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McBrayer Blogs

Showing 9 posts from February 2014.

Business succession involving closely-held businesses

Kentucky business owners hope that when exiting a business they get out of it what they put into it. This is especially true when it comes to owners who have devoted much of their lives to a closely held business. More >

My Spouse is Gone, But is the Debt?

After a divorce, the last thing one wants to consider is the debt that their former spouse may have left behind. In Kentucky, debt accumulated during the marriage is treated differently than property acquired during the marriage. Kentucky is a marital property state, meaning that property acquired during the marriage is subject to equitable distribution. On the other hand, according to the Kentucky Supreme Court, there is no statutory presumption that debts incurred during the marriage are marital or non-marital in nature. More >

Tax lawsuit surrounds claimed $658 overpayment by GE

General Electric has sued the U.S. Internal Revenue Service concerning an alleged overpayment of taxes and interest related to losses suffered during the sale of ERC Life Reinsurance. The dispute goes back to 2003 when ERC was acquired by another company. The IRS refused to grant GE a capital loss of $2.2 billion realized from sale of ERC Life shares. More >

A Winning Estate Planning Team

The Sochi Winter Olympics are in full-swing and, with them, a spirit of solidarity. There is something special about the Olympians' demonstration of sportsmanship, camaraderie, and mutual respect for one another that is inspiring. As I was watching the coverage over the weekend, I began thinking about teamwork and how it relates to my role as an estate planning attorney. More >

Injet technology company to open in Lexington

An inkjet technology company is soon planning n opening a facility in Lexington. While it's expected to employ up to 50 additional individuals, each employee will be paid on average $100,000 per year. More >

Jim Beam purchased by Japanese conglomerate

Whiskey brewed in Kentucky appears to be growing in popularity on both a national and international scale. This may be behind the acquisition of Jim Beam by the Japanese company, Suntory Holdings Limited. Kentucky Bourbon's whiskey has been particularly popular in markets like Japan. More >

Show Me the Money: When Can I Expect My Tax Refund?

Tax filing season got a late start this year thanks to the 2013 government shutdown; the IRS pushed back its official return acceptance date from January 21 to January 31. Now that IRS is accepting returns, when can taxpayers expect to see their refund? More >

Governor's Tax Reform Plan Unveiled

On Tuesday, February 4, Governor Beshear announced his much-anticipated tax reform plan called "Kentucky Competes." According to plan estimates, full implementation of the plan would generate $210 million a year for the Commonwealth. "This plan simplifies our tax code, creates an even more attractive business climate for current and future businesses, and offers some relief to every working Kentuckian," said Beshear. More >

Shareholders bring lawsuit against the company president

A Kentucky politician has been accused by shareholders of using company money to fund his campaign activities. The shareholders of Liberty Rehabilitation claim that over $30,000 of the funds were used for campaign activities. The shareholders were concerned about the expenses and claim to have verified that improprieties were occurring. More >

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