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The Virtual Taxman Cometh?
In South Park's 147th episode, 'Make Love, Not Warcraft,' Stan, Kyle, Cartman and Kenny dedicate weeks of their lives playing World of Warcraft, determined to defeat a rogue player who keeps killing their online characters. Just when it appears that the boys will be defeated by this online evildoer, World of Warcraft executives rush in and deliver the Sword of a Thousand Truths, a superpowerful magical weapon that allows the boys to win their battle and carry the day.
But, wait, was that a taxable event?
It appears that the Joint Economic Committee (JEC) of Congress is going to find out. The JEC staff has begun examining policy issues related to virtual economies; that is, the universe of transactions that occur within massively multiplayer role-playing online games (or MMPORGs), such as the World of Warcraft, Second Life and their kind. This is undiscovered country for the JEC and the Internal Revenue Service ' as well as the operators of virtual worlds. Although the JEC has promised to reach a reasonable conclusion, a poorly conceived taxation of virtual economies could quite quickly take the joy, if not the incentive, out of these online gaming experiences, and stifle the very creativity that has made them so compelling and vibrant ' not to mention the possible impact on that segment of e-commerce.
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.
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.
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.
Removing Restrictive Covenants In New York
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?