Share Facebook Twitter Google + LinkedIn Pinterest The final tangible property (property that can be felt or touched) regulations affect all taxpayers who acquire, produce, or improve tangible property. The regulations clarify whether costs are currently deductible or whether the taxpayer must capitalize and depreciate the costs. The final regulations are generally effective for tax years beginning on or after January 1, 2014.The final repair regulations include a de minimis (the law/IRS does not concern itself with anything under this amount) safe harbor that allows taxpayers to elect to deduct the cost of tangible property, rather than recovering the cost through depreciation expense. The de minimis safe harbor increases a farm client’s ability to expense the purchase cost of livestock and small equipment.Under the Treas. Reg. § 1.263(a)-1(f)(1) de minimis safe harbor, a taxpayer can take a current-year deduction (when the cost is paid or incurred) for the acquisition or production of units of tangible property that cost less than a specified amount, even if the taxpayer would normally have to capitalize the cost, or deduct the amount paid when the property is first used or consumed in the business. Thus, a farm client may be able to deduct otherwise capitalizable expenditures under the safe harbor. However, for a farmer who intends to later sell the property at a gain, electing the de minimis safe harbor may increase the tax owed on the later sale.Although the taxpayer’s accounting procedures can set any dollar limit for expensing amounts, the per-item tax deduction is limited to $2,500 for taxpayers without an applicable financial statement (AFS) and $5,000 for taxpayers with an AFS. Therefore, if the accounting procedure sets a threshold that exceeds $2,500 ($5,000 for taxpayers with an AFS), only the items that cost $2,500 ($5,000) or less qualify for the safe harbor. This activity will likely trigger extra IRS scrutiny. For farmers, the safe harbor is particularly useful to expense small equipment and livestock held for productive use, such as animals held for dairy or breeding.When a taxpayer properly applies the de minimis safe harbor, the amount paid is not treated as a capital expenditure or as materials and supplies. Instead, the taxpayer deducts the amount under Treas. Reg. § 1.162-1, provided the expense otherwise constitutes an ordinary and necessary business expense. If the items to be deducted don’t have an applicable expense line on Schedule F, they can be listed as “other expenses.”Any subsequent gain on disposition of the property is ordinary income, so in some situations, it may be preferable to not elect to expense the property under the de minimis safe harbor.Property expensed under the de minimis safe harbor is not I.R.C.§ 1231 property, and the taxpayer must report the sale on Form 4797, Sales of Business Property, Part II, as ordinary income. The income from the sale does not meet the test for self-employment income and, even though it is ordinary income, the taxpayer does not report the income on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship), or Schedule F (Form 1040), Profit of Loss From Farming, where it would be subject to self-employment (SE) tax.
The “green fields” in Colorado’s Multiple Listing Service are expanding, a change that will make it easier for real estate agents and home buyers to find energy-efficient properties.As reported on the website of the Residential Energy Services Network, the Colorado Energy Office has been working on the expanded MLS listings so they will include:The Home Energy Rating System (HERS) index scoreEnergy Star homesLEED certificationCertification under the National Green Building StandardBoth buyers and sellers will benefit, RESNET said. Buyers will be able to find homes that use less energy and may benefit from loan programs related to energy efficiency upgrades. Sellers benefit because energy-efficient houses get higher sales prices.RESNET praised the move as a “significant push to the mainstreaming of the HERS Index Score,” and said efforts to make energy efficiency information also were underway in other markets, including Portland, Oregon, and the Dallas-Fort Worth area.
Want to speed up your Adobe After Effects workflow? In this post, we share a video tutorial that shows you a trick to being more efficient: background rendering in After Effects.One quick way to kill editing momentum is to start a render. It’s necessary, but can be painful waiting for your motion graphics or video editing app to process your project. In the past, I’ve always twiddled my thumbs while rendering in After Effects (or jump over to a different program). Now, here’s a better way.In this video by DigitalSandwich.net, you’ll see how to use Adobe Media Encoder to do background rendering in After Effects. After saving your After Effects project file, open up Encoder. Bring the AE file into Encoder and target a composition to render. It’s as simple as that.Note however, background rendering in After Effects (using Encoder) will not be as fast as if you were actually rendering in AE. Glen from DigitalSandwich explains that Adobe products place the highest priority on the application that is at the forefront of your system (the one you are actively using). So, if you’re working in AE while you’re rending your After Effects project in the background using Encoder, After Effects will get a higher percentage of your available RAM. The trade off here is that youre actually able to keep working. In that case, I’ll take the slower render speed.If you want to see how to do background rendering in After Effects check out this quick and informative video tutorial:
Here are a few tips and tricks for using practical lighting to establish mood and set the tone for your next shoot.Top image via Netflix.Choosing the right lights for your shoot can be difficult. You have to consider the space you’ve chosen to shoot in, the size of your crew, and the budget you’re working with. While there are a million different ways to properly expose your image and light your subjects, there are a few helpful tricks that can up the value of your shot while saving time and money. A recent trend among filmmakers and DPs in television and movies has been to employ camera lights that serve the story while also aesthetically lighting the actors.Mixing ColorsImage via Netflix.One of the most recent examples of this technique comes from the popular Netflix series, Master of None. In the last episode of season two, the two central characters find themselves isolated inside an apartment as the tension builds in a classic “will they or won’t they” fashion. The lighting for this scene involves simple blue and red light bulbs on opposite ends of the frame. This might seem like an obvious choice for representing passion and loneliness, but the lights are also backlighting the subject, almost creating a vignette, while composing one of the most romantic and memorable shots in recent memory.There are a few things to consider before choosing the color and type of light to use on the subjects on camera. You need to complement your actors’ skin tones and wardrobe with the appropriate lighting. Colorists can grade a project to a certain extent, but when it comes to complementary lighting on set, the results will speak for themselves. Just know that blue and orange, red and green, red and blue, and blue and yellow all complement each other, making your subjects pop.One of the best-known DPs who adheres to this method is Benoit Debie, who has often used two opposing colored lights or practicals to light his actors on camera. His work often consists of heavy neon usage, so if you’re curious about mixing crazy colors in your shot, check out some of his work.Using Neon LightsImage via A24.A director who keeps coming back to using neon is Nicolas Winding Refn. The majority of his movies take place in the dark underbelly of society, whether that includes cannibalistic supermodels or underground boxing rings. These themes rely on practical neon lights to set the tone. Neon lights are a cheap and visually appealing solution in these situations. Consider location too when you’re scouting for your production; you can’t put a price on a lighting setup already waiting for you on set.Image via Radius TWC.One of the masters of on-set practicals was Stanley Kubrick. Whether it was lighting characters with candles, christmas lights, or single-source lamps, the man was a master of setting ominous tones through lighting.The recent John Wick films also make excellent use of creative lighting by employing practical neon (and LED) lighting and lens flares. Given the subject matter is usually very dark and intense, this decision to feature reds, blues, purples, and white lights makes for some pretty outstanding shots.Image via Lionsgate.Practical LightingFor a more in-depth look at practical lighting in general, Ugly McGregor dives into how to light an interior night scene with only lamps and candles in this quick video tutorial.Practical lights can serve as purely aesthetic choices. If you decide to make use of practical colored lights for your next shoot, think about the colors, the emotion the scene calls for, and how the colors can complement the mood you want.Have you used practical lights in the past? Let us know in the comments.
Sania Mirza decided to celebrate her 24th birthday near the tennis courts at the Aoti sports complex on Monday. For one who likes to keep the media at a distance, this was a day when Sania mixed freely with all as she cut the cake and offered it to several people.With husband Shoaib Malik flying down for the special moment, the Indian tennis star was all smiles. “My husband has come down and it also happens to be my mother’s birthday. Above all, India has won a medal in tennis and I am very happy,” Sania told Mail Today.Reflecting on the year gone by, Sania was frank in her assessment. “No doubt this has been an eventful year for me. Getting married to Shoaib was a big decision and having to spend five months at home because of injury, I thought I would quit tennis. Yes, Allah has been kind to me,” she said.Currently on antibiotics for a severe ear infection, where the Indian star says she could hear “tennis balls popping in my ears”, Sania is aware of the challenges ahead. “I had to miss the team event but I am ready for the open events now. As I can take part in only two events, I will play singles and mixed doubles with Vishnu Vardhan,” said Sania. “I have seen his game. He serves and volleys well and has a good backhand.”This was a day when Sania was ready to reflect on her first medal at the Busan Asian Games in 2002. “I was just 15 then and these eight years have gone by fast. I think the Doha Asiad was very good for me but what makes me happy today is I am still enjoying my tennis,” she said.advertisementHaving been with Leander Paes and Mahesh Bhupathi and now being part of a contingent with youngsters, Sania feels the next generation is ready to take over. “Look at it, we don’t have Leander or Mahesh or Rohan and we still win a medal in men’s tennis. This is a superb start,” she said.Sania is pleased to see the progress of Indian sport. “We had a good run at the Commonwealth Games and we started winning medals. I wasn’t able to see Pankaj Advani’s match or Gagan Narang win silver. But I think we will keep the momentum going,” she said.On her fitness, injuries and overall life, Sania was very clear. “I am actually feeling no pain in my right wrist, which had been bothering me. I think after marriage I have got what I wanted and Shoaib is a very nice husband. Most often, I am travelling during my birthday. Tonight, it should be a quiet dinner with my family and friends,” she said.For his part, Shoaib prefers not to talk too much. “Yes I came all the way for Sania’s birthday and will be flying back on the 18th. I did play the Super Sixes in Hong Kong and I hope Sania can do well here,” he told Mail Today.
The BCCI is likely to move the Supreme Court challenging the ruling of the Bombay High Court which has upheld the order passed by an independent arbitrator granting stay to the termination of IPL team Rajasthan Royals’ contract.”Our legal experts will first study the order and then we will decide the future course of action. We may move the Supreme Court,” a BCCI source said.Justice S J Vazaifdar on Monday dismissed an appeal filed by BCCI challenging the stay granted by the arbitrator and permitted Rajasthan Royals to participate in the IPL-4 auction that is to be held on January 8 and 9.The Court, however, imposed a condition on Rajasthan Royals directing them to file an affidavit before it by January 3 specifying full details of its ownership pattern and mode of control.The Court also directed Rajasthan Royals to submit USD 2.83 million as guarantee to the BCCI for the contract and USD 18 million as bank guarantee for the players.BCCI secretary N Srinivasan declined to comment on the development, saying his lawyers have not yet briefed him on the order yet.BCCI had on October 10 terminated the franchisee agreement of Rajasthan Royals – winners of IPL in 2008 – after the team allegedly committed breach of contract by having changes in its corporate structure without consent.Rajasthan Royals had on October 26 approached the High Court against BCCI. However, the case was kept pending as both the parties agreed to resolve the matter through arbitration.
Health Minister, Hon. Dr. Fenton Ferguson, has underscored the importance of safeguarding the nation’s health to enhance productivity.Speaking at a contract signing ceremony for the development of the Santa Cruz Health Centre in St. Elizabeth, held on Tuesday (January 15) at the Percy Junor Hospital in Spaldings, Clarendon, Dr. Ferguson said the connection between a healthy nation and how it impacts the productive process, is, often, not apparent among many persons.“We are losing billions of dollars, annually, because of poor health. The (prevalence of) Non-Communicable Diseases (NCDs) is costing the country, US$170 million, annually, for the treatment of strokes, diabetes, cancer, etcetera,” the Minister pointed out while lamenting that approximately 56 per cent of deaths in Jamaica are attributed to NCDs.“So, more and more (one) comes to realize that our work going forward, for health workers, for the communities, and the clients, our patients, who have to be subjected to our treatment,… is not easy for any of us,” he said.Meanwhile, Dr. Fenton Ferguson has assured that the Ministry is committed to developing the best cancer care services that can be provided at public health institutions. “We must get the state-of-the-art equipment for early diagnosis and treatment so that we will be able to offer the best quality care for cancer patients (at an affordable cost). This is a commitment that I am giving and it is a commitment that I am working towards,” the Minister asserted.Development of the Santa Cruz Health Centre into a Centre of Excellence is being undertaken in two segments. The initial phase, to be undertaken by engineering firms, Bajad Limited, and CP Specialists Limited at a cost of $25 million, will entail, among other things, the provision of furnishing and equipment as well as reconstruction of the roof. This segment is slated for completion by April. The second phase, which is also slated to commence shortly, is expected to focus on improving diagnostics services; the child and maternal section; and dental service provisions. It is expected to be completed within the 2013/14 fiscal year.Other facilities earmarked for development as Centres of Excellence are: the Isaac Barrant Health Centre, St. Thomas; Claremont Health Centre, St. Ann; and Darliston Health Centre, Westmoreland.The National Health Fund (NHF) is financing the initiative, which forms part of the administration’s primary health care renewal programme.
zoom Classification society American Bureau of Shipping (ABS) has been awarded a research contract by the Maritime Security Center (MSC), a US Department of Homeland Security (DHS) Center of Excellence, for a two-year research program focused on defining the future of cybersecurity for the maritime industry.Study participants, which include DHS and the country’s Department of Defense, will focus on key areas that will help define future research and guidance, ABS said.“Cybersecurity incursions and threats to the Marine Transportation System (MTS) and port facilities throughout the country are increasing,” Hady Salloum, Director of MSC, said. “This research project will support the missions of the DHS Center of Excellence and the U.S. Coast Guard to address these concerns and vulnerabilities and will identify policies and risk management strategies to bolster the cybersecurity posture of the MTS enterprise,” he added.The research project’s objectives include defining risk-based performance standards better, developing a maritime-specific framework for cyber policy, identifying critical points of cybersecurity failure, developing design requirements for a maritime cyber test-bed and investigating quantitative analysis tools to determine the effectiveness of cyber detection and deterrent strategies.In February 2016, the classification society introduced the ABS CyberSafety program, “the industry’s first risk-based management program for asset owners and operators to apply best practice approaches to cybersecurity, automated systems safety, data integrity and software verification.”In addition, ABS launched the ABS CyberSafety Laboratory earlier this year to prove, analyze and test data integrity and cybersecurity concepts.