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Full-Text Articles in Law
Tax Aspects Of Intellectual Property, Lawrence R. Bloomenthal
Tax Aspects Of Intellectual Property, Lawrence R. Bloomenthal
Cleveland State Law Review
Creative activity in the scientific, technical, literary, musical and artistic fields is encouraged by preferential treatment under the income tax laws. While musicians, authors, composers and inventors all receive some special tax benefits, inventors are awarded the most valuable tax breaks.
Taxation In Stockholders' Forgiveness Of Accrued Salaries, Ronald B. Cohen
Taxation In Stockholders' Forgiveness Of Accrued Salaries, Ronald B. Cohen
Cleveland State Law Review
Cancellation of indebtedness ordinarily will be treated as income to a debtor corporation unless the debt was forgiven by a stockholder. In the latter case, the corporation normally treats the resulting benefit as a contribution to capital. However, there is a much more delicate situation when the debt is the result of unpaid salaries, interest, or other corporation expenses. In the typical case, these items would have reduced the income of the corporation in the year of accrual, but would not have been picked up as income by the cash basis stockholder. Therefore, the effective result of forgiveness of salaries …