Adding Insult to Injury: The Federal Income Tax Consequences of the Clawback of Executive Compensation

Part I of this article discusses and analyzes clawbacks in general, including clawbacks that are part of common-law remedial schemes, federally legislated clawbacks, and those triggered by contractual clawback provisions. Part II of this article analyzes the tax consequences to the executives that result from the repayment or forfeiture of compensation. This part provides an analysis of the annual accounting concept and the claim-of-right doctrine which will generally result in the payment and return of compensation to be accounted for in separate tax years and, concomitantly, will generally result in incongruent tax consequences. The exceptions to the annual accounting concept are discussed with particular emphasis on Section 1341, an ameliorative provision. The tax consequences arising from the clawback of compensation are heavily dependent upon the tax treatment of the compensation that is clawed back. Accordingly, a detailed discussion of the tax treatment of cash and equity-based incentive compensation schemes is provided. In many cases, the tax treatment of clawbacks is relatively straightforward – albeit somewhat punitive. However, in certain instances, the tax consequences to executives subject to clawback provisions are uncertain

Income Tax Practice and Certified Public Accountants: The Case for a Status Based Exemption From State Unauthorized Practice of Law Rules

The purpose of this article is to examine the application of unauthorized practice of law restrictions to certified public accountants engaged in income tax practice. Prior to my admission to the bar, I had been a practicing certified public accountant and, like many of my colleagues, did not believe that the scope of my profession\u27s services in tax matters was subject to serious dispute. However, exposure to attorneys, particularly those not in tax practice, has led me to conclude that the bar has not come to any universally agreed upon conclusions about the role that certified public accountants may properly play in tax matters. Recent events have supported my conclusion

Flow curvature effects on dynamic behaviour of a novel vertical axis tidal current turbine: numerical and experimental analysis

The paper deals with performances analysis of vertical axis turbine to exploit tidal marine currents. Flow curvature effects on performences of a novel vertical axis turbine have been investuigated. It has been shown that the flow curvature effect allows to design properly an accurate airfoil shape to increase turbine performances

EVA Glove Sensor Feasbility II Abstract

The main objectives for the glove project include taking various measurements from human subjects during and after they perform different tasks in the glove box, acquiring data from these tests and determining the accuracy of these results, interpreting and analyzing this data, and using the data to better understand how hand injuries are caused during EVAs.1 Some of these measurements include force readings, temperature readings, and micro-circulatory blood flow.1 The three glove conditions tested were ungloved (a comfort glove was worn to house the sensors), Series 4000, and Phase VI. The general approach/procedure for the glove sensor feasibility project is as follows: 1. Prepare test subject for testing. This includes attaching numerous sensors (approximately 50) to the test subject, wiring, and weaving the sensors and wires in the glove which helps to keep everything together. This also includes recording baseline moisture data using the Vapometer and MoistSense. 2. Pressurizing the glove box. Once the glove box is pressurized to the desired pressure (4.3 psid), testing can begin. 3. Testing. The test subject will perform a series of tests, some of which include pinching a load cell, making a fist, pushing down on a force plate, and picking up metal pegs, rotating them 90 degrees, and placing them back in the peg board. 4. Post glove box testing data collection. After the data is collected from inside the glove box, the Vapometer and MoistSense device will be used to collect moisture data from the subject's hand. 5. Survey. At the conclusion of testing, he/she will complete a survey that asks questions pertaining to comfort/discomfort levels of the glove, glove sizing, as well as offering any additional feedback