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The Economic Stimulus Act of 2008 HR 5140, a new tax act, was signed by President Bush on Feb. 13, 2008. The act includes benefits for individuals and for businesses. The terms of the act include two incentives designed to spur capital equipment purchases, and are estimated to create $44.8 billion in tax benefits in the form of accelerated write-offs for U.S. businesses. This article explains the terms in the tax act that impact the leasing industry, explains how the terms in the act are likely to affect leasing companies and explains how leasing companies can benefit from them.
IRS Code Section 179 Write-offs
Code Section 179 allows small businesses (measured by how much property they purchase) to deduct the full cost of a specified amount of property (equipment and off-the-shelf software are included in property) purchases in the year of acquisition. It is the same as taking a 100% depreciation deduction in year 1. The Economic Stimulus Act of 2008 increases the specified amount of qualifying property purchases that small businesses can expense immediately from $128,000 to $250,000. The purchases must have been committed to after Dec. 31, 2007 and the assets must be delivered and placed in service by Dec. 31, 2008. The threshold before the expensing is phased out is increased from $500,000 to $800,000. Once property purchases reach $1,050,000, the benefit is completely phased out. Generally, the property must be tangible personal property, which is actively used in the taxpayer's business and for which a depreciation deduction would be allowed. The property must be used more than 50% for business and must be newly purchased property. The deduction is disallowed if the taxpayer does not have taxable income for the year the property is placed in service. However, the disallowed deduction may be carried forward to a non-loss year.
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?