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Basis and Bargain Sales: Income Tax and Other Concerns
Get PDFIn this article, the authors explain the income tax consequences of the sale during lifetime and at death of property for less than fair market value. The authors focus in particular on the tax consequences of a bargain sale by a transferor who wishes to confer some financial benefit on a family member, but leave the rest of her estate to charity. Generally speaking, death-time bargain sales may be preferable to similar transactions during lifetime, if the assets have a low basis pre-death, because of the step up in income tax basis under section 1014. The authors also discuss in detail an under-studied provision of section 1015 that requires adjustments to the basis of property acquired in a lifetime bargain sale to an individual. Basis must be increased by a certain portion of the gift tax paid by the transferor. Different rules govern the allocation of the transferor’s basis in lifetime bargain sales to individuals on the one hand, and charity, on the other. This difference gives rise to a statutory ambiguity that the authors believe should be resolved in a way that gives the transferee the greatest increase in basis. The authors conclude their discussion by noting multiple other contexts in which bargain sales might be part of an effective estate plan. As a policy matter, a pro rata basis rule would simplify tax administration and lead to parity in treatment between bargain sales to individuals and to charities
Nationalism in the Age of Brexit: The Attitudes and Identities of Young Voters
Get PDFThe Brexit referendum marked the first time in the United Kingdom when political lines were drawn along distinct generational lines. In 2016, 73% of young people, aged 18-24, and less than 40% of older voters, aged 65 and over, voted to Remain. In comparison, over 60% of older voters and only 27% of young voters voted to Leave (Fig. 1). Voters aged 25 to 64 remained fairly split between two options, but the difference between older and younger generations is incredibly significant (Kelly 2016). Voter differences have historically been between socioeconomic classes; the urban and the rural, the wealthy and the poor, the educated and the uneducated; however, the Brexit vote reveals a strong difference in values and beliefs between young voters and older voters, with older voters holding most of the power
Intellectual Property in the Digital Streaming Age: How Music Becomes a Lawsuit
Get PDFA mix of both entertainment business and law, the purpose of this review is to address the question of “are current copyright laws and procedures too restrictive of new and smaller-name artists from entering the market?” Through a law review and analysis of the history of copyright law, this thesis outlines the issues new, smaller music artists face as a result of rapid digital evolution paired with a slow-moving legal system. Failing to amend the current standards for dealing with old copyright cases will cause further issues with the growing popularity of digital platforms like YouTube, Soundcloud, Spotify, and TikTok. The recommendations are suggestions based on an analysis of previous problems and the subsequent reactions to these decisions
The Lack of Recognition for the Film Choreographer in Hollywood
Get PDFThe following research directly addresses why the film choreographer has lacked adequate recognition within the Academy Awards, popularly known as the Oscars, presented by the Academy of Motion Picture Arts and Sciences. Additionally, this study aims to fill the research gap in relation to the minimal documentation that exists regarding the role and contributions of the film choreographer within the film industry. In order to move forward in assessing how the film choreographer can be recognized within the Oscars, one must address why they have not been sufficiently recognized within the history of the Academy Awards. By assessing the film choreographer’s value within the film industry through semi-structured interviews and data analysis methodologies, it was concluded their lack of recognition within the Oscars is due to the lack of dance’s presence in film, the undefined role of a film choreographer, and the general lack of awareness revolving around their contributions to film. All of which directly contribute to the film choreographer’s disproportionately perceived value within the film industry. Overall, this research intends to increase the dialogue revolving around the film choreographer as well as validate their value within the film industry. In conclusion, it is demonstrated there is an evident need for steps to advocate for film choreography to be recognized within the Oscars. It is time to give film choreographers recognition by the industry in which they work for, and this thesis hopes to serve as a catalyst for this change
Arbitration Archetypes for Enhancing Access to Justice
Get PDFIn the second half of the twentieth century, the use of arbitration proliferated in the United States as part of a greater alternative dispute resolution (ADR) movement, with the promise that using ADR processes would, among other things, enhance disputants\u27 access to justice. Arbitration offers disputing parties a process to resolve their dispute, which, at least in theory, is known for decreased cost, increased speed, party control, privacy, and finality. These characteristics generally enhance parties\u27 access to justice because, as compared to litigation, barriers to entry are lower, outcomes are delivered more quickly, substantive outcomes are more equitable, and parties have a greater opportunity to be heard. However, not all twenty-first-century arbitration proceedings share these characteristics. Rather, today, arbitration comes in many forms and can be administered by different forums and procedural rules with a great variation in how cheap, how fast, and how procedurally and substantively fair the process really is. Whether a particular form of arbitration enhances access to justice depends greatly on the characteristics of the process in a particular forum or industry. This Article offers a simple framework to determine which types of arbitration truly enhance access to justice and which types do not. The Article also aims to identify a few “arbitration archetypes” that are more likely to support the claim that arbitration enhances parties\u27 access to justice
Primary Jurisdiction and the Limits of Measurement in Mass Litigation
Get PDFThis Article examines the use of primary jurisdiction through the lens of institutional economics and the ongoing revolution in pre-suit, plaintiff-side testing in mass litigation. In this setting, primary jurisdiction serves a necessary pro-agency institutional role. The ability of plaintiffs’ attorneys to easily generate sophisticated laboratory testing results has allowed them to create a quasi-regulatory quality-control regime for defendants’ products and extract value from it through enhanced settlements. This offers defendants the burdens of regulation without the benefits of uniformity or policymakers with subject-matter expertise and capacity for public input. Primary jurisdiction enables defendants in mass litigation to move these quasi-regulatory actions back to regulatory settings, where the potential for efficient quality-control standards increases with agency expertise. Shifting decision-making in testing-based actions to agencies then preserves this value from conversion into litigation-based transaction costs. As scientific resolving power and the scope of potentially measurable harm evolve, primary jurisdiction thus functions as a central balancing mechanism allowing corresponding evolution in adjudication
