Asset Sale Vs. Stock Sale: Tax Considerations, Advanced Drafting And .

4m ago
22 Views
3 Downloads
592.31 KB
55 Pages
Last View : 16d ago
Last Download : 27d ago
Upload by : Alexia Money
Transcription

Presenting a live 90-minute webinar with interactive Q&AAsset Sale vs. Stock Sale:Tax Considerations, Advanced Draftingand Structuring Techniques for Tax CounselTUESDAY, AUGUST 4, 20151pm Eastern 12pm Central 11am Mountain 10am PacificToday’s faculty features:Matthew Donnelly, Esq., Skadden Arps, Washington, D.C.Paul Schockett, Counsel, Skadden Arps, Washington, D.C.The audio portion of the conference may be accessed via the telephone or by using your computer'sspeakers. Please refer to the instructions emailed to registrants for additional information. If youhave any questions, please contact Customer Service at 1-800-926-7926 ext. 10.NOTE: If you are seeking CPE credit, you must listen via your computer — phone listening is nolonger permitted.

Tips for Optimal QualityFOR LIVE EVENT ONLYSound QualityIf you are listening via your computer speakers, please note that the qualityof your sound will vary depending on the speed and quality of your internet connection.If the sound quality is not satisfactory, you may listen via the phone: dial1-866-873-1442 and enter your PIN when prompted. Otherwise, pleasesend us a chat or e-mail sound@straffordpub.com immediately so we can address theproblem.If you dialed in and have any difficulties during the call, press *0 for assistance.NOTE: If you are seeking CPE credit, you must listen via your computer — phonelistening is no longer permitted.Viewing QualityTo maximize your screen, press the F11 key on your keyboard. To exit full screen,press the F11 key again.

Continuing Education CreditsFOR LIVE EVENT ONLYIn order for us to process your continuing education credit, you must confirm yourparticipation in this webinar by completing and submitting the AttendanceAffirmation/Evaluation after the webinar.A link to the Attendance Affirmation/Evaluation will be in the thank you email that youwill receive immediately following the program.For additional information about CLE credit processing call us at 1-800-926-7926 ext.35.For CPE credits, attendees must participate until the end of the Q&A session andrespond to five prompts during the program plus a single verification code. In addition,you must confirm your participation by completing and submitting an AttendanceAffirmation/Evaluation after the webinar and include the final verification code on theAffirmation of Attendance portion of the form.For additional information about CPE credit processing call us at 1-800-926-7926 ext.35.

Program MaterialsFOR LIVE EVENT ONLYIf you have not printed the conference materials for this program, pleasecomplete the following steps: Click on the symbol next to “Conference Materials” in the middle of the lefthand column on your screen. Click on the tab labeled “Handouts” that appears, and there you will see aPDF of the slides for today's program. Double click on the PDF and a separate page will open. Print the slides by clicking on the printer icon.

Asset Sale vs. Stock Sale:Tax Considerations, Advanced Drafting &Structuring Techniques for Tax CounselAugust 2015

Presenters Matthew Donnelly, Skadden Arps, Washington, D.C. Paul Schockett, Skadden Arps, Washington, D.C.6

Matthew Donnelly Matthew Donnelly, (202) 371-7236 (matthew.donnelly@skadden.com) Matt’s practice focuses on the domestic and international tax aspects ofmergers, acquisitions, dispositions, joint ventures, restructurings andfinancings.7

Paul Schockett Paul Schockett, (202) 371-7815 (paul.schockett@skadden.com) Paul advises public and private companies on a broad range of U.S.federal income tax issues, with particular focus on mergers,acquisitions, dispositions, joint ventures, debt and equity offerings,bankruptcy restructurings and tax-equity financings.8

Outline Forms Seller’s considerations Buyer’s considerations Impact of the target company’s characteristics Effect of elections under IRC § 338, § 336(e) and Treas. Reg.1.1502-36(d) International tax and state/local tax considerations Contractual protections9

Scope Taxable acquisitions Not qualifying as “reorganizations” under IRC § 368 Private (or closely-held) deals Target is a subsidiary or an entity held by a small or limitednumber of equityholders Greater flexibility in structuring10

Forms11

Forms: Asset Sales Asset purchase agreement (i.e., APA) LLC purchase agreement (e.g., MIPSA) Check-the-box rules (Treas. Reg. § 301.7701-1 et seq.) Rev. Rul. 99-5 & Rev. Rul. 99-6 Forward merger See Rev. Rul. 69-612

Forms: Stock Sale Stock purchase agreement (i.e., SPA) Reverse subsidiary merger See Rev. Ruls. 67-448 & 90-9513

Seller’s Considerations14

Seller’s Considerations: Asset Sale Income Tax Consequences Ordinary income and/or capital gain (or loss) on the sale of assets See, e.g., IRC §§ 1221, 1231, 1245, 1250 ITC recapture15

Seller’s Considerations: Asset Sales Income Tax Consequences: “Single” or “Double” Tax If the Seller is an individual, taxable as a “pass-through” or“flow-through” entity or under a preferential regime, proceedsgenerally only taxable once (at the member/shareholder level atindividual rates) See, e.g., subchapters K, M, S & T If the Seller is taxable as a corporation for U.S. federal taxpurposes: Income tax imposed on the corporation (IRC § 11) After-tax proceeds taxable again at the individual level upondistribution to shareholders (IRC § 301)16

Seller’s Considerations: Asset Sales Other tax considerations FIRPTA Real estate transfer taxes Sales taxes17

Seller’s Considerations: Stock Sale Income Tax Consequences Sellers generally will recognize capital gain or loss on the sale oftarget stock Preferential rates may apply to non-corporate sellers with aholding period of more than one year Capital losses may be subject to limitations But see IRC §§ 338(h)(10), 336(e) (discussed below) FIRPTA18

Seller’s Considerations: Asset Sale vs. Stock Sale Regardless of type of seller, stock sale generally results in a “single”level of income tax Corporate sellers generally prefer stock sale for this reason Higher threshold to application of FIRPTA to stock sale However, as discussed below, depending on the target’s basis inits assets, sellers may prefer an asset sale to claim a larger loss See Treas. Reg. § 1.1502-36(d) State real estate transfer taxes & sales taxes generally inapplicable tostock sales19

Buyer’s Considerations20

Buyer’s Considerations: Asset Sale Income Tax Consequences Cost basis in assets See IRC § 1012 Depending on composition of assets, step-up in tax basis can giverise to incremental increase in depreciation & amortizationdeductions for the buyer See IRC §§ 167, 197 Purchase price allocation? See IRC § 106021

Buyer’s Considerations: Stock Sale Income Tax Consequences Cost basis in stock See IRC § 1012 No cost recovery deductions with respect to stock basis Stock basis available to offset future stock sale But see IRC §§ 338(h)(10), 336(e) (discussed below)22

Buyer’s Considerations: Asset Sale vs. Stock Sale Buyers generally prefer asset sales because asset basis can berecovered currently via depreciation/amortization deductions However, as discussed below, depending on the target’s taxattributes, buyers may prefer a stock sale But see Treas. Reg. § 1.1502-36(d)23

Impact of Target’s Tax Characteristics24

Target Tax Characteristics If the buyer acquires the stock of a corporate target, the target’s taxattributes generally survive subject to certain limitations The availability of these attributes to offset income of the target (andother income of the purchaser) after the acquisition are a criticalconsideration in whether a buyer may seek to structure a transactionas a stock sale or an asset sale Similarly, in auction contexts, sellers may anticipate an assignment ofvalue to the target’s attributes and invite the buyers to specificallyallocate consideration to such tax attributes25

Target Tax Characteristics: Examples Net operating losses (NOLs) & NOL carryovers See IRC § 172 Capital losses & capital loss carryovers See IRC § 1212 Business credit & foreign tax credit carryforwards See IRC §§ 27, 39 Minimum tax credits See IRC § 53 Tax basis26

Target Tax Characteristics: Limitations in General The availability of tax attributes after a stock acquisition may belimited under IRC §§ 382 and 383 Net operating losses and net operating loss carryovers are subjectto limitation under IRC § 382 Business credits, minimum tax credits, net capital losses andforeign tax credits are subject to limitation under IRC § 383 In addition, if the principal purpose for which such acquisition wasmade is evasion or avoidance of Federal income tax, tax attributesmay be subject to limitation under IRC § 269 Further, anti-abuse doctrines developed under case law may alsoapply to limit a target’s attributes27

Target Tax Characteristics: IRC § 382 Limitation The limitation under IRC § 382 arises routinely when buyers arevaluing a target’s tax attributes As a general matter, the IRC § 382 limitation is applied to limit theamount of the target’s NOLs that may be used to offset income afteran ownership change The IRC § 382 limitation is generally computed as the equity valueof the target immediately prior to the ownership change multiplied bythe long-term tax-exempt rate (which is reset monthly by the IRS) Subject to important complex exceptions intended to allow atarget’s pre-change losses to offset its pre-change income28

Target Tax Characteristics: IRC § 382 Limitation (cont.) The detailed rules of IRC § 382 are among the most complex undersubchapter C and are beyond the scope of this presentation; however,consider the following: The application of the limitation under IRC § 382 can severelylimit the value of a target’s tax attributes Confirmation of the proper application of IRC § 382 can be atime-consuming & expensive process for a potential acquirer Performing due diligence to determine whether a target’s claimedNOLs and other attributes were properly taken can be verydifficult and subject to significant uncertainty From a seller’s perspective, buyer’s failure to properly compensateseller for tax attributes can amount to a windfall29

Elections Under IRC § 338, § 336(e) and Treas. Reg. 1.1502-36(d)30

IRC § 338(g) Election Referred to as a “regular” or “straight” IRC § 338(g) election Rarely made unless target has NOLs or unless target is foreign Unless target is foreign, generally no consequences for seller andtherefore beyond the scope of this presentation In acquisition of foreign target, parties typically address buyer’sability to make an IRC § 338(g) election in transaction documents31

IRC § 338(h)(10) Election If target is being acquired from an affiliated group (or is an “SCorp”), IRC § 338(h)(10) allows the sellers to recognize gaininherent in the underlying target assets instead of recognizing gain onthe sale of target stock Buyer must also be a corporation to make the election Buyer’s acquisition must be a “qualified stock purchase” Generally, any transaction or series of transactions in whichstock (meeting the requirements of IRC § 1504(a)(2)) of 1corporation is acquired by another corporation by purchaseduring the 12-month acquisition period. In effect, election treats sale of target stock as a deemed sale of targetassets to a “new” target followed by liquidation of “old” target Allows buyer to purchase shares but receive a “step-up” in the basisof the assets acquired32

IRC § 338(h)(10) Election (cont.) Buyer and seller may both benefit from an IRC § 338(h)(10) election Seller may be indifferent between a stock and asset sale, in whichcase the seller may ask for additional consideration to “share” inthe tax benefits to the buyer from the election Alternatively, if seller is harmed by an IRC § 338(h)(10) election,seller may require a “gross-up” from buyer to be kept whole on anafter-tax basis Filing requirements for IRC § 338(h)(10) IRS Form 8023 IRS Form 888333

IRC § 338(h)(10) Election (cont.) Covenants concerning filing requirements for IRC § 338(h)(10)election are typically spelled out in the transaction document Note that IRS Form 8023 has a deadline distinct from the parties’federal tax returns Best practice: Make executed copies of IRS Form 8023 a closingdeliverable Further, the election requires the parties to file a purchase priceallocation with their tax returns Therefore, transaction documents should provide a mechanism bywhich parties agree on the allocation and preparation of the returndocumentation34

Forms Compared: Stock vs. Asset vs. 338(h)(10) Stock sale - If Buyer purchases the Targetstock from the Parent for 15, Parent willhave a 5 capital gain on the sale of itsstock. Buyer will then own Target, andTarget will have a 6 basis in its assets. Asset sale – If Buyer purchases the assetsfrom Target for 15, Target will have a 9taxable gain on the sale. Buyer will take a 15 cost basis in the assets. Section 338(h)(10) election – If Buyerpurchases the stock of Target from theParent for 15, and both the Seller and theBuyer make a joint election under Section338(h)(10), the transaction will, for incometax purposes, be deemed to be a sale ofassets. Buyer takes a basis in the assetsequal to 15. Parent will recognize 9 ofgain on its consolidated income tax returnon Target’s deemed sale of assets, which isgreater than the gain it would haverecognized on a sale of Target stock withouta 338(h)(10) election ( 5). Thus, Buyermay have to compensate Parent in order tomake the 338(h)(10) election – the “grossup”.ShareholdersParentShares’ FMV 15Outside basis 10TargetAssets’ FMV 15Inside basis 6Assets35

IRC § 336(e) Election Similar in function & effect to an IRC § 338(h)(10) election with afew important procedural differences: Buyer need not be a corporation to make the election Election available upon a qualified stock disposition, whichincludes certain distributions Election made by seller & target, not seller & acquirer36

Treas. Reg. § 1.1502-36(d) Elections In some ways, Treas. Reg. § 1.1502-36(d) operates as a forced IRC §338(h)(10) in a loss scenario In the absence of certain elections, if a consolidated group sells asubsidiary for a loss, the acquirer may be required to reduce thetarget’s attributes for the amount of the stock loss taken by the seller However, by election, the seller can forego the stock loss orreattribute certain of target’s attributes (or any combination thereof)to avoid the target’s “inside” attribute reduction in the buyer’s hands In effect, the elections invite the buyer and seller to value andcompensate one another for the use of the tax attributes37

Treas. Reg. § 1.1502-36(d) Elections (cont.) Treas. Reg. § 1.1502-36(d) provides the parties numerous elections totailor application of the rules of the transaction, including: Seller can reduce just a portion of its loss or reattribute just aportion of its attributes (or a combination thereof) To the extent the application of the rules results in a reduction oftarget’s attributes (and less than all such attributes are soreduced), seller can determine which attributes are reduced andby how much38

Treas. Reg. § 1.1502-36(d) Elections (cont.) The detailed rules of Treas. Reg. § 1.1502-36(d) are complex andbeyond the scope of this presentation; however, consider thefollowing: All the elections under Treas. Reg. § 1.1502-36(d) are, by default,solely within the power of the seller; therefore, if applicable, it iscritical for the buyer to address the elections in the transactiondocuments The scope of the attributes subject to reduction is more expansivethan under other provisions of the Code (e.g., IRC § 108, 382 &383)39

International Tax and State/Local Tax Considerations40

State and Local Considerations Income taxes Disconformity (e.g., IRC § 336(e)) Sting tax Real estate transfer taxes Some states apply real estate transfer tax to indirect transfers ortransfers of entities with substantial real estate holdings E.g., New York, Connecticut, Pennsylvania, Illinois Property taxes E.g., California Prop. 13 Sales taxes Bulk sales compliance41

International Considerations Foreign target/foreign affiliates Application of subpart F IRC § 338(g) election Withholding FIRPTA Certain contingent consideration for IP (IRC § 871(a)(1)(D))42

Contractual Protections43

Contractual Provisions: Asset Sale vs. Stock Sale The tax provisions in transaction documents for asset sales and stocksales can vary significantly In general, if the acquisition is a “pure” asset acquisition, i.e.,neither a deemed asset acquisition for income tax purposes northe acquisition of a trade or business, the tax provisions may berelatively simple By contrast, if the acquisition is a stock acquisition or is anacquisition of equity interests treated as an asset acquisition forincome tax purposes, the tax provisions can be extensive44

Contractual Provisions: Asset Sale If the acquisition is a “pure” asset acquisition: In particular, the buyer may be less concerned with the seller’sincome tax history Should address tax liens, FIRPTA withholding & pro ration ofproperty taxes In addition, the agreement will generally address sales taxescompliance and payment of transfer taxes45

Contractual Provisions: Asset Sale (cont.) If the acquisition is one of assets constituting a trade or business, theconsideration must be allocated among the assets Buyer not allowed a basis in the “trade or business” as a whole See Williams v. McGowan (2d Cir. 1945) Requirement codified in IRC § 1060 (setting forth rules forapplicable asset acquisitions) If buyer and seller agree in writing as to the allocation, suchagreement is binding on both parties (unless the Secretarydetermines that such allocation (or fair market value) is notappropriate) Parties required to file IRS Form 8594 Transferee liability issues may also arise46

Contractual Provisions: Asset Sale (cont.) If the acquisition is an equity acquisition treated as an assetacquisition for income tax purposes, the tax provisions may resemblea “pure” asset acquisition, an applicable asset acquisition under IRC§ 1060 or a stock acquisition depending on the facts of thetransaction47

Contractual Provisions: Stock Sale If the acquisition is a stock acquisition for income tax provisions, thetax provisions can be extensive Unlike asset acquisitions, buyers in stock acquisitions continue tobear risks associated with the historic tax liabilities of the target (andits subsidiaries & certain former affiliates) As a result: Significant tax diligence may be necessary Tax representations may be extensive and more tailored to thetransaction Parties may agree to an indemnity for taxes that divides taxliability on a “your watch/our watch” basis “Tax Matters” provision addresses filings, contests, refunds, etc.48

Contractual Provisions: Stock Sale (cont.) Tax diligence Generally beyond the scope of this presentation Typically performed by an accounting firm or other professionalfirm expert in tax accounting and tax return preparation and filing49

Contractual Provisions: Stock Sale (cont.) Tax representations Extent of tax representations is a function of: Facts of the transaction Tax diligence performed Tax indemnity provisions Allocation of specifically negotiated risks At a minimum, buyer typically asks for representations regardingfiling of tax returns, payment of taxes, and existence/status of taxaudits or other controversies50

Contractual Provisions: Stock Sale (cont.) Tax indemnity In a private deal, generally divides tax liability on a “yourwatch/our watch” basis Requires definition of “straddle period” taxes, i.e., taxesrelating to periods that do not end on the closing date butinstead “straddle” the closing Consider also application of “End of Day” Rule & “NextDay” Rule in Treas. Reg. § 1.1502-76(b) “Pre-Closing Taxes” carefully defined Consider whether certain taxes that arise after the closingmore appropriately treated as “pre-closing” taxes Consider whether tax indemnity should be subject to typicallimitations found in the general indemnity (e.g., baskets,deductibles, caps)51

Contractual Provisions: Stock Sale (cont.) Tax indemnity Whether and to what extent the tax indemnity covers breaches oftax representations and covenants varies among agreements While there may be duplication in scope, buyer should not beindemnified twice for the same loss If taxes are reflected in the contract’s working capitaladjustments, attention should be paid to coordination betweenthose provisions and the tax indemnity provisions If the damages for breaches of tax representations are the buyer’ssole source of indemnity for taxes, more attention may be paid tothe scope of the representations and the items (if any) on thedisclosure schedule52

Contractual Provisions: Stock Sale (cont.) Tax Matters If seller has agreed to indemnify buyer with respect to pre-closingtaxes (whether by indemnification for tax representations or a“your watch/our watch” indemnity), parties will typically includeadditional provisions addressing return filings, payment of taxes,audits, controversies, refunds and carrybacks relating toindemnified taxes Depending on the target’s attributes and the presence of existingor anticipated audits or controversies, these provisions can bedetailed and extensive53

Contractual Provisions: Stock & Asset Sales Other provisions Tax treatment of purchase price adjustments Tax treatment of indemnity payments Consider difference in tax treatment of payments of assumedliabilities in stock and asset transactions See, e.g., Rev. Rul. 76-520 Interim covenants Buyer’s ability to withhold Deliver of FIRPTA certificate Transfer taxes54

Contractual Provisions: Elections If the parties wish to make an IRC § 338(h)(10) election, parties willwant to set forth their mutual obligations in transaction documents(e.g., filing returns; allocation of purchase price) If buyer could make an IRC § 338(g) election that could have animpact on the seller (i.e., target is a “controlled foreign corporation”with respect to which seller is a “U.S. shareholder”), parties will wantto address any right to make such an election If Treas. Reg. § 1.1502-36(d) could impact the target’s tax attributes,the parties will want to set forth what elections the seller will makeunder Treas. Reg. § 1.1502-36(d) in connection with the transaction55

Seller's Considerations: Asset Sale vs. Stock Sale Regardless of type of seller, stock sale generally results in a "single" level of income tax Corporate sellers generally prefer stock sale for this reason Higher threshold to application of FIRPTA to stock sale However, as discussed below, depending on the target's basis in

Related Documents:

SALE IS ON AN "AS IS, WHERE IS" BASIS. PROPERTIES AND PRICES ARE SUBJECT TO CHANGE WITHOUT PRIOR NOTICE Consumer Asset Sale Asset Disposition Division Asset Management and Remedial Group List of Properties for Sale as of August 31, 2020 METRO MANILA KALOOKAN CITY 10001000011554 Residential- House & Lot 001-2014004122 Lot 9 Blk 11 St. Mary St.

Asset Keeper Pro - Fixed Asset Cycle Asset Keeper Pro - Fixed Asset Cycle Page 5. Fixed Asset Cycle: Building your own Fixed Asset Cycle If you would prefer to add your own steps to the Fixed Asset Cycle because you are unsure of the procedure that you currently use, you can use the Add Step button. This provides a very quick method

that the sale price company of S is 1,700,000. Steve (the owner, seller, and sole stockholder) has a basis in his stock of 510,000, and an asset basis of 170,000 (net of depreciation). The net (aftertax) proceeds to Steve, based upon either an asset sale or stock

A Practical Guide to SAP . 9.1 Introduction to asset accounting 181 9.2 Structure and methodolgy 183 9.3 Different methods of asset acquisition 184 9.4 Asset master record 185 9.5 Asset acquisitions 190 9.6 Retirements with customer 199 9.7 Asset value adjustments 202 9.8 Reverse asset posting 207 9.9 Asset transfers 208 9.10 Depreciation and closing tasks 211 9.11 Asset drill down and .

Motor Vehicle Bill of Sale Template. Click the following link to find out more details about . bill of sale form sc, bill of sale form south carolina, sc bill of sale pdf, bill of sale south carolina, sc bill of sale form, fillable bill of sale sc, south carolina bill of sale pdf, free bill of sale form sc,

Motor Vehicle Bill of Sale Template. Click the following link to find out more details about . does oregon require a bill of sale, bill of sale form oregon, oregon bill of sale fillable, bill of sale oregon template, state of oregon bill of sale, bill of sale oregon form oregon dmv bill of sale, dmv bill of sale

Slicing Steaks 3563 Beef Tender, Select In Stock 3852 Angus XT Shoulder Clod, Choice In Stock 3853 Angus XT Chuck Roll, Choice 20/up In Stock 3856 Angus XT Peeled Knuckle In Stock 3857 Angus XT Inside Rounds In Stock 3858 Angus XT Flats, Choice In Stock 3859 Angus XT Eye Of Round, Choice In Stock 3507 Point Off Bnls Beef Brisket, Choice In Stock

1 – ASSET PURCHASE AND SALE AGREEMENT PDX\119661\221130\AP\20107648.4 ASSET PURCHASE AND SALE AGREEMENT This Asset Purchase and Sale Agreement (“Agreement”) is between [NAME], a [State] [Entity Type] (“Buyer”) and ONLINESHOES.COM INC., a Washington corporation, and

Consumer Asset Sale Asset Disposition Division Asset Management and Remedial Group List of Properties for Sale as of October 15, 2021 FOR INQUIRIES PLEASE CALL: ELMA SILVESTRE * 0918-9929605 * epsilvestre@rcbc.com / *9:00 AM - 5:00 PM, Monday to Friday* SALE IS ON AN AS IS, WHERE IS ASIS. PROPERTIES AND PRIES ARE SUJET TO HANGE WITHOUT PRIOR .

Oct 08, 2010 · 01380 Debit Card Dept'l Asset 01390 ACH Refunds Asset 01400 General Asset 01410 Postage Asset . 01520 Inv Rutgers U. Press Asset 01540 Inv Physical Plant Asset 01560 Inventory Other Asset . 04110 Gifts & Beq Alumni Revenue 04120 Gifts & Beq Corp. Revenue 04130 Gifts & Beq Found. Revenue

the cost of the asset; 2. the life of the asset; 3. the expected residual value of the asset; 4. and, by the method of depreciation selected for amortisation of the asset which must be systematic and rational. Cost of asset means the basic acquisition cost of the asset plus all incidental expenses which are required to the asset into use.

Select "Asset Groups" under "Assets" to view your asset groups. Go to New Asset Group to add a new asset group. Asset grouping offers great flexibility, allowing you to assign assets to multiple asset groups. To view information associated with an asset gr oup, click anywhere in the data list row for

AMP Capital Investors Investment Manager Multi-Asset 50 - 249.99 Australia AP2 Asset Owner Multi-Asset 10 - 49.99 Sweden APG Asset Management Investment Manager Multi-Asset 250 Netherlands Australian Ethical Investment Ltd. Investment Manager 50% Listed Equity Internally Managed 1 - 9.99 Australia Aware Super Asset Owner Multi-Asset 50 .

5.2.2. A process to ensure timely assignment of asset ownership must be implemented, (e.g. ownership must be assigned when the assets are created). 5.2.3. The asset owner must be responsible for the management of an asset over the entire lifecycle of the asset. 5.2.4. An asset owner must be allocated to a role that is accountable for the asset .

HP Asset Manager Financial Management module Align asset investments for improved business value. HP Asset Manager Financial Management captures, monitors and manages all costs associated with an asset, from acquisition through retirement. HP Asset Manager Financial Management makes it easy to track costs associated with every asset at every stage

1 410 659 3400 barry.p.benjamin@us.pwc.com Asset Management 2020: Taking stock Asset & wealth management insights: Asset Management 2020: Taking stock 1e define worldwide AuM as as

WPX Energy, Inc. Common Stock We are offering 27,000,000 shares of our common stock. Our common stock is listed on the New York Stock Exchange under the symbol “WPX.” On July 10, 2015, the last reported sale price for our common stock on the New York Stock Exchange (the “NYSE”) was 11.22 per share.

sheriff’s sale sheriff’s sale sheriff’s sale sheriff’s sale sheriff’s sale vol p. 1577 tuesday, september 10, 2013 the legal intelligencer 17

Therefore, the asset sale process cantake significant time in the public and private sector beforean asset satisfies the criteria to be classified as held for sale. Appendix B provides an Illustrative Example of an asset that is delayed in being classified as held for sale and demonstrates the accounting at each stage of the process. 15.

National Animal – the tsuru is designated as a Japanese national treasure and is an animal symbol of Japan – like the kangaroo for Australia, . and many more people could now learn to fold paper, including paper cranes. These pictures show two pages from the book, and two ladies with a child folding paper cranes – you can see the small scissors to cut the paper. 4 千羽鶴 Senbazuru .