stuart M. Finkelstein
If you find this article helpful, you can learn more about the subject by going to www.pli.edu to view the on demand program or segment for which it was written.
655
© Practising Law Institute
656
© Practising Law Institute
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BASI
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DER
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INCO
ME
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ASP
ECTS
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GER
S &
ACQ
UIS
ITIO
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CTIS
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INST
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016,
Stu
art M
. Fin
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Janu
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657
© Practising Law Institute
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E O
F CO
NTE
NTS
OV
ERV
IEW
OF
ACQ
UIS
ITIO
N T
YPES
3
TAXA
BLE
ACQ
UIS
ITIO
NS/
DIS
POSI
TIO
NS
4
TAX-
FREE
REO
RGA
NIZ
ATIO
NS
10
TAX-
FREE
SPI
N-O
FFS
19
CRO
SS-B
ORD
ER C
ON
SID
ERAT
ION
S
2
3
658
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
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LLP
3
Skad
den
Skad
den
OV
ERV
IEW
OF
ACQ
UIS
ITIO
N T
YPES
Selli
ng S
Hs
T1Ba
sis
of T
's A
sset
sP'
s Ba
sis
in T
Sto
ck
Taxa
ble
Stoc
k Pu
rcha
seRe
cogn
ize
gain
or
loss
on
the
stoc
k so
ldN
o ta
x co
nseq
uenc
esCa
rryo
ver
FMV
Taxa
ble
Ass
et P
urch
ase
If T
keep
s th
epr
ocee
ds,
no ta
x co
nseq
uenc
es
If T
dist
ribu
tes
proc
eeds
, ta
xabl
edi
vide
nd, r
etur
n of
ba
sis,
and
/or c
apita
l gai
n
Reco
gniz
es g
ain
or lo
sson
the
asse
ts s
old
FMV
N/A
Stoc
k Pu
rcha
se w
ith
Sect
ion
338(
h)(1
0)
Elec
tion
2
No
tax
cons
eque
nces
Reco
gniz
es g
ain
or lo
sson
the
asse
ts s
old
FMV
FMV
Tax-
Free
Sto
ck
Reor
gani
zati
on/
Acq
uisi
tion
Reco
gniz
ega
inup
to b
oot3
rece
ived
;no
loss
reco
gniz
ed
No
tax
cons
eque
nces
Carr
yove
rCa
rryo
ver
orT'
s ne
t ass
et b
asis
Tax-
Free
Ass
etRe
orga
niza
tion
/A
cqui
siti
on
Reco
gniz
ega
inup
to b
oot3
rece
ived
;no
loss
reco
gniz
ed
No
tax
cons
eque
nces
Carr
yove
rN
/A
SUM
MA
RY O
F TA
X CO
NSE
QU
ENCE
S
1In
this
pre
sent
atio
n, "
T" m
eans
the
targ
et c
ompa
ny th
e st
ock
or a
sset
s of
whi
ch a
re a
cqui
red,
and
"P"
mea
ns
the
com
pany
acq
uiri
ng th
e st
ock
or a
sset
s di
rect
ly o
r thr
ough
its
who
lly-o
wne
d su
bsid
iary
, "S"
2O
nly
poss
ible
if T
is a
con
solid
ated
/aff
iliat
ed s
ubsi
diar
y or
an
S co
rpor
atio
n3
Cons
ider
atio
n ot
her t
han
stoc
k of
P (o
r P'
s pa
rent
)
659
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
4
Skad
den
Skad
den
TAXA
BLE
STO
CK P
URC
HA
SE
•Ca
sh te
nder
off
er o
r ta
xabl
e re
vers
e su
bsid
iary
mer
ger
(or
2-st
ep te
nder
off
er/m
erge
r)
•Ta
xabl
e to
T's
SH
s; ta
x-fr
ee to
P a
nd T
(and
S)
TAXA
BLE
ACQ
UIS
ITIO
NS/
DIS
POSI
TIO
NS
P SH
s
RESU
LT
TP
TRA
NSA
CTIO
N
or
SHs
cash
P
T
SHs
cash
mer
ger
TSP
660
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
5
Skad
den
Skad
den
TAXA
BLE
ASS
ET P
URC
HA
SE
•Ca
sh a
sset
pur
chas
e or
cas
h fo
rwar
d m
erge
r
•Ca
n al
so u
se c
orpo
rate
or
LLC
mer
ger
sub
as th
e su
rviv
ing
entit
y
•Ta
xabl
e to
T a
nd it
s SH
s; ta
xabl
e fo
rwar
d m
erge
r ca
n al
so b
e pa
rt o
f2-
step
tend
er o
ffer
/mer
ger
TAXA
BLE
ACQ
UIS
ITIO
NS/
DIS
POSI
TIO
NS
RESU
LTTR
AN
SACT
ION
P SH
s
P
T as
sets
&
liabi
litie
s
PT
cash
asse
tsor
PT
mer
ger
SHs
cash
661
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
6
Skad
den
Skad
den
TAXA
BLE
PURC
HA
SE O
F CO
NSO
LID
ATED
SU
BSID
IARY
OR
S CO
RPO
RATI
ON
—SE
CTIO
N 3
38(H
)(10
) ELE
CTIO
N
•Jo
int S
ectio
n 33
8(h)
(10)
ele
ctio
n m
ade
betw
een
the
buye
r an
d se
ller
•Ta
xabl
e st
ock
purc
hase
in fo
rm, t
reat
ed a
s ta
xabl
e as
set p
urch
ase
for
tax
purp
oses
, re
sulti
ng in
a T
ass
et b
asis
ste
p-up
(ass
umin
g T'
s as
sets
are
app
reci
ated
)
•O
nly
poss
ible
whe
re p
urch
asin
g co
nsol
idat
ed/
affil
iate
d su
b or
S c
orpo
ratio
n
•G
ener
ally
onl
y on
e le
vel o
f tax
due
to
cons
olid
ated
retu
rn r
ules
/S c
orpo
ratio
n ru
les
•G
et th
e ex
ecut
ed fo
rms
at c
losi
ng!
•Ex
ampl
es: S
aput
o/M
orni
ngst
ar; G
reat
-Wes
t Li
feco
/Put
nam
Inve
stm
ents
Tru
st; L
ockh
eed
Mar
tin/S
ikor
sky
TAXA
BLE
ACQ
UIS
ITIO
NS/
DIS
POSI
TIO
NS
with
ste
pped
-up
asse
t bas
is
TRA
NSA
CTIO
N
RESU
LT
TSTPca
sh
stoc
k of
TS
P TS
P
662
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
7
Skad
den
Skad
den
MA
KIN
G A
SEC
TIO
N 3
38(H
)(10
) ELE
CTIO
N —
CON
SID
ERAT
ION
S
•P
shou
ld c
ompa
re it
s ba
sis
in T
's s
tock
(out
side
bas
is) t
o T'
s ne
t bas
is in
its
asse
ts (i
nsid
e ba
sis)
to d
eter
min
e w
heth
er d
eem
ed a
sset
sal
e re
sulti
ng fr
om th
e Se
ctio
n 33
8(h)
(10)
el
ectio
n re
sults
in a
gre
ater
or
less
er a
mou
nt o
f gai
n or
loss
reco
gniz
ed
•Sa
le o
f T s
tock
with
no
Sect
ion
338(
h)(1
0) e
lect
ion
typi
cally
resu
lts in
cap
ital g
ain
or lo
ss
to P
, whe
reas
the
deem
ed a
sset
sal
e co
uld
resu
lt in
som
e or
dina
ry in
com
e (e
.g.,
depr
ecia
tion
reca
ptur
e)
May
be
rele
vant
if P
has
a la
rge
capi
tal l
oss
carr
yfor
war
d or
if T
is a
n S
corp
orat
ion
•Se
ctio
n 33
8(h)
(10)
ele
ctio
n al
low
s T
to d
istr
ibut
e ap
prec
iate
d un
wan
ted
asse
ts to
P a
s pa
rt o
f the
dee
med
liqu
idat
ion
with
out c
orpo
rate
-leve
l tax
•Se
ctio
n 33
8(h)
(10)
ele
ctio
n m
ay re
sult
in in
crem
enta
l sta
te a
nd lo
cal t
ax c
osts
•If
T w
as a
mem
ber
of a
con
solid
ated
gro
up, "
new
" T
cont
inue
s to
be
liabl
e fo
r th
e en
tire
grou
p's
tax
liabi
lity
for
each
yea
r T
was
a m
embe
r; c
an a
ddre
ss b
y co
ntra
ctua
l in
dem
nity
from
sel
ler
TAXA
BLE
ACQ
UIS
ITIO
NS/
DIS
POSI
TIO
NS
663
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
8
Skad
den
Skad
den
MA
KIN
G A
SEC
TIO
N 3
38(H
)(10
) ELE
CTIO
N —
S CO
RPO
RATI
ON
S
•If
T is
an
S co
rpor
atio
n th
at w
as p
revi
ousl
y a
C co
rpor
atio
n (o
r ac
quire
d as
sets
from
a C
co
rpor
atio
n in
a ta
x-fr
ee tr
ansa
ctio
n), T
is s
ubje
ct to
cor
pora
te-le
vel t
ax o
n an
y N
UBI
G
in th
e C
corp
orat
ion'
s pr
oper
ty re
cogn
ized
with
in th
e “r
ecog
nitio
n pe
riod
” (g
ener
ally
5
year
s)
•A
llS
corp
orat
ion
shar
ehol
ders
(eve
n th
ose
not s
ellin
g th
eir
T st
ock)
mus
t sig
n th
e Se
ctio
n 33
8(h)
(10)
ele
ctio
n fo
rm
•Pa
rtie
s ca
n al
so a
chie
ve a
bas
is s
tep-
up in
T's
ass
ets
thro
ugh
a fo
rwar
d ca
sh m
erge
r w
here
T m
erge
s w
ith a
nd in
to P
(or
corp
orat
e or
LLC
mer
ger
sub
of P
); el
imin
ates
100
%
S co
rpor
atio
n sh
areh
olde
r si
gnat
ure
requ
irem
ent,
but
may
ent
itle
shar
ehol
ders
to
diss
ente
rs' r
ight
s
•T'
s el
ectio
n to
be
an S
cor
pora
tion
(and
any
ele
ctio
ns it
mad
e to
trea
t any
of i
ts
subs
idia
ries
as
"qua
lifie
d Su
bcha
pter
S s
ubsi
diar
ies"
) con
tinue
s in
eff
ect t
hrou
gh c
lose
of
acq
uisi
tion
date
(inc
ludi
ng th
e tim
e of
the
deem
ed a
sset
sal
e an
d de
emed
liq
uida
tion)
TAXA
BLE
ACQ
UIS
ITIO
NS/
DIS
POSI
TIO
NS
664
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
9
Skad
den
Skad
den
SECT
ION
336
(E) E
LECT
ION
•Se
ctio
n 33
6(e)
ele
ctio
n m
ade
by a
gree
men
t be
twee
n se
ller
and
T
•Tr
eate
d as
taxa
ble
asse
t pur
chas
e fo
r ta
x pu
rpos
es (s
imila
r to
a Se
ctio
n 33
8(h)
(10)
el
ectio
n)
•Av
aila
ble
whe
re s
elle
r an
d T
are
affil
iate
d (b
ut
not n
eces
sari
ly c
onso
lidat
ed) U
.S. c
orpo
ratio
ns
or w
here
T is
an
S co
rpor
atio
n
•Bu
yer
need
not
be
a co
rpor
atio
n —
may
be
a no
n-co
rpor
ate
entit
y su
ch a
s a
priv
ate
equi
ty
fund
trea
ted
as a
par
tner
ship
for
tax
purp
oses
•A
lso
avai
labl
e fo
r ce
rtai
n ta
xabl
e di
stri
butio
ns o
f T
stoc
k
TAXA
BLE
ACQ
UIS
ITIO
NS/
DIS
POSI
TIO
NS
with
ste
pped
-up
asse
t bas
is
TRA
NSA
CTIO
N
RESU
LT
TSTPca
sh
stoc
k of
TS
TS
P
P
665
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
10
Skad
den
Skad
den
TAX-
FREE
REO
RGA
NIZ
ATIO
NS
Surv
ivin
g En
tity
Cons
ider
atio
nBo
ot*
Cont
rol
Subs
tant
ially
All
the
Ass
ets
("SA
A")
Type
AP
surv
ives
T m
erge
d ou
t of e
xist
ence
any
vari
ety
of P
sto
ckup
to 6
0%N
/AN
/A
Type
BP
surv
ives
T su
rviv
es a
s a
sub
P vo
ting
stoc
k (o
r vo
ting
stoc
k of
P's
pa
rent
)
abso
lute
ly n
o bo
ot
perm
itted
P m
ust "
cont
rol"
T
imm
edia
tely
aft
erN
/A
Type
CP
surv
ives
T liq
uida
tes
P vo
ting
stoc
k (o
r vo
ting
stoc
k of
P's
pa
rent
)
up to
20%
as
long
as
boo
t + li
abili
ties
assu
med
are
20%
or
less
N/A
P m
ust a
cqui
re S
AA
of T
Type
DP
surv
ives
T liq
uida
tes
any
vari
ety
of P
sto
ck/
no P
sto
ck if
iden
tical
ow
ners
hip
of P
and
T
may
be
100%
T sh
areh
olde
rs
mus
t "co
ntro
l" a
t le
ast 5
0% o
f P
P m
ust a
cqui
re S
AA
of T
Forw
ard
Subs
idia
ry
Mer
ger
S su
rviv
es
T m
erge
d ou
t of e
xist
ence
any
vari
ety
of P
sto
ckup
to 6
0%N
/AS
mus
t acq
uire
SA
A o
f T
Reve
rse
Subs
idia
ry
Mer
ger
T su
rviv
es
S m
erge
d ou
t of e
xist
ence
P vo
ting
stoc
kup
to 2
0%
P m
ust a
cqui
re
"con
trol
" of
T in
th
e tr
ansa
ctio
n
T m
ust r
etai
n su
bsta
ntia
lly
all o
f its
ass
ets
and
acqu
ire
SAA
of S
SUM
MA
RY O
F CO
NSE
QU
ENCE
S/RE
QU
IREM
ENTS
*Con
side
ratio
n ot
her t
han
stoc
k of
P (o
r P'
s pa
rent
)
666
© Practising Law Institute
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dden
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s, S
late
, Mea
gher
& F
lom
LLP
11
Skad
den
Skad
den
(A) R
EORG
AN
IZAT
ION
•St
ate
law
mer
ger
•Fl
exib
le c
onsi
dera
tion
—ne
ed o
nly
satis
fy c
ontin
uity
of i
nter
est (
"CO
I") (
40%
P s
tock
)
•T
can
also
be
mer
ged
with
and
into
an
LLC
mer
ger
sub
of P
TAX-
FREE
REO
RGA
NIZ
ATIO
NS
RESU
LTTR
AN
SACT
ION
PT
mer
ger
SHs
P st
ock
(& c
ash)
P an
d T
SHs
P
T as
sets
&
liabi
litie
s
667
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
12
Skad
den
Skad
den
CON
TIN
UIT
Y O
F IN
TERE
ST —
POST
-SIG
NIN
G C
HA
NG
ES IN
VA
LUE
OF
ACQ
UIR
OR
STO
CK
•If
COI w
ould
be
satis
fied
on th
e da
te o
f the
sig
ning
of a
bin
ding
con
trac
t, c
hang
es in
the
valu
e of
acq
uiri
ng c
orpo
ratio
n's
stoc
k be
twee
n si
gnin
g an
d cl
osin
g ar
e no
t tak
en in
to
acco
unt t
o di
squa
lify
the
tran
sact
ion
for
tax-
free
trea
tmen
t
•Sh
are
cons
ider
atio
n ge
nera
lly m
ust b
e "f
ixed
“, i.
e., t
he e
xcha
nge
ratio
mus
t be
base
d on
th
e va
lue
of th
e ac
quir
ing
corp
orat
ion'
s st
ock
on th
e la
st b
usin
ess
day
befo
re th
e si
gnin
g da
te
•Bi
ndin
g co
ntra
ct e
xist
s if
third
par
ty (e
.g.,
regu
lato
ry) o
r ot
her
cust
omar
y co
nditi
ons
rem
ain
to b
e sa
tisfie
d
A '3
4 A
ct S
ectio
n 14
(d) t
ende
r of
fer
is a
lso
cons
ider
ed a
bin
ding
con
trac
t on
the
date
of
ann
ounc
emen
t
•Th
ese
rule
s m
inim
ize
or e
limin
ate
unce
rtai
nty
on ta
x-fr
ee tr
eatm
ent a
nd th
e ne
ed fo
r co
ntin
gent
cha
nges
to d
eal s
truc
ture
that
par
ties
hist
oric
ally
had
to c
onte
nd w
ith to
en
sure
tax-
free
trea
tmen
t
TAX-
FREE
REO
RGA
NIZ
ATIO
NS
668
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
13
Skad
den
Skad
den
TWO
-STE
P TA
X FR
EE R
EORG
AN
IZAT
ION
•S
mer
ges
with
and
into
T, w
ith T
's s
hare
hold
ers
rece
ivin
g P
stoc
k (a
nd c
ash)
; T is
then
mer
ged
upst
ream
with
and
in
to P
(or
with
and
into
a w
holly
ow
ned
LLC
dire
ctly
ow
ned
by P
)
•Th
e tw
o st
eps
are
step
ped
toge
ther
and
trea
ted
as a
n (A
) reo
rgan
izat
ion
if ot
herw
ise
qual
ifyin
g; c
onsi
dera
tion
subj
ect
only
to C
OI r
equi
rem
ent
•If
inte
grat
ed t
rans
actio
n fa
ils to
qua
lify
as a
n (A
) reo
rgan
izat
ion,
tre
ated
as
taxa
ble
T st
ock
purc
hase
follo
wed
by
tax
free
liqu
idat
ion
(no
corp
orat
e-le
vel t
ax)
•A
sec
ond
step
liqu
idat
ion
of T
(or
conv
ersi
on o
f T to
an
LLC)
rath
er t
han
a m
erge
r of
T w
ith a
nd in
to P
(or
a P
owne
d LL
C) m
ay c
ause
the
tran
sact
ion
to fa
il to
qua
lify,
on
an in
tegr
ated
bas
is, a
s a
tax-
free
reo
rgan
izat
ion,
re
sulti
ng in
the
tax
cons
eque
nces
des
crib
ed in
the
imm
edia
tely
pre
cedi
ng b
ulle
t
TAX-
FREE
REO
RGA
NIZ
ATIO
NS
P an
d T
SHs
PSH
sP
stoc
k (a
nd c
ash)
mer
ger
TSP
STEP
2ST
EP 1
mer
ger
T
669
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
14
Skad
den
Skad
den
(B) R
EORG
AN
IZAT
ION
•St
ock
purc
hase
, exc
hang
e of
fer
or re
vers
e su
b m
erge
r
•"S
olel
y vo
ting
stoc
k" re
quire
men
t
•P
mus
t hav
e 80
% "
cont
rol"
imm
edia
tely
aft
er th
e tr
ansa
ctio
n —
no n
eed
to a
cqui
re
cont
rol i
n th
e tr
ansa
ctio
n, in
con
tras
t to
a Se
ctio
n 36
8(a)
(2)(
E) r
eorg
aniz
atio
n
"Con
trol
" fo
r th
ese
purp
oses
mea
ns
80%
of t
he to
tal c
ombi
ned
votin
g po
wer
AN
D
80%
of e
ach
clas
s of
non
-vot
ing
stoc
k
TAX-
FREE
REO
RGA
NIZ
ATIO
NS
RESU
LTTR
AN
SACT
ION
PTSH
s
P vo
ting
stoc
k
P an
d T
SHs
P T
670
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
15
Skad
den
Skad
den
(C) R
EORG
AN
IZAT
ION
•A
sset
acq
uisi
tion
for
P vo
ting
stoc
k
•Bo
ot re
laxa
tion
rule
; tre
atm
ent o
f lia
bilit
ies
assu
med
•Su
bsta
ntia
lly a
ll th
e as
sets
requ
irem
ent
•T
mus
t liq
uida
te
•Ra
rely
use
d in
pub
lic s
ettin
g
TAX-
FREE
REO
RGA
NIZ
ATIO
NS
RESU
LTTR
AN
SACT
ION
PT
sub
all
asse
ts
SHs
P vo
ting
stoc
k
P an
d T
SHs
P
T as
sets
&
liabi
litie
s
671
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
16
Skad
den
Skad
den
(a)(
2)(D
) FO
RWA
RD S
UB
MER
GER
•Li
ke (A
) reo
rgan
izat
ion,
con
side
ratio
n su
bjec
t onl
y to
CO
Ireq
uire
men
t bu
t no
S st
ock
may
be
issu
ed
•Su
bsta
ntia
lly a
ll th
e as
sets
requ
irem
ent
•Le
ss c
omm
on to
day
sinc
e S
can
be a
n LL
C w
ith th
e tr
ansa
ctio
n qu
alify
ing
as a
n (A
) re
orga
niza
tion,
whi
ch p
rovi
des
grea
ter
flexi
bilit
y in
mov
ing
T as
sets
pos
t reo
rgan
izat
ion
(and
has
no
subs
tant
ially
all
requ
irem
ent)
TAX-
FREE
REO
RGA
NIZ
ATIO
NS
SHs
P st
ock
(and
cas
h)
mer
ger
TSP
P an
d T
SHs
SP
T as
sets
&
liabi
litie
s
RESU
LTTR
AN
SACT
ION
672
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
17
Skad
den
Skad
den
(a)(
2)(E
) REV
ERSE
SU
B M
ERG
ER
•"C
ontr
ol"
of T
mus
t be
acqu
ired
"in
the
mer
ger"
for
P vo
ting
stoc
k
COI s
igni
ng d
ate
rule
doe
s no
t app
ly in
det
erm
inin
g w
heth
er t
he c
ontr
ol te
st is
sat
isfie
d —
if P
agre
es to
ac
quire
eac
h T
shar
e (w
orth
$10
0) fo
r $2
0 of
cas
h an
d P
stoc
k w
orth
$80
at s
igni
ng, t
here
is a
con
trol
issu
e if
the
P st
ock
decr
ease
s in
val
ue b
etw
een
sign
ing
and
clos
ing
•U
p to
20%
boo
t per
mitt
ed; s
ubst
antia
lly a
ll th
e as
sets
requ
irem
ent
•A
sset
sal
es fo
r co
nsid
erat
ion
perm
itted
bef
ore
or a
fter
the
mer
ger;
may
be
poss
ible
for
S to
di
stri
bute
pro
ceed
s to
P, a
nd fo
r P
to d
istr
ibut
e up
to it
s SH
s
TAX-
FREE
REO
RGA
NIZ
ATIO
NS
P an
d T
SHs
P T
SHs
P st
ock
(and
cas
h)
mer
ger
TSP
RESU
LTTR
AN
SACT
ION
673
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
18
Skad
den
Skad
den
SECT
ION
351
MER
GER
OF
EQU
ALS
OR
"DO
UBL
E D
UM
MY"
STR
UCT
URE
•D
oubl
e re
vers
e su
b m
erge
rs
•"T
rans
fero
rs"
(SH
s) o
f "pr
oper
ty"
(sha
res
of
P an
d T)
mus
t "co
ntro
l" N
ewco
aft
er th
e tr
ansa
ctio
n
•N
o m
inim
um s
tock
requ
irem
ent;
CO
I not
ap
plic
able
•N
o su
bsta
ntia
lly a
ll re
quire
men
t
•N
o re
quire
men
t tha
t New
co a
cqui
re
"con
trol
" of
P o
r T;
may
be
rele
vant
whe
re P
or
T h
as a
cla
ss o
f non
votin
g st
ock
that
ne
eds
to re
mai
n o/
s as
P o
r T
stoc
k (v
ersu
s N
ewco
sto
ck) a
fter
the
mer
ger
•P
and
T bo
th s
urvi
ve th
e tr
ansa
ctio
n
•P
and
T ne
ed n
ot b
e co
rpor
atio
ns; e
ither
ca
n be
an
LLC
•Va
riat
ions
of t
his
stru
ctur
e ca
n be
use
d to
pr
ovid
e T
man
agem
ent s
hare
hold
ers
with
ta
x-fr
ee ro
ll-ov
er in
oth
erw
ise
taxa
ble
deal
TAX-
FREE
REO
RGA
NIZ
ATIO
NS
TRA
NSA
CTIO
N
RESU
LT
mer
ger
SHs T
SHs P
S1S2
New
co
mer
ger
P an
d T
SHs
PT
New
co
674
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
19
Skad
den
Skad
den
SECT
ION
355
SPI
N-O
FF/S
PLIT
-OFF
/SPL
IT-U
P
Sect
ion
355
requ
irem
ents
for
tax-
free
trea
tmen
t
•"C
ontr
ol"
•5-
year
act
ive
trad
e or
bus
ines
s
•N
ot a
"de
vice
"
•O
ther
5-y
ear
rule
s
•Co
ntin
uity
of i
nter
est
•Bu
sine
ss p
urpo
se
•"A
nti-M
orri
s Tr
ust"
rul
es
•A
nti "
cash
-ric
h" s
plit-
off r
ules
TAX-
FREE
SPI
N-O
FFS
"SPI
N-O
FF"
RESU
LT
SP
P SH
s
divi
dend
dist
ribu
tion
SP
P SH
s
SP
Elec
ting
P SH
s
Non
Elec
ting
P SH
s
Busi
ness
(and
cas
h)
exch
ange
SP
Elec
ting
P SH
s
Non
-Ele
ctin
gP
SHs
"SPL
IT-O
FF"
RESU
LT
675
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
20
Skad
den
Skad
den
SPIN
-OFF
CO
MBI
NED
WIT
H A
CQU
ISIT
ION
S —
"MO
RRIS
TRU
ST"
AN
D “
REV
ERSE
MO
RRIS
TR
UST
” TR
AN
SACT
ION
S
•M
ust m
eet
Sect
ion
355
spin
-off
rul
es,
incl
udin
g Se
ctio
n 35
5(e)
"an
ti-M
orri
s Tr
ust"
rul
esSe
ctio
n 33
6(e)
ele
ctio
n po
ssib
le to
giv
e S
a ba
sis
step
-up
in it
s as
sets
•A
cqui
sitio
n ge
nera
lly m
ust b
e ta
x-fr
ee•
Acq
uisi
tion
may
be
of e
ither
P (“
Mor
ris
Trus
t”) o
r S
(“Re
vers
e M
orri
s Tr
ust”
)•
Acq
uisi
tion
may
be
inte
grat
ed b
ut th
e sh
areh
olde
rs o
f P a
nd S
mus
t ow
n50
%
of th
e vo
te a
nd v
alue
of A
follo
win
g th
e ac
quis
ition
•Tw
o ye
ar s
tatu
tory
pre
sum
ptio
n ru
le fo
r in
tegr
atio
n af
ter
spin
-off
•Re
gula
tions
pro
vide
saf
e ha
rbor
s, fa
cts
and
circ
umst
ance
s fo
r no
n-in
tegr
atio
n of
spi
n-of
fs a
nd a
cqui
sitio
ns•
If ru
le v
iola
ted,
spi
n-of
f tax
able
to P
but
not
P'
s SH
s
TAX-
FREE
SPI
N-O
FFS
TRA
NSA
CTIO
N
RESU
LT (M
ORR
IS T
RUST
)
SP
P SH
s
dist
ribu
tion
of S
A
SP
P SH
s
Stoc
k-fo
r-st
ock
acqu
isiti
onof
P o
r S
Step
1St
ep 2
PA
A a
nd P
SH
s
S
P SH
s
676
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
21
Skad
den
Skad
den
AN
TI "
CASH
-RIC
H"
SPLI
T-O
FF R
ULE
S
•A
dis
trib
utio
n w
ill b
e ta
xabl
e to
P a
nd P
's S
Hs
if, im
med
iate
ly a
fter
the
tran
sact
ion
(or
seri
es o
f tra
nsac
tions
), (i)
eith
er P
or
S is
a "
disq
ualif
ied
inve
stm
ent c
orpo
ratio
n" a
nd (i
i) an
y pe
rson
hol
ds
50%
of t
he v
ote
or v
alue
of t
he s
tock
of s
uch
disq
ualif
ied
inve
stm
ent
corp
orat
ion
and
such
per
son
did
not o
wn
such
inte
rest
, dire
ctly
or
indi
rect
ly, i
mm
edia
tely
be
fore
the
tran
sact
ion
•P
or S
is a
"di
squa
lifie
d in
vest
men
t cor
pora
tion"
if
o
f the
fair
mar
ket v
alue
of i
ts g
ross
as
sets
con
sist
s of
"in
vest
men
t ass
ets,
" in
clud
ing
cash
, sto
ck o
r se
curi
ties
in a
cor
pora
tion,
pa
rtne
rshi
p in
tere
sts,
inde
bted
ness
, opt
ions
, for
war
ds, f
utur
es, n
otio
nal p
rinc
ipal
co
ntra
cts,
der
ivat
ives
, for
eign
cur
renc
ies,
and
any
sim
ilar
asse
ts
Exce
ptio
ns:
Ass
ets
held
for
use
in c
ondu
ctin
g ce
rtai
n fin
anci
al tr
ades
or
busi
ness
es;
Secu
ritie
s th
at a
re m
arke
d-to
-mar
ket;
Inte
rest
s in
par
tner
ship
s if
one
or m
ore
of th
e pa
rtne
rshi
p's
busi
ness
es a
re
used
to s
atis
fy th
e AT
B re
quire
men
t;
Stoc
k or
sec
uriti
es in
a
20%
cor
pora
tion
(P o
r S
is tr
eate
d as
ow
ning
its
prop
ortio
nate
sha
re o
f the
ass
ets
of s
uch
entit
y)
TAX-
FREE
SPI
N-O
FFS
677
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
22
Skad
den
Skad
den
CERT
AIN
REC
ENT
DEV
ELO
PMEN
TS
TAX-
FREE
SPI
N-O
FFS
No-
Rule
Pol
icy
Chan
ges
•In
Sep
tem
ber
2015
, the
IRS
anno
unce
d th
at it
gen
eral
ly w
ould
not
issu
e pr
ivat
e le
tter
rul
ings
on
cert
ain
issu
es
rega
rdin
g Se
ctio
n 35
5 tr
ansa
ctio
ns if
eith
er
The
activ
e tr
ade
or b
usin
ess
of D
istr
ibut
ing
or C
ontr
olle
d w
as <
5%
of t
he v
alue
of t
he g
ross
ass
ets
of s
uch
corp
orat
ion
or
As
part
of a
pla
n, e
ither
Dis
trib
utin
g or
Con
trol
led
beca
me
a re
gula
ted
inve
stm
ent
com
pany
(RI
C) o
r re
al e
stat
e in
vest
men
t tr
ust
(REI
T)
•In
July
201
6, p
ropo
sed
regu
latio
ns w
ere
issu
ed to
add
ress
cer
tain
issu
es a
risi
ng fr
om th
is g
uida
nce
Thes
e pr
opos
ed r
egul
atio
ns a
re p
rosp
ectiv
e on
ly –
they
gen
eral
ly a
pply
onl
y to
tran
sact
ions
tha
t oc
cur o
n or
aft
er
the
date
tha
t the
regu
latio
ns a
re fi
naliz
ed
•In
Aug
ust
2016
, the
IRS
chan
ged
its r
ulin
g po
licy
and
anno
unce
d th
at it
now
will
con
side
r pr
ivat
e le
tter
rul
ing
requ
ests
with
resp
ect
to “
sign
ifica
nt is
sues
” re
latin
g to
cor
pora
te b
usin
ess
purp
ose
and
devi
ce
Prop
osed
Act
ive
Trad
e or
Bus
ines
s Re
gula
tion
s•
The
IRS
had
hist
oric
ally
take
n th
e po
sitio
n th
at t
here
was
no
min
imum
siz
e fo
r a q
ualif
ying
act
ive
trad
e or
bus
ines
s
•Th
e pr
opos
ed r
egul
atio
ns p
rovi
de t
hat e
ach
of D
istr
ibut
ing
and
Cont
rolle
d m
ust c
ondu
ct a
n ac
tive
busi
ness
the
gro
ss
asse
ts o
f whi
ch a
re
5% o
f the
val
ue o
f its
gro
ss a
sset
s
Prop
osed
Dev
ice
Regu
lati
ons
•Th
e pr
opos
ed r
egul
atio
ns r
evis
e th
e “d
evic
e fa
ctor
s” to
(i) c
ompa
re “
busi
ness
ass
ets”
and
“no
n-bu
sine
ss a
sset
s” a
nd
(ii) d
e-em
phas
ize
busi
ness
pur
pose
as
a fa
ctor
of n
on-d
evic
e if
the
busi
ness
pur
pose
rel
ates
to s
epar
atin
g bu
sine
ss
asse
ts a
nd n
on-b
usin
ess
asse
ts
•Th
e pr
opos
ed r
egul
atio
ns a
lso
incl
ude
a ne
w “
per
se”
rule
pur
suan
t to
whi
ch a
spi
n-of
f is
auto
mat
ical
ly d
eem
ed to
be
a de
vice
in c
erta
in c
ases
whe
re th
e sp
in-o
ff in
volv
es a
dis
prop
ortio
nate
am
ount
of n
on-b
usin
ess
asse
ts b
eing
hel
d by
ei
ther
Dis
trib
utin
g or
Con
trol
led
678
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
23
Skad
den
Skad
den
CRO
SS-B
ORD
ER C
ON
SID
ERAT
ION
S
Form
er U
.S. T
arge
t Sh
areh
olde
rO
wne
rshi
p
Fore
ign
Pare
nt
Resp
ecte
das
For
eign
fo
r U
.S. T
ax
Tax-
Free
for
U.S
. Sh
areh
olde
rs o
fU
.S. T
arge
t
Flex
ibili
ty t
o U
tiliz
e U
.S. C
ompa
ny T
ax
Att
ribu
tes
Exci
se T
ax
50%
14
> 50
% &
< 6
0%2
4
60%
& <
80%
2
80%
3
14
1.A
ssum
es t
hat F
orei
gn P
aren
t acq
uire
s U
.S. T
arge
t in
an a
ll st
ock
tran
sact
ion
that
oth
erw
ise
qual
ifies
as
a ta
x-fr
ee re
orga
niza
tion
2.Ta
xabl
e to
U.S
. sha
reho
lder
s of
U.S
. Tar
get u
nder
Sec
tion
367
unle
ss th
e va
lue
of F
orei
gn P
aren
t is
at le
ast e
qual
to th
e va
lue
of U
.S.
Targ
et a
nd c
erta
in o
ther
con
ditio
ns a
re m
et
3.U
nles
s Fo
reig
n Pa
rent
(or
its a
ffili
ates
) has
“su
bsta
ntia
l bus
ines
s ac
tiviti
es”
in it
s co
untr
y of
inco
rpor
atio
n
4.U
se o
f NO
Lsan
d ot
her
tax
attr
ibut
es m
ay b
e su
bjec
t to
limita
tions
und
er S
ectio
n 38
2 if
U.S
. Tar
get u
nder
goes
an “
owne
rshi
p ch
ange
”
679
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
24
Skad
den
Skad
den
SECT
ION
787
4 –
“IN
VER
SIO
NS”
CRO
SS-B
ORD
ER C
ON
SID
ERAT
ION
S
•Se
ctio
n 78
74 in
clud
es th
ree
test
s, a
ll of
whi
ch m
ust b
e sa
tisfie
d be
fore
adv
erse
con
sequ
ence
s ap
ply
Subs
tant
ially
All
the
Ass
ets
Test
: Pur
suan
t to
a pl
an, F
orei
gn
Pare
nt a
cqui
res,
dire
ctly
or
indi
rect
ly, s
ubst
antia
lly a
ll of
the
asse
ts
(incl
udin
g sh
ares
) of U
.S. T
arge
t
Subs
tant
ial B
usin
ess
Act
ivit
ies
Test
: Aft
er th
e ac
quis
ition
, the
fo
reig
n gr
oup
does
not
hav
e “s
ubst
antia
l bus
ines
s ac
tiviti
es”
in th
e ju
risd
ictio
n of
inco
rpor
atio
n of
For
eign
Par
ent (
gene
rally
requ
ires
25
% o
f ass
ets,
em
ploy
ees,
and
third
-par
ty s
ales
in F
orei
gn P
aren
t ju
risd
ictio
n)
Ow
ners
hip
Test
: A
fter
the
acqu
isiti
on, a
t lea
st 6
0% o
f the
sto
ck o
f For
eign
Par
ent
is o
wne
d by
form
er s
hare
hold
ers
of U
.S. T
arge
t “by
reas
on o
f”
thei
r ow
ners
hip
of U
.S. T
arge
t or
Aft
er th
e ac
quis
ition
, at l
east
80%
of t
he s
tock
of F
orei
gn P
aren
t is
ow
ned
by fo
rmer
sha
reho
lder
s of
U.S
. Tar
get “
by re
ason
of”
th
eir
owne
rshi
p of
U.S
. Tar
get
Ther
e ar
e de
taile
d ru
les
on h
ow to
cal
cula
te th
is o
wne
rshi
p fr
actio
n, in
clud
ing
seve
ral s
peci
fic re
quire
d ad
just
men
ts th
at
mak
e it
easi
er to
sat
isfy
this
test
SHs
P st
ock
(and
cas
h)
mer
ger
T (U
.S.)
S(U
.S.)
PP
(For
eign
) P an
d T
SHs
P(F
orei
gn?)
T(U
.S.)
RESU
LT
The
Sect
ion
7874
rul
es
mus
t be
anal
yzed
to
ensu
re th
at P
is n
ot
trea
ted
as a
dom
estic
co
rpor
atio
n an
d th
at
cert
ain
othe
r adv
erse
ta
x co
nseq
uenc
es a
re
not t
rigge
red.
680
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
25
Skad
den
Skad
den
SECT
ION
787
4 –
“IN
VER
SIO
NS”
(con
t’d)
CRO
SS-B
ORD
ER C
ON
SID
ERAT
ION
S
Full
Inve
rsio
n:
80%
Lim
ited
Inve
rsio
n:
60%
but
< 8
0%
•Fo
reig
n Pa
rent
is tr
eate
d as
a U
.S.
corp
orat
ion
for
all U
.S. t
ax p
urpo
ses
(i.e.
, it
is s
ubje
ct to
U.S
. tax
on
its w
orld
wid
e in
com
e)
•Ef
fect
ivel
y ne
gate
s fu
ture
tax
plan
ning
op
port
uniti
es•
Fore
ign
subs
idia
ries
are
trea
ted
as
“con
trol
led
fore
ign
corp
orat
ions
” or
“C
FCs”
•Fo
reig
n Pa
rent
is re
spec
ted
as a
fore
ign
corp
orat
ion
for
all U
.S. t
ax p
urpo
ses
•Fo
r at
leas
t 10
year
s, U
.S. T
arge
t’s ta
xabl
e in
com
e ca
nnot
be
less
than
the
gain
re
cogn
ized
on
its tr
ansf
er o
f sto
ck o
r as
sets
plu
s ce
rtai
n ro
yalty
inco
me
from
fo
reig
n af
filia
tes,
and
tax
attr
ibut
es
gene
rally
can
not b
e us
ed to
off
set t
his
inco
me
•Th
ere
is a
15%
exc
ise
tax
impo
sed
on th
e eq
uity
-bas
ed c
ompe
nsat
ion
of c
erta
in
insi
ders
•Th
e ab
ility
to a
cces
s fo
reig
n ea
rnin
gs o
f U
.S. T
arge
t may
be
rest
rict
ed, a
nd th
ere
may
be
limita
tions
on
the
abili
ty to
in
tegr
ate
the
fore
ign
oper
atio
ns
681
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
26
Skad
den
Skad
den
SECT
ION
367
CRO
SS-B
ORD
ER C
ON
SID
ERAT
ION
S
•U
nder
Sec
tion
367,
U.S
. sha
reho
lder
s of
U.S
. Tar
get r
ecog
nize
taxa
ble
gain
(but
not
loss
) in
“ou
tbou
nd”
acqu
isiti
ons
•U
.S. s
hare
hold
ers
can
avoi
d ta
xabl
e ga
in if
:
U.S
. sha
reho
lder
s of
U.S
. Tar
get i
n th
e ag
greg
ate
rece
ive
50%
or
less
(by
vote
and
va
lue)
of F
orei
gn P
aren
t
U.S
. Tar
get’s
dire
ctor
s, o
ffic
ers,
and
5%
sha
reho
lder
s th
at a
re U
.S. p
erso
ns o
wn
50%
or
less
(by
vote
and
val
ue) o
f For
eign
Par
ent
Fore
ign
Pare
nt is
eng
aged
in a
n “a
ctiv
e tr
ade
or b
usin
ess”
out
side
the
U.S
. and
the
valu
e of
For
eign
Par
ent i
s at
leas
t equ
al to
the
valu
e of
U.S
. Tar
get,
and
The
U.S
. sha
reho
lder
eith
er (i
) ow
ns le
ss th
an 5
% (b
y vo
te a
nd v
alue
) of F
orei
gn
Pare
nt o
r (ii
) ent
ers
into
a 5
yea
r “g
ain
reco
gniti
on a
gree
men
t”
682
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
27
Skad
den
Skad
den
BIO
GRA
PHY
Part
ner,
New
Yor
k
Co-H
ead
of G
loba
l Ta
x G
roup
T: 2
12.7
35.2
841
stua
rt.f
inke
lste
in@
skad
den.
com
J.D.,
The
Uni
vers
ity o
f Mic
higa
n La
w S
choo
l, 19
85
(cum
laud
e)
B.B.
A.,
The
Uni
vers
ity o
f Mic
higa
n Sc
hool
of
Busi
ness
Adm
inis
trat
ion,
198
2 (w
ith d
istin
ctio
n)
•Stu
art F
inke
lste
in, t
he C
o-H
ead
of S
kadd
en’s
Glo
bal T
ax G
roup
, rep
rese
nts
clie
nts
on a
wid
e ra
nge
of
tax
mat
ters
, inc
ludi
ng m
erge
rs, a
cqui
sitio
n an
d di
vest
iture
tran
sact
ions
(inc
ludi
ng ta
x-fr
ee s
pin-
offs
), de
bt a
nd e
quity
off
erin
gs, c
orpo
rate
and
par
tner
ship
rest
ruct
urin
gs a
nd jo
int v
entu
res.
He
regu
larl
y ad
vise
s cl
ient
s on
mat
ters
rela
ting
to fi
nanc
ially
trou
bled
bus
ines
ses,
bot
h in
and
out
of b
ankr
uptc
y pr
ocee
ding
s. S
tu h
as p
rovi
ded
advi
ce w
ith re
spec
t to
fore
ign
inve
stm
ents
in th
e U
nite
d St
ates
as
wel
l as
Uni
ted
Stat
es in
vest
men
ts a
broa
d. S
tu fr
eque
ntly
pro
vide
s ta
x ad
vice
rega
rdin
g ex
ecut
ive
com
pens
atio
n, in
clud
ing
in th
e co
ntex
t of l
ever
aged
buy
outs
and
goi
ng p
riva
te tr
ansa
ctio
ns, a
nd
advi
ses
clie
nts
on ta
x co
ntro
vers
y m
atte
rs.
•Stu
's c
lient
s in
clud
e la
rge
and
smal
l bus
ines
ses,
pub
licly
trad
ed a
nd p
riva
tely
hel
d, R
eal E
stat
e In
vest
men
t Tru
sts
(REI
Ts),
inve
stm
ent b
anki
ng fi
rms
and
a nu
mbe
r clie
nts
in th
e fin
anci
al s
ervi
ces
indu
stry
. H
e re
peat
edly
has
bee
n na
med
am
ong
the
natio
n’s
top
tax
prac
titio
ners
by
Cham
bers
USA
: A
mer
ica’
s Le
adin
g La
wye
rs fo
r Bus
ines
s, L
egal
500
U.S
., In
tern
atio
nal T
ax R
evie
w’s
Wor
ld T
ax G
uide
, Ta
x D
irect
ors
Han
dboo
k, W
ho’s
Who
in A
mer
ican
Law
, Who
’s W
ho in
Am
eric
a, W
ho’s
Who
in th
e Ea
st
and
Turn
arou
nds
and
Wor
kout
s’ li
st o
f Top
Ban
krup
tcy
Tax
Spec
ialis
ts in
the
Nat
ion’
s M
ajor
Law
Fi
rms.
He
has
spok
en a
roun
d th
e co
untr
y an
d pu
blis
hed
seve
ral a
rtic
les
on a
var
iety
of c
orpo
rate
tax
plan
ning
mat
ters
.
•Stu
ser
ves
on th
e bo
ards
of a
num
ber o
f not
-for
-pro
fit o
rgan
izat
ions
, inc
ludi
ng H
eart
s of
Gol
d, In
c.,
Pitz
er C
olle
ge a
nd th
e Le
gal A
id S
ocie
ty's
Low
Inco
me
Taxp
ayer
Clin
ic (L
ITC)
and
has
rece
ived
the
Lega
l Aid
Soc
iety
's P
ro B
ono
Publ
ico
Aw
ard
thre
e tim
es fo
r hi
s w
ork
with
the
LITC
.
Stua
rt M
. Fin
kels
tein
683
© Practising Law Institute
Ska
dden
, Arp
s, S
late
, Mea
gher
& F
lom
LLP
28
Skad
den
Skad
den,
Arp
s, S
late
, Mea
gher
& F
lom
LLP
& A
ffili
ates
Skad
den
1229
378.
/N
Y3A
684
© Practising Law Institute
NOTES
685
© Practising Law Institute
NOTES
686
