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Renkemeyer Case Sheds Light on Law Firm Tax Issues
A recent tax court case involving a law firm dealt with two issues that are relevant to many law firms. In this particular case, the taxpayer had a bad set of facts and consequently ended up with a bad result. However, the court's decision may have a far-reaching effect on other taxpayers taking less aggressive positions. The first issue is the allocation of partnership income to the partners in the absence of a written partnership agreement. The second issue is whether income generated by a limited liability partnership is subject to self-employment tax. This question is of particular interest to law firms as the limited liability partnership is the entity of choice for many law firms.
Allocation of Income
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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.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?