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The Equipment Leasing and Finance Association ('ELFA') has filed two separate amicus curiae briefs regarding the use of deductions generated through participation in Lease-In/Lease-Out ('LILO') transactions. In both briefs, the ELFA argues that the correct tax treatment of leaseback transactions ' and commercial leasing transactions in general ' are cast into doubt.
In the first case, the ELFA filed a motion and amicus brief before the Fourth Circuit in support of the appellant, BB&T Corporation, in its appeal of the decision of the U.S. District Court for the Middle District of North Carolina in BBT Corporation v. USA, No. 1:04-cv-00941-NCT (Jan. 4, 2007). The transaction involved the lease and sublease of pulp manufacturing equipment. The plaintiff, BB&T Corporation, had certain tax deductions disallowed by the Internal Revenue Service in connection with BB&T's participation in a LILO transaction with Sodra Cell AB, a Swedish company. As described by the court, the deal consisted of a 'Head Lease' in which BB&T acquired an undivided interest in the equipment for a period of 36 years and an immediate shorter term sublease of the undivided interest in the equipment back to Sodra for a term of 15.5 years.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.