1031 Tenant in Common Exchanges: A Tic king Time Bomb at the Intersection of Real Estate, Securities, and Tax Law?

Those who follow economic trends know that investing in real estate has recently become a hotbed of activity. In response to the stock market\u27s unpredictability, investors have been drawn to the commercial real estate market in record numbers, seeking to capitalize on low interest rates coupled with the rising appreciation such properties have offered. In addition to the potential upside of such investments, many commercial property investors seek a tax deferral method for the capital gains they realized upon the sale of other previously owned property. Section 1031 of the Internal Revenue Code ( Section 1031 ), under specially defined circumstances, allows for deferral of the tax liability that would otherwise be imposed as a result of real property capital gains.3 For a variety of reasons which will be discussed, greater numbers of investors are choosing to take advantage of Section 1031\u27s tax liability deferral by purchasing fractional interests in commercial real property through 1031 Tenant-in-Common (\u27TIC\u27) exchanges. The 1031 TIC exchange is a relatively new investment vehicle that raises a number of novel legal issues. Primarily, whether such an arrangement should be considered a security under federal tax, federal securities, and state securities laws. The provisions of Section 1031 specifically exclude exchanges involving stocks, bonds, or notes 6 as well as other securities. Therefore, if a 1031 TIC exchange is deemed to be a security, it is questionable whether the arrangement would then meet the requirements of Section 1031 and entitle the investor to a tax deferral benefit. The Internal Revenue Service is aware of the issue of whether, or under what circumstances, a TIC may constitute a security that may not be exchanged under Section 1031, and is watching how matters develop as the TIC concept evolves in the Section 1031 context. This article will explore the burgeoning 1031 TIC industry, discuss the nuances of 1031 TIC exchanges, and provide an analysis of whether such transactions are in fact, securities, and if so, whether that status poses a problem for the taxpayer seeking the advantages of Section 1031

Flare magnetic reconnection and relativistic particles in the 2003 October 28 event

An X17.2 solar flare occurred on 2003 October 28, accompanied by multi-wavelength emissions and a high flux of relativistic particles observed at 1AU. We present the analytic results of the TRACE, SOHO, RHESSI, ACE, GOES, hard X-ray (INTEGRAL satellite), radio (Onderejov radio telescope), and neutron monitor data. It is found that the inferred magnetic reconnection electric field correlates well with the hard X-ray, gamma-ray, and neutron emission at the Sun. Thus the flare's magnetic reconnection probably makes a crucial contribution to the prompt relativistic particles, which could be detected at 1 AU. Since the neutrons were emitted a few minutes before the injection of protons and electrons, we propose a magnetic-field evolution configuration to explain this delay. We do not exclude the effect of CME-driven shock, which probably plays an important role in the delayed gradual phase of solar energetic particles.Comment: 5 pages, 7 figures, accepted by A&

PD-L1 testing for lung cancer in the UK: recognizing the challenges for implementation.

A new approach to the management of non-small-cell lung cancer (NSCLC) has recently emerged that works by manipulating the immune checkpoint controlled by programmed death receptor 1 (PD-1) and its ligand programmed death ligand 1 (PD-L1). Several drugs targeting PD-1 (pembrolizumab and nivolumab) or PD-L1 (atezolizumab, durvalumab, and avelumab) have been approved or are in the late stages of development. Inevitably, the introduction of these drugs will put pressure on healthcare systems, and there is a need to stratify patients to identify those who are most likely to benefit from such treatment. There is evidence that responsiveness to PD-1 inhibitors may be predicted by expression of PD-L1 on neoplastic cells. Hence, there is considerable interest in using PD-L1 immunohistochemical staining to guide the use of PD-1-targeted treatments in patients with NSCLC. This article reviews the current knowledge about PD-L1 testing, and identifies current research requirements. Key factors to consider include the source and timing of sample collection, pre-analytical steps (sample tracking, fixation, tissue processing, sectioning, and tissue prioritization), analytical decisions (choice of biomarker assay/kit and automated staining platform, with verification of standardized assays or validation of laboratory-devised techniques, internal and external quality assurance, and audit), and reporting and interpretation of the results. This review addresses the need for integration of PD-L1 immunohistochemistry with other tests as part of locally agreed pathways and protocols. There remain areas of uncertainty, and guidance should be updated regularly as new information becomes available

The decay of interplanetary coronal mass ejections and forbush decrease recovery times

We investigate the relation between Forbush cosmic ray decrease recovery time and coronal mass ejection transit time between the Sun and Earth. We identify 17 Forbush decreases from ground based neutron count rates between 1978 and 2003 that occur during the same phase in the solar cycle and can be associated with single coronal mass ejections (CMEs) in the SOHO LASCO CME Catalog or previously published reports, and with specific interplanetary coronal mass ejections (ICMEs) crossing the vicinity of Earth. We find an anti-correlation between Forbush recovery times and CME transit time that contradicts the predictions of simple cosmic ray diffusive barrier models. The anti-correlation suggests that the decay rate of ICMEs is anti-correlated with their travel speed. Forbush recovery times range from seven times the transit time for the fastest disturbance to a fifth the Sun-Earth transit time for the slowest. To account for the large range of measured recovery times we infer that the slowest disturbances must decay rapidly with radius whereas the fastest ones must remain strong. The longest recovery times suggest that the fastest disturbances in our sample decayed less rapidly with radius than the ambient solar wind magnetic field strength.Comment: 12 pages, 4 figures; added figure and discussion on CME-ICME associations; submitted to JGR, in prin

Are we overestimating the permanence of cellulose triacetate cinematographic films? A mathematical model for the vinegar syndrome

Among the earliest signs of degradation in cellulose triacetate cinematographic films is the generation of acetic acid due to hydrolytic deacetylation of the polymer, marked by an increase in the acidity of the films and emissions of acetic acid leading to a characteristic vinegar odour. We propose a mathematical model for predicting the onset of the vinegar syndrome which accounts for the autocatalytic effect of acetic acid on the deacetylation reaction. Model parameters are estimated from previously published experimental data from other research groups. These show free acidity changes in cellulose triacetate films subjected to accelerated ageing at temperatures of 70–100 °C. The model is validated against a different set of previously published experimental data of cellulose triacetate films aged at 21 °C and 35 °C, at 20, 35 and 50% relative humidity. The model demonstrates good quantitative agreement with the published experimental data. Predictions of film permanence at lower temperatures, similar to those present in the archives in which the films are typically stored, are made and compared with the predictions of film conservation guidelines. The results indicate that film permanence may be overestimated by existing guidelines, which do not account for autocatalysis in their modelling of the deacetylation rate. Our results suggest that cold storage, a common film conservation strategy, may be less effective at inhibiting degradation than previously thought. As cold storage typically requires film to be kept in confined spaces with limited air movement, conditions which promote autocatalysis, the inclusion of autocatalysis in our model is highly applicable to simulating this environment

The acceleration characteristics of solar energetic particles in the 2000 July 14 event

In large gradual solar energetic particle (SEP) events, especially the ground-level enhancement (GLE) events, where and how energetic particles are accelerated is still a problem. By using imaging data from TRACE, Yohkoh/HXT, SOHO/MDI and SOHO/EIT, along with the data from the GOES, Apatity NM, and SOHO/LASCO CME catalog, the evolution of the X5.7 two-ribbon flare and the associated SEP event on 14 July 2000 are studied. It is found that the magnetic reconnection in this event consists of two parts, and the induced electric field Erec is temporally correlated with the evolution of hard X-ray and gamma-ray emission. In particular, the first hard X-ray and gamma-ray emission peak occurred at 10:22 UT, corresponding to the magnetic reconnection in the western part of the flare ribbons and the maximum Erec of 9.5 V/cm; the second emission peak at 10:27 UT, corresponding to the eastern part and the maximum Erec of 13.0 V/cm. We also analyze the SEP injection profiles as functions of time and CME-height, and find two-component injection which may result from different acceleration mechanisms. A reasonable conclusion is that reconnection electric field makes a crucial contribution to the acceleration of relativistic particles and to the impulsive component of the large gradual SEP event, while CME-driven shocks play a dominant role in the gradual component.Comment: 6 pages, 7 figures, A&A, 461, 111

Structural and functional characterization of a novel recombinant antimicrobial peptide from hermetia illucens

Antibiotics are commonly used to treat pathogenic bacteria, but their prolonged use con-tributes to the development and spread of drug-resistant microorganisms raising the challenge to find new alternative drugs. Antimicrobial peptides (AMPs) are small/medium molecules ranging 10–100 residues synthesized by all living organisms and playing important roles in the defense sys-tems. These features, together with the inability of microorganisms to develop resistance against the majority of AMPs, suggest that these molecules might represent effective alternatives to clas-sical antibiotics. Because of their high biodiversity, with over one million described species, and their ability to live in hostile environments, insects represent the largest source of these molecules. However, production of insect AMPs in native forms is challenging. In this work we investigate a defensin-like antimicrobial peptide identified in the Hermetia illucens insect through a combination of transcriptomics and bioinformatics approaches. The C-15867 AMP was produced by recombi-nant DNA technology as a glutathione S-transferase (GST) fusion peptide and purified by affinity chromatography. The free peptide was then obtained by thrombin proteolysis and structurally characterized by mass spectrometry and circular dichroism analyses. The antibacterial activity of the C-15867 peptide was evaluated in vivo by determination of the minimum inhibitory concentration (MIC). Finally, crystal violet assays and SEM analyses suggested disruption of the cell membrane architecture and pore formation with leaking of cytosolic material

Predicción bayesiana del comportamiento poblacional de Eucalyptus Cladocalyx para características binarias de componentes de florecimiento y supervivencia en zonas áridas de Chile

Mora, F (Mora, Freddyand Perret, S.Los componentes del florecimiento y la supervivencia son importantes caracteristicas para la especie Eucalyptus cladocalyx, en las zonas aridas de Chile. El objetivo del presente estudio fue examinar la variabilidad poblacional en componentes del florecimiento y supervivencia en arboles de ocho anos de edad, cultivados en dos sitios del sur del desierto de Atacama, Chile. Se utilizo un modelo lineal generalizado bayesiano en el analisis de datos, implementado por medio del algoritmo de cadenas de independencia. El criterio de informacion de desvianza (�¢DIC), implementado por medio del algoritmo de Gibbs, evidencio diferencias significativas para el efecto poblacional (�¢DIC>5) en cada variable binaria analizada. El efecto de interaccion poblacion-sitio fue significativo (�¢DIC>5) para las variables presencia/ausencia de maxima intensidad de florecimiento (MI) y presencia/ausencia de flores o yemas florales (FOY) en el inicio de la temporada 2009/2010. Para las variables presencia/ausencia de cualquier evento floral (EF) y supervivencia, la interaccion no fue significativa (�¢DIC5) for population effect, for each binary trait analyzed. The population-site interaction effect was significant (Delta DIC>5) for the variables: presence/absence of maximum flowering intensity (MI) and presence/absence of flowers or flower buds (FOY) in the beginning of growing season 2009/2010. This interaction was not statistically significant (Delta DIC<5) for presence/absence of capsules and/or flower (or buds) (EF) and survival. The results of this study emphasize the importance of the seed source selection. For example, 45% of the trees from Cowell, Australia, evidenced maximum flowering intensity in a determined site, while the trees from Flinders Chase, Australia, evidenced only about 3%. Information generated on inter-population variability could be used to improve traits of interest, although the genotype-environment interaction should be regarded for some flowering components