On Friday, April 8th, Attorney Dizard, as the court appointed receiver of Meadowbrook Country Club, received court approval to sell the 83 year old, 150 acre private country club to a group of local investors for $1.425 million. The sale was essentially the culmination of the receivership of Meadowbrook Country Club which was initially filed […]
The Internal Revenue Service has created a safe-harbor election under Revenue Procedure 2011-29 to allow taxpayers to allocate seventy percent (70%) of the success-based fees paid in business acquisitions or reorganization as a deduction against current ordinary income. If the election is made, the remaining thirty percent (30%) must be capitalized. This election can be […]
In Chilton v. Moser, a Texas Federal District Court overturned a Bankruptcy Court and ruled that an inherited IRA owned by a debtor is an exempt asset and protected under the Bankruptcy Code. This is an important decision. As more and more wealth is accumulated in 401(k)’s and rolled over into IRA’s, these IRA’s are […]
Jason Scoby was recently quoted in the Wisconsin Law Journal in an article about the proposed Bucyrus-Caterpillar merger. The article, titled “Bucyrus Clears Hurdle in Merger Lawsuits,” describes the Jan. 19 decision by Judge Charles Clevert Jr. of the Eastern District Court of Wisconsin in which he denied plaintiff shareholders’ motion for a preliminary injunction […]
Carl D. Holborn has been named a Five Star Wealth Manager in Estate Planning in Milwaukee Magazine. This designation was determined by an independent research firm which sampled 40,000 high net worth individuals and 5,000 financial professionals in the Milwaukee Market. The research qualification process takes into account client evaluations based on nine categories, peer […]
Attorney Joseph D. Newbold has joined the litigation practice at the downtown Milwaukee law firm of O’Neil Cannon He will bring with him extensive experience in complex commercial and intellectual property litigation and has significant experience in trial and appellate matters in both the state and federal courts. Prior to joining the firm, Mr. Newbold […]
Wis. Stat. § 346.89(1) states “[n]o person while driving a motor vehicle shall be so engaged or occupied as to interfere with the safe driving of such vehicle.” Until December 1, 2010 that was the major focus of the “inattentive driving” statute. On December 1, pursuant to 2009 Wisconsin Act 220, subsections (3)a-b were added […]
Milwaukee, Wisconsin (January 31, 2011) – O’Neil Cannon is pleased to announce that Attorney John R. Schreiber and Attorney Joseph M. Maier have been elected as shareholders of the firm. Attorney Schreiber will continue his practice in the Banking and Creditors’ Rights practice group assisting creditors, commercial landlords and other entities, in the enforcement, collection […]
The President has signed into law the new tax legislation which recently passed through Congress. Generally, the new tax law extends the existing tax rates for two more years, provides a two percent reduction in the payroll tax, and increases the estate tax exemption to $5 million.
The term “buy-sell agreement” means any legally enforceable arrangement by and among a business entity or its owners prescribing limitations on the ability to own and to transfer equity interests. It is the linchpin between a business succession plan and the estate plans of the owners in determining the future ownership and control of a […]
