Aug 18
The Ninth Circuit decided a taxation case of first impression involving whether a qui tam or whistleblower recovery provides a taxable capital gain from a sale of property, or ordinary taxable income. The District Court in Los Angeles, and the Ninth Circuit both agreed with the IRS that the higher rate of taxation from ordinary …
Permanent link to this article: https://betweenthenumbers.net/2012/08/whistleblower-recovery-is-ordinary-taxable-income/
Aug 13
That’s a headline I did not expect to get a chance to write. And to be honest, the mistake is on a post on the Forbes blog and not their namesake publication, which I presume gets more scrutiny. But the flaw is in fact quite obvious. The post relates to the Internet Sales Tax bill …
Permanent link to this article: https://betweenthenumbers.net/2012/08/forbes-gets-it-wrong/
Aug 12
In July 2012, the Financial Accounting Standards Board (FASB) voted to drop a controversial project that would have required companies to disclose more about contingent losses, including most notably those arising from litigation. The now-withdrawn proposal would have required significant additional disclosure of litigation. The vast majority of those commenting on the proposal opposed it, …
Permanent link to this article: https://betweenthenumbers.net/2012/08/proposed-changes-to-litigation-accounting-disclosures-are-dropped/
Aug 07
Historically, the right to broadcast the Olympic Games has not been a stand alone money maker for the network that acquired it. When NBC announced that the Olympic Games would be at “about breakeven”, some thought this trend had been broken. It hasn’t. Reportedly NBC paid about $1.2 billion for the U.S. rights to broadcast …
Permanent link to this article: https://betweenthenumbers.net/2012/08/olympic-games-still-a-loss-leader/
Aug 06
Electronic Arts (“EA”) filed a lawsuit in the U.S. District court for the Northern District of California alleging that Zynga’s “The Ville” infringes on EA’s “The Sims Social”. EA’s position is that the two Facebook based social games are “largely indistinguishable to an uninitiated observer.” The stakes in this intellectual property battle are high, as …
Permanent link to this article: https://betweenthenumbers.net/2012/08/virtual-worlds-subject-of-copyright-infringement-allegations/
Jul 25
In July 2012, the Financial Accounting Standards Board (FASB) voted to drop a controversial project that would have required companies to disclose more about contingent losses, including most notably those arising from litigation. The now-withdrawn proposal would have required significant additional disclosure of litigation. The vast majority of those commenting on the proposal opposed it, …
Permanent link to this article: https://betweenthenumbers.net/2012/07/proposed-changes-to-accounting-and-disclosures-of-pending-litigation-are-dropped/
Jul 13
In mid May, the D.C. Circuit held in United States of America, ex rel. Davis v. District of Columbia, that damages for suits under the False Claims Act (“FCA”) must consider the value of the services actually received. The failure to retain required documentation does not affect the value of the services received, and therefore …
Permanent link to this article: https://betweenthenumbers.net/2012/07/false-claim-act-damages-require-additional-valuation/
Permanent link to this article: https://betweenthenumbers.net/2012/07/accounting-standard-will-require-significantly-more-leases-to-be-put-on-the-balance-sheet/
Jul 07
In some respects I’m feeling pretty justified by last week’s Supreme Court ruling on the Individual Mandate. That is because eighteen months ago I said that commentators were pushing aside the very real likelihood of it being justified under the taxation clause of the constitution. That prediction got me more than a little ridicule in some online …
Permanent link to this article: https://betweenthenumbers.net/2012/07/bullseye/
Jul 06
Strauss Auto, an auto parts retailer, appears to have set a new record. It is not likely one they were pursuing. The company is believed to be the only one in the history of the Bankruptcy Code to have entered into Chapter 11 bankruptcy five times (a move some are jokingly calling a Chapter 55 …
Permanent link to this article: https://betweenthenumbers.net/2012/07/fifth-times-a-charm-not-likely-when-it-comes-to-bankruptcy/
Jul 08
Accounting Standard Will Require Significantly More Leases To Be Put On The Balance Sheet
July 8, 2012
On June 13, 2012, after more than a year of deliberation, the International Accounting Standards Board (IASB) and U.S. Financial Accounting Standards Board (FASB) agreed on an approach for accounting for leases that generally will be simpler to implement than some of their earlier and more controversial proposals. The Boards plan to release a joint …
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