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Deferred Compensation: Dramatic Changes
The recent issuance of Revenue Ruling 2002-22, 2002-19 I.R.B. 849 dramatically changes how income tax principles will be applied to the marital division of deferred or incentive compensation arrangements, and, potentially, to other types of assets, the gain from which is taxable as ordinary income. Stock options and contractual deferred compensation arrangements have become a standard form of compensation for corporate employees. In the marital dissolution law of practically every state where marital rights to these compensation arrangements have been examined, the value represented by these rights has been determined to be marital property, subject to division at divorce to the extent earned before divorce. Indeed, deferred compensation rights may be the most valuable marital asset, so negotiation and litigation over division of this value has become a fertile area for marital settlements.
The income tax consequences of dividing compensation assets pose significant problems and require careful attention to ensure that each spouse will receive the economic value of his or her share. Now, with Revenue Ruling 2002-22, issued by the IRS last May, matrimonial practitioners must familiarize themselves with another wrinkle in the equation.
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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
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?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.