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In The Marketplace
Conference Committee Approves FSC/ETI Legislation: On Oct. 7, 2004, a House-Senate conference committee gave final approval to a $145 billion tax measure containing key provisions affecting the leasing industry. The conference agreement on the $145 billion Foreign Sales Corporation/Extraterritorial Income (FSC/ETI) reform legislation (H.R. 4520) provides transitional relief for FSC/ETI leases in light of the repeal of FSC/ETI. Under the terms of the conference agreement, full transitional relief will be afforded for those FSC/ETI leases subject to a binding contract as of Sept. 17, 2003. A binding contract includes purchase options, renewal options and replacement options, which are included in the contract and which are enforceable against the seller or lessor. In addition, the legislation contains a number of depreciation changes, a passive loss regime that addresses the monetization of lease obligations, equity investment, and risk of loss, as well as a provision addressing like kind exchanges of certain leases and lease property.
The conference agreement also provides a special rule for qualified technological equipment (QTE) leases so that standard renewal options of no more than an additional 24 months do not count against the “5 year” rule for purposes of the 125% depreciation rule. This rule will be particularly helpful in the medical and telecom fields and would encompass such diagnostic imaging equipment as MRIs, CT scanners and ultra sound equipment as well as high-tech microprocessors.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
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.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
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.
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.