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Tax Considerations in Light of <i>Windsor v. U.S.</i>
When the U.S. Court of Appeals for the Second Circuit handed down its decision in Windsor v. U.S., it gave new hope to the many same-sex married couples in New York that their marriages might someday be afforded the same recognition as the marriages of opposite-sex couples. The emotional benefits of such an acknowledgement are undoubtedly substantial, but the financial benefits are equally compelling.
Edith Windsor had sought the return of the federal estate taxes she was compelled to pay because the United States was blind to her lawful marriage to Thea Spyer. The couple's home state of New York deemed their marriage valid. Had her marital status been recognized by the federal government, Windsor would have inherited her spouse's assets tax free, as would the widow of a man. The Second Circuit's ruling in Windsor v. U.S. confirmed the district court's finding that Section 3 of the Defense of Marriage Act (DOMA) ' the provision that declares that the federal government will not legally recognize the marriages of same-sex couples, whether those marriages were legal where performed or not ' is unconstitutional. As an unconstitutional law, it is therefore unenforceable. The Internal Revenue Agency (IRS) was ordered to return to Windsor the estate taxes she paid, which were in excess of $350,000.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Protecting Innovation in the Cyber World from Patent Trolls
With trillions of dollars to keep watch over, the last thing we need is the distraction of costly litigation brought on by patent assertion entities (PAEs or "patent trolls"), companies that don't make any products but instead seek royalties by asserting their patents against those who do make products.