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Federal Tax Reform Includes Traps For Deferred Compensation Deals
Last October, President Bush signed into law the American Jobs Creation Act of 2004. This 2004 Tax Act amended nearly 600 sections of the Internal Revenue Code (IRC), thereby making far-reaching changes to many areas of tax law. While the major focus of the 2004 Act was to provide tax relief for U.S. corporations repatriating earnings back to the United States, this new legislation also provided numerous revenue-raising provisions and tax cuts that affected corporate and individual taxpayers and special interest groups, from film producers to owners of sports teams.
In fact, the 2004 Act affects the entertainment industry in numerous ways. The Act contains a variety of provisions that are specifically targeted at the entertainment industry, including new rules creating current deductions for small films made predominantly in the United States, and an amendment to the income-forecast method of depreciation. The Act also includes provisions that, though not targeted exclusively at the entertainment industry, have an intended and foreseeable impact on the industry, such as the new deduction for domestic production activities.
More insidious, though, are provisions that on their face suggest no connection to the entertainment industry, but which could cause major tax problems if not properly considered. The new rules relating to nonqualified deferred compensation fall into this category. If not properly addressed, these rules will create unintended, horrible tax consequences in some very basic transactions.
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?