Vacating an arbitration award: Giving meaning to “undue means”By Jon GilbertAlternative Dispute Resolution, February 2007Section 12(a) of the Illinois version of the Uniform Arbitration Act ( 710 ILCS 5/12) sets forth the statutory grounds for attacking and vacating an award.
Vacation homes and Section 1031By Gary R. GehlbachReal Estate Law, July 2007Section 1031 of the Internal Revenue Code and the Regulations promulgated thereunder rather clearly provide that eligible property must be “held for productive use in a trade or business or for investment.”
Valuing private company stock: Determining fair market value for purposes of §409ABy Alan R. SingletonFederal Taxation, October 2007Internal Revenue Code §409A requires all non-qualified stock options and stock appreciation rights to have exercise prices set at or above the fair market value of the underlying stock at the time the grant is made.
Valuing private company stock: Determining fair market value for purposes of §409ABy Alan R. SingletonBusiness and Securities Law, April 2007Internal Revenue Code §409A requires all non-qualified stock options and stock appreciation rights to have exercise prices set at or above the fair market value of the underlying stock at the time the grant is made.
Vehicle title transfer tax trapBy Paul OsbornFamily Law, July 2007Advising clients of the tax consequences of each element of a settlement agreement requires counsel to complete the daunting task of actually reading and understanding more than just the relevant provisions of the Internal Revenue Code, its Regulations and Tax Court Interpretations.
Vision Point v. Haas: Breathing room For litigants on Requests to AdmitBy Steven G. PietrickCivil Practice and Procedure, October 2007On September 20, 2007, the Illinois Supreme Court issued its long awaited decision in Vision Point of Sale, Inc. v. Haas, providing what many in the legal community perceive as a merciful relaxation of the overly strict interpretation of Rule 216’s requirements and the near-draconian effects which can result.
Wage Loss DifferentialBy Richard D. HanniganWorkers’ Compensation Law, June 2007Under §8(d)1 of the Workers’ Compensation Act an injured worker is entitled to a wage loss differential when it is proved that he is partially incapacitated and permanently prevented from pursuing his usual and customary line of employment and there is an impairment of earnings.
Waiver of Section 5b lienBy Richard D. HanniganWorkers’ Compensation Law, September 2007Did you use to worry that you waived your Section 5 lien when you entered into a settlement contract?
Welcome to a new yearBy Sharon L. EisemanWomen and the Law, November 2007It has been my privilege to serve as a member and supporting officer of the Women and the Law Standing Committee for several years; this bar year, the privilege of service has extended to my chairing of the Committee.
What a difference a day makes: Estate of Frazier Jelke IIIBy Katarinna McBrideTrusts and Estates, December 2007In a case of first impression, and reversing the Tax Court, the Eleventh Circuit in Estate of Frazier Jelke III held that in determining the estate tax value of company stock, the company’s value is reduced by the entire built-in capital gain as of the date of death.
What became of Rice?By Maryann BullionLocal Government Law, November 2007In 2002, the Fourth District Appellate Court heard an issue of first impression and narrowed the scope of local government law, Rice v. Board of Trustees of Adams County.
What is “charity care”: Qualifying for property tax exemptionsBy William SeitzState and Local Taxation, April 2007Nonprofit healthcare institutions have historically qualified for a 100 percent property tax exemption as “charitable institutions” under section 15-65 of the Property Tax Code.
What is the latest online scam involving Social Security?By Lee BenezeElder Law, February 2007The Social Security Administration has announced that Social Security recipients will be receiving a 3.3 percent increase for 2007, to cover the increase in the cost of living.
What to do when you receive a charge of patent infringementBy Bradley J. HulbertCorporate Law Departments, April 2007News reports abound with stories about the risks infringing a U.S. patent. Earlier this year, Alcatel-Lucent obtained a patent infringement judgment against Microsoft of more than $1.5 billion.
What’s been going on in the ISBA YLD?By Gina M. ArquillaYoung Lawyers Division, February 2007Do you know what the ISBA Young Lawyers Division (YLD) council does? Do you know how it impacts you or the legal community?
What’s in a name?By Margo Lynn HablutzelIntellectual Property, January 2007Recent activity in the UK and USA have highlighted a celebrity’s use of name or nickname as a trademark.
When a foreclosure sale preempts mortgagor’s right to sellBy Gary R. GehlbachCommercial Banking, Collections, and Bankruptcy, October 2007In Household Bank, FSB, v. Lewis et al., the First District of the Illinois Appellate Court reversed the Cook County trial court, finding that the expiration of the mortgagors’ statutory right of redemption precluded the mortgagors from selling the property.
When a foreclosure sale preempts mortgagor’s right to sellBy Gary R. GehlbachReal Estate Law, September 2007In Household Bank, FSB, v. Lewis et al., 311 Ill.Dec. 677, 869 N.E.2d 351, the First District of the Illinois Appellate Court reversed the Cook County trial court, finding that the expiration of the mortgagors’ statutory right of redemption precluded the mortgagors from selling the property.