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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.
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.