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☆ Take a look inside Staatsburgh, a 30,000-square-foot Gilded Age mansion whose owners held tickets for the Titanic
▼ + stars: | 2024-05-30 | by ( Talia Lakritz | ) www.businessinsider.com time to read: 1 min

The tour began in an exhibition space on the first floor, where our tour guide gave us a brief history of the Mills family. Talia Lakritz/Business InsiderRuth Livingston Mills came from "old money." The Livingston family descended from Scottish nobles, and their ancestors fought in the Revolutionary War and signed the Declaration of Independence. Ruth's great-grandfather, Morgan Lewis, served as the third governor of New York and purchased the Staatsburgh estate in 1792. Ogden Mills was known as "new money," a financier who served as President Herbert Hoover's Secretary of the Treasury.

Persons: Talia Lakritz, Ruth Livingston Mills, Livingston, Ruth's, Morgan Lewis, Ruth, Ogden Mills, Herbert Hoover's, Ogden Locations: New York

☆ Investors may miss out on this key tax loophole if they actively trade a spot bitcoin ETF
▼ + stars: | 2024-01-18 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

But there's a catch with conventional assets: the wash sale rule . Now, tax professionals are flagging a potential wrinkle that may arise: Even though bitcoin itself isn't subject to the wash sale rule, a spot bitcoin ETF very well may be. Property versus security Under federal tax law, the IRS deems cryptocurrency to be property . Managing limitations At its core, that means investors should avoid swapping in and out of the same spot bitcoin ETF within the 61-day limit if they had sold the position. This also raises the question of whether dumping one spot bitcoin ETF for another would be deemed substantially identical.

Persons: Stephen Turanchik, Paul Hastings, Andrew Gordon, Dan Herron, Richard LaFalce, Morgan Lewis, Turanchik Organizations: Internal, Digital, Tax, Force, American Institute of CPAs, IRS, Gordon Law Group, Elemental Wealth, Investors Locations: San Luis Obispo , California

The shares have been held in Russia by a different depositary bank. DRs are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. Swapping DRs for shares in the Russian company is a first step towards an effort to recover their money. Deutsche Bank is now allowing investors to swap DRs for shares as part of its plans to exit all Russia business, one source said. JPMorgan & Chase (JPM.N), Citigroup (C.N) and BNY Mellon (BK.N) act as depositary banks for most other Russian depositary receipt programs, according to Clearstream.

Persons: Mechel, underscoring, Irina Tsukerman, Grigory Marinichev, Morgan Lewis, BNY Mellon, Sinead Cruise, Alexander Marrow, Elisa Martinuzzi, Megan Davies, Hugh Lawson Organizations: Moscow LONDON, Deutsche Bank, Reuters, Deutsche, Aeroflot, LSR, Novolipetsk, The Central Bank of Russia, Depository, JPMorgan, Chase, Citigroup, BNY, Commission, Control, Foreign Investments, Thomson Locations: Moscow, Ukraine, Russia, Russian, Washington, London, Carolina, New York

☆ Factbox: Industry targets of U.S. Republicans' anti-ESG efforts
▼ + stars: | 2023-04-22 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

Here is a look at major efforts and, in some cases, their impact on specific industries. In addition, legislation pending in states, including Texas and Florida, aims to limit the consideration of ESG factors by pension funds, which could cut off fund firms from public contracts. Top fund firms such as BlackRock Inc (BLK.N) and State Street Corp (STT.N) - both NZAM members - have said their ESG efforts only support clients concerns, for instance the view that climate change poses investment risks. Several of the bills have been passed into law in states including Mississippi and West Virginia. Republicans failed to gain control of the U.S. Senate in elections held Nov. 8, however, limiting their investigative powers.

A Reuters review of testimony, previously unreported public documents and interviews with elected leaders, lobbyists and attorneys detail mounting challenges to many pending anti-ESG bills. The tussles have financial implications for some of the largest investment firms that manage billions of dollars for state pension plans. Lauren Doroghazi, senior vice president at government relations consultant MultiState Associates, said the debates show lawmakers coming to terms with the anti-ESG bills' practical impact. Several public pension systems raised concerns about it, including the largest, the $182 billion Texas Teacher Retirement System (TRS). For instance, if federally-regulated local banks faced new national rules on an issue like climate change disclosures, banks would need special permissions from local officials to keep public business in Utah he said.

☆ You only have until April 17 to get a hot deal on an electric car before stricter tax credit rules go into effect, making some models ineligible
▼ + stars: | 2023-03-31 | by ( Alexa St. John | Tim Levin | ) www.businessinsider.com time to read: +4 min

The US has provided more detailed information on whether certain EVs will qualify for tax credits. The new rules will halve the current credit amount for certain models and disqualify others. The new rules halve the credit amount for certain models and disqualify others entirely, so it could pay to act 3ast. Starting on April 18, the EV tax credit will be split into two halves. "In fact, this period may go down as the highwater mark for EV tax credit eligibility since the IRA passed last year."

Circuit Court of Appeals that said because her overtime pay lawsuit was filed in Pennsylvania, only workers from that state could join. The Supreme Court last year declined to take up appeals of those cases. Under the FLSA, workers can file "collective actions" that are similar to class action lawsuits but have some key procedural differences, including that other workers must opt in to be included. The 3rd Circuit upheld that ruling last year, prompting Fischer's Supreme Court petition. The case is Fischer v. Federal Express Corp, U.S. Supreme Court, No.

Finance chiefs are coming into the year grappling with a variety of challenges, from rising interest rates and inflation to managing labor disruptions, pricing and inventory. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. “But…there’s more and more of a belief that any kind of downturn will be short and shallow, frankly. Some finance chiefs, meanwhile, are finding opportunities to expand in the volatile economy. You can’t take everything that your vendors are sending you.”Labor woes persistHiring, however, remains a challenge for finance chiefs.

Liss-Riordan and Twitter made a joint filing in San Francisco federal court on Thursday to update the court ahead of a hearing scheduled for Feb. 9. The workers claim Twitter refused to pay promised severance or give them the advance notice of mass layoffs required by law, which the company denies. In an interview on Friday, Liss-Riordan said Twitter is likely trying to delay the arbitration cases in hopes that some workers drop their claims. “This is just a stupid game that Twitter is trying to play,” she said. Liss-Riordan has filed three other lawsuits against Twitter stemming from the layoffs, including claims that the company targeted female employees and forced out workers with disabilities.

Garvey had argued that the Sarbanes–Oxley Act of 2002 (SOX), which protects workers who report securities violations, can apply to securities fraud that occurs overseas but affects U.S. markets. Circuit said SOX's whistleblower protections do not prohibit securities fraud, so any impact on the U.S. was irrelevant in applying the law. Nor did Morgan Stanley, which has denied retaliating against Garvey. An administrative law judge ruled that SOX did not apply to overseas workers, and a review board agreed last year. For Garvey: pro seFor DOL: Reynaldo FuentesFor Morgan Stanley: Michael Kenneally of Morgan Lewis & BockiusOur Standards: The Thomson Reuters Trust Principles.

JPMorgan & Chase (JPM.N), Citigroup, Deutsche Bank (DBKGn.DE) and BNY Mellon act as depositary banks for most Russian depositary receipt programs, according to Clearstream. In statements to clients, some banks cited difficulties verifying there are enough shares to execute cancellations of depositary receipts. For example, BNY Mellon cited such a difficulty with Global Depositary Receipts in Russian gas company Novatek. While depositary receipts are under custody of global banks, the shares they represent are parked in Russia. Investors are meanwhile discussing ways online to meet the Russian requirements and how to pay fees to Russian banks.

Elon Musk could be facing up to $100 million in personal legal fees after renewing his offer to buy Twitter. Both Twitter and Musk employed over 50 lawyers in the months leading up to the trial. A lot of the cost, of course, is going straight to the lawyers and major firms Musk and Twitter employed. He added that hourly billing is unlikely to be how Musk and Twitter were solely charged in this case. Are you legal professional involved in Musk vs. Twitter or someone with insight to share?

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