Intellectual property (“IP”) development can cost millions of dollars so cost recovery timing can be financially material. General tax principles typically require that expenses associated with creating assets having useful lives lasting longer than the current tax year are capitalized. However, IP as an asset class has several statutory cost recovery possibilities (§§ 162, 167,
Many taxpayers have art collections. However, the art collections of some high-net-worth individuals, family offices, and business taxpayers may draw the unwanted eye of the IRS. With the increased focus on auditing high-income taxpayers, large partnerships, and using increased staff and artificial intelligence will almost certainly increase the number of cases involving artwork. At the end of
Co-author Emily Morris*
Last month Tilting blogged about Peter LoDuca, Steven A. Schwartz and their New York law firm who New York Federal Judge Kevin Castel chastised for submitting non-existent judicial opinions with fake quotes and citations created by the artificial intelligence tool ChatGPT. Worse yet, they continued to stand by the fake opinions after
Claiming that he was injured when a metal serving cart struck his knee during a flight from El Salvador to New York in 2019, Robert Mata recently sued Avianca Airlines. Avianca filed a motion to dismiss in New York federal court arguing the lawsuit was too late; the statute of limitations had expired. Vehemently