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Additional 2006 Tax Tips and Insights
[Editor's note: The following excerpts provide useful additional information on the Tax Increase Prevention and Reconciliation Act of 2005, signed into law on May 17, 2006. These tips nicely complement the coverage in this edition's tax update article by Ron Seigneur.]
More About the AMT
The Alternative Minimum Tax (AMT) system does not allow several of the itemized tax deductions allowable under the regular tax system ' such as state, local and property tax or most miscellaneous deductions. In addition, some deductions, such as medical expenses, are subject to different income limitations based on an individual's adjusted gross income. The AMT also taxes various tax preference items, such as tax-exempt municipal bond interest associated with 'private activity' bonds that are not taxed under the regular tax system. Finally, there are timing differences that are includable at different times under each tax system. An example of a timing difference is depreciation taken on business property.
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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?