The Internal Revenue Code (“IRC”) sometimes provides multiple avenues for a taxpayer to obtain a deduction depending on how the taxpayer characterizes the loss. One example is a casualty loss deducted under either Section 162 or Section 165. Although these two sections may both offer a deduction for the same loss, they are not treated exactly the same under IRC. However, due to changes made by the 2017 Tax Act, taking the deduction under either of these sections may produce the same result.
Section 162 provides the general deduction for trade or business expenses. It is perhaps the broadest section in the IRC—it provides a deduction for almost all expenses or losses incurred by an operating trade or business. That includes both normal expenses associated with running a business and certain losses incurred by the business. Section 162 provides an above-the-line deduction pursuant to Section 62(a)(1). That means the deduction is applied when determining adjusted gross income. Above-the-line deductions are not subject to any limitations or special rules, unlike many below-the-line deductions.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00TAXhttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngTAX2020-06-03 14:23:572020-06-03 14:23:57Casualty Losses Under Sections 162 or 165(c)(2)
Members of the Sports & Entertainment Law (“SEL”) section found the following recent third-party articles to be of potential interest to the section. Feel free to reach out to the SEL section communications chairs (Kelly Ryan and Amanda Whorton) if you would like to submit either personally written pieces or other third-party articles that would be of interest to the entire SEL Section.
On May 30, 2020, the Industrial Commission issued an update to its mediation policies effective June 1, 2020. The updated policies are below:
May 30, 2020 Update: Industrial Commission Mediation Policies as of June 1, 2020
Consistent with current directives and recommendations as detailed below, as of June 1, 2020, mediations in Industrial Commission cases may be conducted either in person or remotely by consent, though mediators have been advised by the Dispute Resolution Commission that mediations shall, to the fullest extent possible, be conducted remotely.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00WorkersComphttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngWorkersComp2020-06-02 12:13:012020-06-02 12:13:01NCIC Mediation Policy Update as of June 1, 2020
Update from the North Carolina Industrial Commission
Deputy Commissioner Hearings (Non-Medical Motion Hearings) will resume in June 2020 via Webex. Below is information from the Industrial Commission’s website concerning the current policies/procedures for these hearings:
The Commission is pleased to announce that Deputy Commissioners will resume hearing all types of workers’ compensation cases in June 2020 through the use of Webex technology. This policy is consistent with Chief Justice Cheri Beasley’s May 21, 2020 Order directing judicial officials to “make use of remote hearing technology to the greatest extent possible to limit in-person appearances” and will help prevent a future backlog of Deputy Commissioner cases.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00WorkersComphttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngWorkersComp2020-06-02 11:27:202020-06-02 12:00:59Hearing Update from the North Carolina Industrial Commission
A new relationship—whether personal or professional—is a lot like buying a new car. Driving it off the lot is pure bliss. And like a car, when a relationship breaks down, it’s overwhelming. A trained eye knows when a car is in trouble. The same is true of relationships, and you can be your own mechanic.
Dr. John Gottman and his colleagues at the University of Washington discovered four clear indicators of relationship failure, dubbed “The Four Horsemen of the Apocalypse.” The Four Horsemen are so profound that their presence predicts the demise of a relationship with 93 percent accuracy.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00Paralegalshttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngParalegals2020-06-01 16:49:302020-06-01 16:49:30Fail-Safe Your Working Relationships
Congratulations on completion of your 2L year! The rest of your law school career will pass a lot faster than you might think it will. The tedium of your 3L year will quickly give way to terror of the bar exam. I predict you will pass. Your license will mean you can begin to learn how to make a living as a lawyer. Word has it that you will choose to enter private practice, preferably as an associate in a law firm. Good.
Law school has done a good job of teaching you how to think. I doubt it has done a good job of teaching you how to build a law practice. I know my law school did not. Those hard lessons came later for me, with a painfully high tuition of experience. You are at the threshold of a long legal career, just as I am concluding one of 40+ years. It’s time someone whispered the secret truths and showed you the secret handshake. Let me.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00NCBARBLOGhttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngNCBARBLOG2020-06-01 16:08:422020-06-01 16:39:46A Geezer Lawyer's Letter to a 3L
The Juvenile Jurisdiction Advisory Committee (JJAC) met on May 15. The meeting began with a presentation from William Lassiter, Deputy Secretary for Juvenile Justice. While the goal of the presentation was to provide data on trends since implementation of raise the age and the resulting resource needs, the presentation included information and data about juvenile justice system trends during this unprecedented pandemic. The data left me wondering—can changes in juvenile justice system utilization during the pandemic teach us lessons for the functioning of the system outside of a pandemic?
This spring, the North Carolina Supreme Court approved amendments to The Plan for Certification of Paralegals, 27 N.C.A.C. 1G, Section .0100. The amendments eliminate the educational prerequisite for paralegal certification for applicants who satisfy work experience requirements. To be certified, applicants who satisfy the work experience requirements must pass the certification examination.
Update from the North Carolina Industrial Commission
The Industrial Commission has issued the following policies for Full Commission hearings, Deputy Commissioner medical motion hearings, and Executive Secretary’s Office informal hearings, which have been posted to the NCIC website. These policies are effective June 1, 2020. Policies for Deputy Commissioner hearings (non-medical motion hearings) and mediations to be held as of June 1, 2020 will be announced shortly.
In normal times, our section dues are carefully budgeted for use throughout the year for substantive reasons related to the work of the Section, communicating that work to you and getting you involved, as well as face-to-face networking and other personal interaction. This spring, most of the activities for which the Section budget allocated funds have been canceled or moved online due to the COVID-19 emergency. Under NCBA rules, there are, of course, restrictions on how and when Section funds can be expended and what happens if they are not expended by the end of the NCBA fiscal year.
https://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00Administrativehttps://ncbarblogprod.wpengine.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngAdministrative2020-05-26 15:26:162020-05-26 15:40:21Your Dues Do Good Work
Casualty Losses Under Sections 162 or 165(c)(2)
Tax SectionThe Internal Revenue Code (“IRC”) sometimes provides multiple avenues for a taxpayer to obtain a deduction depending on how the taxpayer characterizes the loss. One example is a casualty loss deducted under either Section 162 or Section 165. Although these two sections may both offer a deduction for the same loss, they are not treated exactly the same under IRC. However, due to changes made by the 2017 Tax Act, taking the deduction under either of these sections may produce the same result.
Section 162 provides the general deduction for trade or business expenses. It is perhaps the broadest section in the IRC—it provides a deduction for almost all expenses or losses incurred by an operating trade or business. That includes both normal expenses associated with running a business and certain losses incurred by the business. Section 162 provides an above-the-line deduction pursuant to Section 62(a)(1). That means the deduction is applied when determining adjusted gross income. Above-the-line deductions are not subject to any limitations or special rules, unlike many below-the-line deductions.
Read more
SEL Section – Articles of Interest (May 2020)
Sports & Entertainment Law SectionMembers of the Sports & Entertainment Law (“SEL”) section found the following recent third-party articles to be of potential interest to the section. Feel free to reach out to the SEL section communications chairs (Kelly Ryan and Amanda Whorton) if you would like to submit either personally written pieces or other third-party articles that would be of interest to the entire SEL Section.
NCAA Announces Response to Expanding State Name, Image, and Likeness Legislation with Proposed Changes to Bylaws
Sudden vanishing of sports due to coronavirus will cost at least $12 billion, analysis says
Partial Summary Judgment Granted to U.S Soccer
Women’s National Team Misses Goal in Equal Pay Act Claims
Read more
NCIC Mediation Policy Update as of June 1, 2020
Workers' Compensation SectionOn May 30, 2020, the Industrial Commission issued an update to its mediation policies effective June 1, 2020. The updated policies are below:
May 30, 2020 Update: Industrial Commission Mediation Policies as of June 1, 2020
Consistent with current directives and recommendations as detailed below, as of June 1, 2020, mediations in Industrial Commission cases may be conducted either in person or remotely by consent, though mediators have been advised by the Dispute Resolution Commission that mediations shall, to the fullest extent possible, be conducted remotely.
Read more
Hearing Update from the North Carolina Industrial Commission
Workers' Compensation SectionUpdate from the North Carolina Industrial Commission
Deputy Commissioner Hearings (Non-Medical Motion Hearings) will resume in June 2020 via Webex. Below is information from the Industrial Commission’s website concerning the current policies/procedures for these hearings:
The Commission is pleased to announce that Deputy Commissioners will resume hearing all types of workers’ compensation cases in June 2020 through the use of Webex technology. This policy is consistent with Chief Justice Cheri Beasley’s May 21, 2020 Order directing judicial officials to “make use of remote hearing technology to the greatest extent possible to limit in-person appearances” and will help prevent a future backlog of Deputy Commissioner cases.
Read more
Fail-Safe Your Working Relationships
Paralegal DivisionBy Travis Bradberry
A new relationship—whether personal or professional—is a lot like buying a new car. Driving it off the lot is pure bliss. And like a car, when a relationship breaks down, it’s overwhelming. A trained eye knows when a car is in trouble. The same is true of relationships, and you can be your own mechanic.
Dr. John Gottman and his colleagues at the University of Washington discovered four clear indicators of relationship failure, dubbed “The Four Horsemen of the Apocalypse.” The Four Horsemen are so profound that their presence predicts the demise of a relationship with 93 percent accuracy.
Read more
A Geezer Lawyer’s Letter to a 3L
Featured PostsUNC School of Law ’78
Dear Megan,
Congratulations on completion of your 2L year! The rest of your law school career will pass a lot faster than you might think it will. The tedium of your 3L year will quickly give way to terror of the bar exam. I predict you will pass. Your license will mean you can begin to learn how to make a living as a lawyer. Word has it that you will choose to enter private practice, preferably as an associate in a law firm. Good.
Law school has done a good job of teaching you how to think. I doubt it has done a good job of teaching you how to build a law practice. I know my law school did not. Those hard lessons came later for me, with a painfully high tuition of experience. You are at the threshold of a long legal career, just as I am concluding one of 40+ years. It’s time someone whispered the secret truths and showed you the secret handshake. Let me.
Read more
Juvenile Justice Pandemic Lessons
Juvenile Justice & Children's RightsThis article was originally published on the UNC School of Government blog On the Civil Side and has been republished with permission.
The Juvenile Jurisdiction Advisory Committee (JJAC) met on May 15. The meeting began with a presentation from William Lassiter, Deputy Secretary for Juvenile Justice. While the goal of the presentation was to provide data on trends since implementation of raise the age and the resulting resource needs, the presentation included information and data about juvenile justice system trends during this unprecedented pandemic. The data left me wondering—can changes in juvenile justice system utilization during the pandemic teach us lessons for the functioning of the system outside of a pandemic?
Read more
Work Experience: The Newest Option for NCCP Exam Applicants
Paralegal DivisionThis spring, the North Carolina Supreme Court approved amendments to The Plan for Certification of Paralegals, 27 N.C.A.C. 1G, Section .0100. The amendments eliminate the educational prerequisite for paralegal certification for applicants who satisfy work experience requirements. To be certified, applicants who satisfy the work experience requirements must pass the certification examination.
To read the official notice, see page 38 of the Summer 2020 edition of The North Carolina State Bar Journal.
Read more
NCIC COVID-19 Hearing & Mediation Updates
Workers' Compensation SectionBy Eleasa Allen
Update from the North Carolina Industrial Commission
The Industrial Commission has issued the following policies for Full Commission hearings, Deputy Commissioner medical motion hearings, and Executive Secretary’s Office informal hearings, which have been posted to the NCIC website. These policies are effective June 1, 2020. Policies for Deputy Commissioner hearings (non-medical motion hearings) and mediations to be held as of June 1, 2020 will be announced shortly.
Read more
Your Dues Do Good Work
Administrative LawSection Pro Bono Chair
In normal times, our section dues are carefully budgeted for use throughout the year for substantive reasons related to the work of the Section, communicating that work to you and getting you involved, as well as face-to-face networking and other personal interaction. This spring, most of the activities for which the Section budget allocated funds have been canceled or moved online due to the COVID-19 emergency. Under NCBA rules, there are, of course, restrictions on how and when Section funds can be expended and what happens if they are not expended by the end of the NCBA fiscal year.
Read more