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This year, taxpayers will receive a revised Form 1099-B form which contains additional transaction information. The new reporting rules arise from the 2008 Emergency Economic Stabilization Act, which laid out a three-phase process for submitting cost-basis information to the Internal Revenue Service. Commonly known as the bank bailout bill, the 2008 Emergency Economic Stabilization Act …
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Permanent link to this article: https://betweenthenumbers.net/2011/12/new-rules-and-reporting-for-investment-gains-losses/
On December 8, 2011, the Federal Reserve released its third quarter 2011 report, “Flow of Funds Accounts in the United States”. A virtual cornucopia of data, the report is 127 pages of detailed tables of assets, liabilities and changes in the U.S. If you are an economic data nerd, it is almost all one could …
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Permanent link to this article: https://betweenthenumbers.net/2011/12/federal-reserve%e2%80%99s-statistics-show-pain-at-u-s-households/
Lost profits are typically understood to yield higher damages than reasonable royalties, but this is not always the case. Higher reasonable royalty damages most frequently occur when the patent holder (inventor) is not in a position to exploit the invention by manufacturing the product himself. In such event, (i) there are no realistic profits to …
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Permanent link to this article: https://betweenthenumbers.net/2011/12/federal-circuit-again-redefines-a-reasonable-royalty/
On October 25, 2011, United States Customs and Border Protection (CBP) added regulatory provisions formally recognizing the use of sampling methods in CBP audits, and in importer disclosures. The final regulations do not materially change the proposed regulation issued around two years ago. Statistical sampling is a practical and expeditious way to accurately assess large …
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Permanent link to this article: https://betweenthenumbers.net/2011/11/sampling-methods-and-offsets-now-available-in-customs-matters/
When a minority interest in a privately-held company is transferred, a discount from the value of the entire company is calculated to reflect the lack of marketability of such an interest. These discounts for lack of marketability (DLOMs) are important in many estate plans and related transfers. In August, 2011, the IRS publicly released a lengthy practice …
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Permanent link to this article: https://betweenthenumbers.net/2011/11/irs-marketability-practice-aid-falls-far-short-of-its-potential/
The District Court appointed an independent expert on the issue of damages pursuant to rarely-used Rule 706 of the Federal Rules of Evidence. The report will likely be made public soon. No doubt, the District Court is frustrated by the wide range of damage claims that the parties are offering, and is attempting to reign …
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Permanent link to this article: https://betweenthenumbers.net/2011/11/court-appointed-expert-will-likely-have-the-final-word-on-damages-in-oracle-vs-google/
MF Global customers had their accounts frozen after the October 31, 2011 bankruptcy filing. The freezing occurred because, shortly after the bankruptcy filing, MF Global reported that over $600 million of what should have been client-segregated funds were missing. Like the 2008 failures of Lehman Brothers, Bear Stearns, and Merrill Lynch, MF Global fell shockingly …
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Permanent link to this article: https://betweenthenumbers.net/2011/11/the-plot-thickens-%e2%80%93-theft-at-mf-global/
The Office of the Inspector General of the U.S. Department of Justice just issued its revised audit report 11-43 regarding conference spending. Last month, this report received substantial press attention. The revision is explained as follows: This revised report supersedes the original version of the Office of the Inspector General’s (OIG) report, “Audit of Department …
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Permanent link to this article: https://betweenthenumbers.net/2011/10/16-muffins-were-never-the-full-story/
On Friday, the White House Chief of Staff Bill Daley said that they appointed Mr. Herb Allison to investigate the Department of Energy loans that included Solyndra. Mr. Allison is a former president of Merrill Lynch and former chief executive of the insurance company TIAA-CREF. He led Fannie Mae when it was forced into a …
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Permanent link to this article: https://betweenthenumbers.net/2011/10/wrong-solyndra-participants-are-being-investigated/
On October 27, the SEC announced that: The Securities and Exchange Commission today ordered the Financial Industry Regulatory Authority (FINRA) to hire an independent consultant and undertake other remedial measures to improve its policies, procedures, and training … The SEC’s order finds that on Aug. 7, 2008, the Director of FINRA’s Kansas City District Office …
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Permanent link to this article: https://betweenthenumbers.net/2011/10/sec-slaps-finra/
