Census Brings Changes for All
######## surrounding the article denotes it is a “press release”
and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
From: Barry Marks, Esq.
"The other night after I read your email asking if I had a poem for the season, I sat here in my office as the lights were turned off, typing in the dark, thinking about how all the awfulness of the past year or two might really make for a hopeful new season.
"This one is special for Leasing News.
There is a beauty in the crease of things,
There is a beauty in the end that is also
There is a beauty in December,
The year shivers and sings and smiles its way into another
When we join hands, we can hear the bells ring in our pulse.
The photo is one of three creeks on John Kenny's farm in up-state New York. He works from his office in the barn on the internet and telephone. I suggested he post some of the photo's his daughter has taken on his web site, as he certainly lives and works in a beautiful area.
Poems by Barry Marks, Esq.
a few of Barry's Poems
We made our Goal
Please click on the Salvation Army Kettle
Didn't understand, and asked him what he could “not resist.”
"I wanted to acknowledge and thank you for getting us and other Leasing companies involved in giving to the Salvation Army. We participated in your drive last year. Since then we have been giving directly to the local Salvation Army here in Dallas. Somehow they contacted us direct as a result of your initiative.
"We now give during the year in addition to Christmas time. It is one of our top charities and I want to thank you again for getting us involved and in promoting it on your site.
"Tim and I both wish you and your family a joyful holiday season."
"Looking forward to a great 2011!"
It was not until I went to the Leasing News Salvation Army Kettle that I saw he had contributed $1,000. Wow!!!
There are others who have contributed, and hope others can, too: $10, $15, $20, it all helps.
Another surprise, a personal email Christmas card from
In this joyous season as we reflect on our many blessing and look forward with much anticipation to 2011, we at LEAF wanted to take a moment to wish you the happiest of holiday seasons and the most prosperous of new years.
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Bonus depreciation and AMT depreciation relief
Under current law, qualified property is allowed 50% depreciation (bonus depreciation) in the year that the property is placed in service (with corresponding reductions in basis and, thus, reductions of the regular depreciation deductions otherwise allowed in the placed-in-service year and in later years). Additionally, qualified property is exempt from the alternative minimum tax (AMT) depreciation adjustment.
Under pre-2010 Tax Relief Act law, the timely-placed-in-service requirement was that the property had to be placed in service by the taxpayer before Jan. 1, 2011, except for certain aircraft and certain long-production-period property that had to be placed in service before Jan. 1, 2012.
New law – 100% bonus depreciation is allowed
The bonus depreciation rate now is 100% (resulting in temporary 100% expensing) for otherwise qualifying property that, generally, is (1) placed in service and acquired after Sept. 8, 2010 and before Jan. 1, 2012 or (2) acquired after Sept. 8, 2010 and before Jan. 1, 2012, but placed in service before Jan. 1, 2013 if the property is aircraft or long-production-period property.
§179 expensing limit
Under pre-2010 Tax Relief Act law, the §179 expense could not exceed $250,000 in the case of a tax year beginning in 2008 or 2009, and $500,000 (dollar limitation) in the case of a tax year beginning in 2010 or 2011. The maximum deductible expense had to be reduced (i.e., phased out, but not below zero) by the amount by which the cost of §179 property placed in service during a tax year beginning in 2008 or 2009 exceeded $800,000, and during a tax year beginning in 2010 or 2011, exceeded $2,000,000.
Under pre-2010 Tax Relief Act law, for tax years beginning after 2011, the dollar limitation (discussed above) was to be $25,000 and the phase-out amount was to be $200,000. The $25,000 and $200,000 amounts were not to be adjusted for inflation.
The 2010 Tax Relief Act provides that, for tax years beginning in 2012, the dollar limitation on the §179 expense deduction will be $125,000. The reduction in the dollar limitation will start to take effect when property placed in service in a tax year exceeds $500,000 (beginning-of-phase-out amount).
Thus, for tax years beginning in 2012, the maximum amount a taxpayer will be able to expense will be $125,000 of the cost of qualifying property. The $125,000 amount will be reduced (but not below zero) by the amount by which the cost of qualifying property placed in service during the tax year exceeds $500,000. Accordingly, for property placed in service in tax years beginning in 2012, the §179 deduction will phase out completely when the cost of the property exceeds $625,000 ($500,000 (phase-out amount) + $125,000 (dollar limitation)).
While the 2010 Tax Relief Act increases the dollar limitation and phase-out amount to $125,000 and $500,000, respectively, for tax years beginning in 2012 from what they otherwise would have been under pre-2010 Tax Relief Act law ($25,000 and $200,000), those amounts will actually decrease from their 2010 and 2011 levels ($500,000 and $2,000,000, respectively).
About Mr. Halladay:
Response: Why Lease with new Tax Laws?
The timing for this deduction may be just right.
The reasons being:
- Companies have held off on capital investments due to past market uncertainties in 2008-2009
Companies now have profits to shelter.
A high percentage of the limited capital acquisitions by US companies in the past 2-3 years were financed:
If there is a big pick up in equipment acquisitions, leasing should be a more considered option by US companies in the future.
Impact of New Federal Tax Legislation on Your Personal Taxes
Mr. Taylor’s books are available; here is a link to them:
Leasing Industry Help Wanted
Holiday Break Advice
This is the time of the year when businessmen take time to reflect on the trials and tribulations of the past year and wait expectantly for the joyous religious celebrations with family and friends. After all, we have survived the worst business climate since the Great Depression. We have seen layoffs, unemployment, and the failure of many well known businesses. Despite all of these distractions it is imperative to review not only those problems but also plan for the New Year and hopefully the eventual return of normal business activity.
At year-end 2010, I have the data and software working as we automatically and with a rapid internet response:
For those of you who are in the same position as I was in the past, take the time to review all the operations of your business. When you get to Vendor Verification, we at Lease Police know that you will come our way because we built the product that you need.
As a former CEO of a leasing company I always took the time between the holidays to review every operation under my control. This habit was formed in my prior manufacturing career as the year end holidays were always a very slow period and thus allowed me to reflect on the state of the business. What did we do well in the past year? Where did we fail? What systems, procedures and software will we need to do a better job next year? Is our personnel properly trained and do they have the necessary skill to get the job done? Are our portfolios performing up to our expectations? Can our credit models be improved and are they adequate for the current and future business climate? All of these questions and many more haunted me in my quest to protect my company, my family, our creditors and loyal employees.
One problem which always perplexed me was my inability to judge our equipment vendors and avoid the "bad apple" vendor before the losses got out of control. We used all the usual data sources with no noticeable effect; Dun & Bradstreet, Lexis-Nexus, Equifax, etc... These data sources filled up page after page with useless information but the truth of the matter was that these reports just didn’t have the focus and introspection to help me judge a vendor in a leasing transaction.
We built Lease Police and it has been a long process to build the software, get the information from funders, check the information, investigate, but it is all together now at a fast response and very low price.
Merry Christmas and Happy New Year!
Bernie Boettigheimer, CLP
(Leasing News provides this ad as a trade for investigations
Gerry Egan to NEFA Members et. al.
The New Executive Director of the National Equipment Finance Association, Gerry Egan, introduces himself, his staff, and goals for 2011; an excellent presentation and worth your time to view:
Leasing News: Fernando's View
Special Christmas Edition:
As the year draws to a close, it’s time once again to seek for the old and modern Yuletide classics waiting for you at Netflix. For cinema lovers who don’t want to wait until Christmas morning to unwrap their presents, here’s a batch of cinematic gifts to go with your mistletoe and eggnog.
Miracle on 34th Street (George Seaton, 1947): Often a supporting player in Christmas movies, Santa Claus gets his own starring role in this warm and witty family favorite. Kris Kringle (Edmund Gwenn in a delightful, Oscar-winning performance) visits New York City and takes a job at a department store run by Doris (Maureen O’Hara), whose little daughter Susie (Natalie Wood) doesn’t believe in Santa Claus. When he tries to prove that he’s not just playing Santa but is Santa, he has to prove his own sanity to the judicial system and, more importantly, to the children of the world. Wise, affectionate, and with a pretty sharp message about letting the season’s craven commercialism getting in the way of its true meaning.
A Christmas Story (Bob Clark, 1983): Another iconic Yuletide movie, Bob Clark’s charmer is known to play on TV for days on end during Christmas season marathons. It’s easy to see why. Depicting the holiday through the eyes of a precocious nine-year-old boy, it glows with nostalgia and bubbles with irresistible humor. All young Ralphie (Peter Billingsley) wants is to survive childhood and get a BB gun from Santa, but things rarely go as planned when your parents (Melinda Dillon and Darren McGavin, both wonderful) think pink bunny suits make good gifts. In a movie filled with classic scenes, none is more memorable (or funnier) than Ralphie’s visit to a very cranky department-store St. Nick.
A Christmas Tale (Arnaud Desplechin, 2008): One of the most interesting filmmakers working today, French director Arnaud Desplechin offers a tragicomic banquet with this irresistible seasonal story. It follows the travails of the Vuillards, a large family often plagued by emotional and physical upheavals but is determined to put all troubles aside and pull through for the sake of the beloved matriarch Junon (French cinema legend Catherine Deneuve). With a record number of squabbling relatives and uncomfortable secrets, however, it’s a job easier said than done. Even though there’s no shortage of drama, the movie’s mood remains exhilarating, buoyed by strong emotions and an exceptional cast. With the holidays drawing near, audiences will have the chance to discover a new Christmas favorite to set aside the old classics. With subtitles.
A Christmas Carol (Robert Zemeckis, 2009): The beloved Charles Dickens novel never looked as ravishing as in director Robert Zemeckis’ visually breathtaking, 3-D animated adaptation. Jim Carrey portrays history's most famous miser, Ebenezer Scrooge, who spends Christmas time by nursing his own bitterness and showering contempt on those around him. But when he's visited by the Ghosts of Christmas Past, Present, and Future, he comes to realize the effects of his behavior. The plot should be familiar from dozens of screen adaptations, yet Zemeckis’ 3-D inventiveness (wait until you see all those snowflakes falling around you in the theater) should make audiences experience it as if for the first time. Look for it on Netflix, and relive the magic.
Books to Help the Professional Start the New Year
(Click categories to see books available)
Leasing Books for Christmas
Sales makes it Happen---by Gerry Egan
How to Handle Vendor Points
It is common that major companies enter into referral fee or commissions to vendors of equipment, particularly manufacturers or major distributors. Most actually print both their broker and vendor fee commissions.
In this economy, more and more sales personnel are looking for extra dollars to make up for their lack of sales or ability to find financing for their customers. The question of "spiff," such as you may give a restaurant captain for a better table or fee for a seat or better seat at an event, is quite common. Spiffs for business is also becoming more common.
This first appeared in the National Association of Equipment Leasing Broker's Forum on "Ethics and Legal Issues" by Gerry Egan, well-known leasing instructor and guru. With his permission, it is printed here.
"I thank goodness for vendor points!
"This is an interesting discussion and I appreciate all the different posts and points of view. I've never engaged in much debate about the ethics or legality of the 'points' issue since, it seems to me, effective arguments can be made for either side; as has been done here. The only reason I've ever needed for not paying points to vendors has also been clearly articulated here -it doesn't work.
"It's always been presented to me as a way of getting a stream of business but if that's the deciding factor it can just as easily be used by a competitor to take that same stream of business away. Let me ask, rhetorically, is there anyone who pays points, who truly believes that I couldn't come along offering significantly higher points and not take the business away from you? You could get it back, but what would you have to do to get it back? That's the real reason I've always avoided it. It defines the reason to do business as something that I can't control and once the door is open it's all but impossible to close.
"I say thank goodness for vendor points, though, as I credit facing that issue with a large portion of whatever success I've enjoyed over many years in this business. It was about this issue that one of the single best business lessons I ever learned was taught to me by a vendor many years ago. It was a hard lesson and an unpleasant one to learn but, once I accepted it, it totally changed my business for the better, making it both easier and more profitable.
"I was fortunate to have a very difficult vendor with a very strong personality and he wasn't at all bashful about speaking candidly with me. After going around and around a few times about paying points, he told me, in no uncertain terms, that ---from his perspective--- there was no difference between me and any other leasing source and so he wanted the points from me that he could get from others. That was the lesson.
"I realized that it didn't mean diddley-squat what I thought I was doing for him or how special I thought I was; the only thing that mattered was what he thought and his request for points was telling me that he didn't see enough of a difference between me and any other company in any other way. I don't mind telling you that I didn't like hearing or thinking that and you may not either, but if you'll step back from it, and be candid with yourself, you'll realize, too, that's exactly what the whole points issue is telling us.
"Let's prove it. I did to myself. Ask yourself about it this way. If a given vendor believed, (not that you believed, but the vendor believed), that working with you got him something that was completely unique; that he simply couldn't get from any other source; that working with you had a specific, measurable and unique impact on his bottom line; would he require that you pay him points to work with you? That's how I proved it to myself.
"I began to focus my efforts exclusively on things that I could easily measure the impact of. That's how I began my focus on direct marketing and lead generation for my vendors. Every lead I generated was, by definition, a lead they didn't have and was, therefore, both measureable and unique to me. Did it work? Believe it or not, in the ensuing years, I've been asked many more times by vendors if they had to pay me points than I've ever been asked to pay points to them.
"But the dollar value of the points wasn't even the biggest impact on my business. Because I was now in charge of the leads that I worked on, my approval and funding rates skyrocketed, making the business more productive and profitable. The best part, though, was that I now appealed to the more successful vendor reps and was able to start concentrating on them and avoiding the rest. That's how I began focusing on individual, top-performer, vendor sales reps as opposed to focusing on vendor company programs. That's the application of the 80/20 concept many of you have heard me speak about before.
"It was this points issue, though, (and it's been around this industry for as long as I have been and probably a lot longer), that was the catalyst for change for me. I didn't change the vendors. I didn't change the funders. I didn't change the economy. I changed myself and how I looked at my business, (and, ultimately, how I operated it), and that made all the difference.
"For that reason, I say thank goodness for vendor points!"
Gerry is now Executive Director of the National Equipment Leasing Association.
Since 1981 has been involved in Equipment Leasing training, education, and has written many articles. He is unique in his consulting profession as " We broker leases, hold our own leases and discount leases to local banks in addition to managing and servicing the leasing programs for a couple of small banks."
St. Louis, Missouri---Adopt-a-Dog
Adopt-a-Pet by Leasing Co. State/City
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Strongest storm yet could bring flooding, tornadoes, hail and high winds to L.A. area
More on E.A.R./BK Trustee Suit with Las Vegas Casino's
Chrysler Financial Sold to Canadian Bank
Census: 308.7 million people live here
2010 census results give Texas four additional seats in Congress
(Congress set the size of the U.S. House at 435 seats in 1910. Since then, Texas’ clout relative to other states has grown steadily – though not as fast as some. California started with 11 seats and now has 53. Florida went from four to 25.
The big losers over the last century were manufacturing powerhouses like Illinois, which plunged from 27 seats to 19, and Pennsylvania, which fell from 36 to 19. Massachusetts dropped from 16 to 10. New York went from 43 to 29.)
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The End Seems Near for Favre
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Talley Vineyards Appoints Eric Johnson as Winemaker
Wine of the week: Gloria Ferrer, NV Carneros Blanc de Noirs
Jordan Winery gives IPad to all 91 employees
Wine Tasting Driver Convicted for two DUI Deaths
Wine Prices by vintage
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1696-Birthday of William Oglethorpe, English general, author and colonizer of Georgia. Founder of the city of Savannah. Oglethorpe was born at London. He died June 30, 1785, at Cranham Hall, Essex, England.
American Football Poem
The National Football League (NFL) has had only one head coach with a Harvard degree, but he was an awfully good one. This year, Marv Levy, A.M. '51, who led the Buffalo Bills to four straight Super Bowl appearances--a feat matched by no other coach--was inducted into the NFL Hall of Fame in Canton, Ohio. At the ceremony, ESPN's Chris Berman introduced Levy by booming out the coach's signature line: "Where would you rather be than right here, right now?"
That question, embodying a Zen-like wisdom, helped focus athletes for the battle. Levy used it before every game for 44 years. His NFL teams compiled a regular-season record of 143-112 and went 11-8 in the postseason. The Bills destroyed opponents with their famous "no-huddle" offense run by flashy quarterback Jim Kelly, and boasted stars like running back Thurman Thomas, receiver André Reed, and defensive end Bruce Smith.
But perhaps Levy's greatest coaching achievement came in remobilizing the Bills each fall during their four-year Super Bowl run, since the team lost each of those big games. "Losing each one was tremendously disappointing," says Levy, who was 65 when the streak began. "I'd like to be able to say that we won one of them, or all four, but that's not going to change. Yet each time, our athletes showed their resilience--they got right back to work. The only way to win a Super Bowl is to get into it." After the first loss, a 20-19 heartbreaker to the New York Giants, the coach recalled a small book of poetry his mother had given him when he went into the service, and typed out four lines from an unknown British poet:
Fight on, my men, Sir Andrew said,
A little I'm hurt but not yet slain.
I'll just lie down and bleed awhile,
And I'll rise and fight again.
"Eight or ten players came up and asked for a copy of that poem," says Levy, who on another occasion cited Hemingway's definition of character as "grace under pressure," suggesting why one newspaper called him a "Renaissance man on the sidelines."
His own college-football career took place at Coe College in Iowa, where Levy was both a running back and a member of Phi Beta Kappa. "I loved the coaches at that small college--their high ideals," he recalls. "They were models who embodied everything I wanted to be." After graduation in 1950, he "reluctantly trudged off" to Harvard Law School, but immediately found himself sitting in classes thinking, "I don't want to be a lawyer--I can't take this." Levy called home to tell his father he was dropping out of law school, and that what he really wanted to do was be a football coach. "There were 30 seconds of painful silence," he recalls, before his father said, "Be a good one."
Levy quickly transferred into a master's program in history at the Graduate School of Arts and Sciences, where he studied under luminaries such as Arthur Schlesinger Sr., Merle Fainsod, and Sidney B. Fay, who advised Levy's thesis on the Lend-Lease program. The future leader also attended every Harvard football game. "I cannot avow that what I learned at Harvard prepared me precisely for a career as a football coach," Levy wrote in a 1994 memoir for the Phi Beta Kappa newsletter, the Key Reporter. "Perhaps being in an environment where such earnest enthusiasm pervaded all the activities--intellectual and nonacademic--of those who made up the Harvard community helped me understand how important it is to be associated with people who are intrinsically motivated."
Levy's coaching career began at St. Louis Country Day School, and included college jobs at Coe, New Mexico, William and Mary, and Berkeley, where future San Francisco 49er coach Bill Walsh was his assistant. (In 1970 Levy would be a finalist for the Harvard head coaching job that ultimately went to Joe Restic.) In 1978 he got his first NFL head coaching job with the Kansas City Chiefs and joined the Bills in 1986, staying through the 1997 season. When Levy took charge of the New Mexico program, he was the youngest head coach of a major college team in America, and by 1994 he had become the NFL's oldest head coach. "Challenge my coaching accomplishments if you wish," he wrote in the memoir. "But my stamina, at least, defies criticism."
"I went into football because I enjoyed it," he says. "You are surrounded by these great role models, playing a game that's energizing--and that's your life's work? How lucky can you get?"
(by the way, the poem is really a ballad about a Scottish Captain killed by the British, a true story remembered as a song, but that is another story for another day.)
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