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ELA Responds to Proposed Budget Legislation
On Jan. 13, 2004 the Treasury Department announced a series of legislative proposals, included in the president's fiscal year 2005 budget, for the purpose of closing loopholes, halting several abusive tax avoidance transactions, and simplifying the tax code. Of particular interest to the leasing community is the proposal: “Stop Abusive Leasing Transactions with Tax-Indifferent Parties.” According to the Treasury Department's proposal, taxpayers increasingly have used purported leasing transactions to “acquire” significant tax benefits from a tax-indifferent party, such as a municipal transit authority or foreign government, in exchange for a modest fee. These transactions do not involve any useful economic activity, such as the acquisition or financing of business assets, and instead simply move a tax benefit, including depreciation, from a party that cannot use it (the municipality or foreign government) to a party that can (the taxpayer). Congress sought to limit these transactions in 1984, but these rules have proved ineffective over time. The administration's proposal would sharply limit the tax benefits claimed by the taxpayer in these transactions.
The Equipment Leasing Association of America (ELA) issued a response to the Treasury Department's 2005 proposed budget plan to stop leasing transactions with “tax-indifferent parties,” citing clear negative consequences that compromise many organizations' abilities to finance projects and infrastructure. Michael Fleming, president of ELA, stated that the Treasury Department's proposal “will take away the ability for tax-exempt entities, such as hospitals, charities, and schools, already strapped for capital, to lease equipment and severely limit their financing options. Calling the proposal “poorly thought out” Fleming further added that it would “raise the cost of making needed assets and services available to these organizations.”
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.
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.
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.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.