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In its zeal to eradicate perceived abuses and further clip the wings of executives who, based on press reports, took great pleasure in using the company's airplane for personal purposes, Congress amended section 274(e)(2) of the Internal Revenue Code (the “Code”) in the American Jobs Creation Act of 2004 (“AJCA”). Effective on the date of enactment (Oct. 22, 2004), these amendments effectively reversed the decisions of the Tax Court and Eighth Circuit in Sutherland Lumber-Southwest, Inc. v. Commissioner, 114 T.C. 197 (2000), aff'd 255 F.3d 495 (8th Cir. 2001), acq. AOD 2002-02 (Feb. 11, 2002), and prompted the Internal Revenue Service (“IRS” or the “Service”) to issue guidance containing a myriad of rule changes and hinting at others, leaving tax practitioners scratching their heads and companies running for cover.
On May 27, 2005, the IRS released Notice 2005-45, 2005-24 I.R.B. 1228 (June 13, 2005) (the “Notice”). The rules set forth in Notice 2005-45 create an administrative nightmare for taxpayers and potentially result in the loss of valuable company tax benefits when executives (so-called “specified individuals” and their guests) use the company's airplane for personal purposes. Unfortunately, the Notice, which applies to expenses incurred after June 30, 2005, is difficult to interpret and creates many traps for those attempting to comply with the new deduction disallowance rules.
Sutherland Lumber: Who Says the Good Old Days Weren't Good?
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.
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.
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.
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?