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Taxpayer Victory in Con Edison LILO Shocks IRS
It has been over a year since we reported on the contest between the IRS and corporate taxpayers over the tax treatment of equipment leasing transactions with tax-exempt lessees known as LILOs and SILOs. See Spector, “Court Finds Compelled Purchase Option in SILO Case,” 27 Equipment Leasing Newsletter 8, 9 (September/October 2008). Last year's taxpayer defeat in the AWG case nudged many taxpayers into unfavorable settlements with the IRS. See AWG Leasing Trust v. United States, 592 F. Supp. 2d 953. But, as reported here, the AWG decision left open the possibility of a taxpayer victory in a properly argued trial of the question of fact of whether the lessee in a LILO or SILO was certain to exercise its fixed price purchase option ' a question which, if answered in the affirmative, defeats the lessor's claim to tax ownership under longstanding judicial precedent. That trial occurred earlier this year in the Federal Court of Claims and the result, reported last month, is a stunning victory for the taxpayer, Consolidated Edison Company v. United States, No. 06-305T (Fed. Ct. Cl.), October 21, 2009. To access the text of the opinion, go to www.cofc.uscourts.gov/sites/default/files/HORN.CONSOLIDATED102109.pdf.
The Decision
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Warehouse Liability: Know Before You Stow!
As consumers continue to shift purchasing and consumption habits in the aftermath of the pandemic, manufacturers are increasingly reliant on third-party logistics and warehousing to ensure their products timely reach the market.