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Headlines---
"Leases
Delivery Necessary to Trigger Business's Payment Obligation"
Sunday
Sermon---On, No! Mr. Bill!!!
Treasury
to Crack Down on SILO Deals & Traditional Leases?
Grassley
on Big-Ticket Leasing Coalition
J.P.
Morgan / Bank One Merger Receives Antitrust OK
U.S.
Equipment Lease ABS Delinquency Index Falls Below 2%
De
Lage Landen appoints Jim Curley CIO for its Americas Division
Pawnee
Leasing appoints Lisa Plaetz
Supervisor of Lease Admin.
Streamlined
Sales Tax Meetings
The List format is being revised. Here is the present version:
http://www.leasingnews.org/list.htm
######## surrounding the article denotes it is a “press
release”
-------------------------------------------------------------------------------
Classified Ads---Attorneys
Listed are Attorneys
and law firms who specialize in the leasing industry, belong to a leasing association, and are looking for clients to
represent---free ad.
California - statewide:
CA "ELA"
5-attorney creditors
rights law firm, in biz 25 yrs +, specialize all aspects of creditor
representation. Primarily represent equipment lessors & funders,
plus collection and creditor rep. in bankruptcy. Email:phemar@hemar.com
California - statewide:
Encino, CA. "ELA"
24 Attorney AV-rated
Law firm representing the Leasing Industry for over 25 Years. We specialize
in Lease-enforcement, collection and representation in Bankruptcy Court.
email:sjenkins@hemar-rousso.com
Connecticut, Southern
New England: EVANS, FELDMAN & BOYER, LLC Collections, litigation,
documentation, portfolio sales and financing, bankruptcy. We represent
many of the national and local leasing companies doing business in this
state. Past chairman EAEL legal committee. Competitive rates. email:
rcfeldman@snet.net
EAEL
Law Firm - Service,
Dallas, TX. ELA
Mayer regularly practices
in leasing, secured financing, project development and finance and corporate
finance.
email: dmayer@pattonboggs.com
Los Angeles, Statewide:
CA. "ELA"
Aggressive creditors
rights law firm specializing in equipment leasing handling collection
matters on a contingency, fixed fee or hourly basis. email:RGarwacki@prodigy.net
Los Angeles -statewide:
CA "ELA "
Practice limited
to collections, bankruptcy and problem accounts resolution. Decades
of experience. 10-lawyer firm dedicated to serving you. Call Ronald
Cohn, Esq. (818)591- 2121 or email. Email: rrcohn@aol.com
National: http://www.leaselawyer.com/
Full staff of attorneys
and legal assistants work with Group Leader Barry S. Marks to ensure
prompt, cost-effective responses to client needs: Email:bsm@blik.com
National: Coston
& Lichtman: Business attorneys serving the lease-finance industry
since 1980. Transactional, documentation, corporate; workouts, litigation,
bankruptcy. Chicago & Florida offices. Jim Coston, CLP (Members:
ELA/UAEL/MAEL)
email: Jcoston@costonlaw.com
Northern California
- Statewide: CA "EAEL" "ELA" San Francisco expertise
at Marin County prices; practice limited to equipment leasing and finance
with 22 years experience, testimonials. Ken Greene, Esq.
Vox: 415 461 3777
keng@kengreenelaw.com
NY Metro and National:
Hackensack, NY
Attorney specializing
in equipment lease matters for at least 10 years with a 50-State operating
network of attorneys experienced in leasing matters. Email:wuscher@uqur.com "ELA"
Full Listing of all Classified Job Wanted ads:
http://64.125.68.90/LeasingNews/JobPostings.htm
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"Leases
Delivery Necessary to Trigger Business's Payment Obligation"
(This is a common
ruling regarding the enforcement of lease contracts, especially
those who do not
have “legal language” that allows them to keep monies advanced,
and who rely on their
general language of default---meaning if the lease is not
executed-equipment
delivery—the contract is not valid. editor )
ELT News
Leased equipment
must be delivered in order to activate a business' obligation to make
its monthly payments to the leasing company, even if the business signs
an acceptance or risk of loss agreement, the Hawaiian Court of Appeals
has ruled. Jaz Inc. sued First Hawaiian Leasing over monthly payments
it made on a photo processing machine that was never delivered. Jaz
had signed a lease agreement, under which it was obligated to begin
making payments upon acceptance of the machine and to take over risk
of loss from the vendor. Jaz paid First Hawaiian a total of $13,732
on the $50,000 lease before suing both the vendor and the leasing company
for failure to deliver the equipment.
Lender Liability
News (03/05/04) Vol. 16, No. 18,
Sunday
Sermon---On, No! Mr. Bill!!!
In the fall of 2001,
I stopped sending the Sunday Sermon to Leasing News readers.
In a recent e-mail
conversation with my friend Charlie Lester, he told me he missed them,
and asked me to consider writing them again..
When I stopped, they were considered “too controversial” for
readers as I was talking about God.
I think spiritualism
is lacking in our daily lives. Even
people who regularly attend church or synagogue or mosque, often are
wrapped up in group thinking, and not their own spirit.
Sunday Sermon is
non denominational; often “out there,” but with the intention of making
you think more of your values, your relationships, and not about money.
Sometimes they are humorous, and sometimes quite serious.
It is NOT sent out
as Leasing News nor to Leasing News readers.
They will be sent
out for Sunday to those who subscribe only. We
will has “guest”
sermons as we did in the past.
If you want to subscribe,
hit reply and type in the subject Sunday Sermon.
Kit Menkin
-------------------------------------------------------------------------------
Does
the Treasury Want to Crack Down on SILO Deals and Traditional Leases?
ELT News
.
Acting Assistant
Treasury Secretary for Tax Policy Greg Jenner attempted to calm the
fears of local and state government officials about the Bush administration's
proposed crackdown on certain tax-advantaged lease deals at a legislative
conference of the National Association of State Treasurers (NAST) Monday.
Jenner told attendees
that while the federal government plans to ban what it considers abusive
tax shelters under sale-in, lease-out transactions (SILO) between local
governments and private companies, it will not tamper with traditional
leasing deals involving equipment such as buses and photocopiers.
State and local agencies,
along with the leasing industry, are fighting proposals in Congress
to ban SILO deals, saying they help cash-strapped governments to fund
important infrastructure projects. However, Jenner said the abusive
deals not only take funds from the federal government, but they can
also deplete state and local tax revenues. He added that legitimate,
traditional leasing deals between local governments and corporations
will be protected in the proposed legislation.
Officials attending
the NAST meeting did not comment on Jenner's statements.
Members of the House
and Senate are currently debating proposals to end the SILO deals, and
Congress is expected to include some form of the legislation in an upcoming
corporate tax reform bill.
Bond Buyer (03/09/04)
P. 5 ; Ferris, Craig T
### Press Release
##############################
Grassley
on Big-Ticket Leasing Coalition
Sen. Chuck Grassley,
chairman of the (U.S. Senate) Committee on Finance, made the following
comment in reaction to a news release from the Big-Ticket Leasing Coalition
on the benefits to cities from city infrastructure leasing tax shelters.
“Well-paid lobbyist
Mr. Kies conveniently forgets that these abusive tax shelter leases
will cost state treasuries $6 billion. State and local governments are
losing money on these deals – there is no net gain for them. This is
in addition to the $33 billion the federal government will lose. He
assumes that cities will not exercise their repurchase option, but we
haven’t seen a city yet that’s ready to go without its sewer system.”
The Big-Ticket Leasing Coalition’s news release follows.
Senate Finance Committee
Analysis Confirms Study Showing Leasing Transactions Provide Substantial
Benefits to Municipalities
Washington, DC –
March 5, 2004 – Senate Finance Committee Chairman Charles Grassley (R-IA)
and Senator Max Baucus (D-MT) have released findings showing that municipal
leasing transactions provide cities and their agencies $1 for every
$2 that the transactions cost in reduced federal tax revenues. These
findings confirm the results of the study released by the Big-Ticket
Leasing Coalition on March 2, 2004.
The Big-Ticket Leasing
Coalition study found that municipalities receive benefits equal to
52.6 percent of the tax savings from a municipal leasing transaction
in which the municipality chooses to exercise the option it has to purchase
the leased property at the end of the lease term – this result is virtually
identical to the Grassley-Baucus findings.
The Big-Ticket Leasing
Coalition Study also showed that in the more likely case where the municipality
chooses not to exercise its purchase option, the benefits to the municipal
lessee on average are likely to exceed the revenue losses to the federal
government. Specifically, the study shows that the municipal lessee
benefits in the 26 transactions range from 81.8 percent to 377.7 percent
of the revenue losses – an average of 125.1 percent of the revenue loss.
According to Coalition leader Kenneth Kies, "the findings by Senators
Grassley and Baucus confirm that leasing is an efficient way of providing
for the capital needs of municipalities compared to tax exempt bonds
or other tax incentives. Indeed, it is as efficient, or more efficient,
than tax-exempt bonds.”
Grassley and Baucus
also revealed that municipal leasing transactions are estimated, by
the Congressional Joint Committee on Taxation, to provide municipalities
with $5.4 billion of benefits over the next ten years. According to
Kies, "if the Administration's municipal leasing proposals are
ultimately enacted, that is $5.4 billion the nation's cities will simply
not have."
### Press Release
##############################
J.P.
Morgan / Bank One Merger Receives Antitrust OK
U.S. Banker
The merger between
J.P. Morgan and Bank One received antitrust clearance from the Federal
Trade Commission on Friday. The government agency granted the companies
an early termination of the waiting period required by the Hart-Scott-Rodino
Antitrust Improvements Act.
Under terms of the
merger agreement, J.P. Morgan has agreed to exchange 1.32 of its shares
for each Bank One share. The deal, which was announced January 19, is
valued at $58 billion. The companies have projected a combined net income
of up to $12.06 billion in 2005, based on cost-savings assumptions.
------------------------------------------------------------------------------------------------------------
### Press Release
##############################
U.S.
Equipment Lease ABS Delinquency Index Falls Below 2%
Fitch Ratings-New
York- During fourth-quarter 2003 (4Q'03), Fitch Ratings' U.S. equipment
lease asset-backed securities (ABS) delinquency index fell to a six
year historic low, according to the latest edition of 'The ABS Equipment
Expo'.
As of Dec. 31, 2003,
total delinquencies over 30 days past due fell 57 basis points (bps),
or 23% from the third quarter to reach 1.88%. Likewise, the 3- and 12-month
moving averages dropped 67 and 61 bps , respectively.
Overall, the equipment
ABS market continued to reap the benefits of the sector's stabilization
in 2003. Total issuance volume by dollar amount increased more than
35% from 2002 and lower delinquencies and defaults have strengthened
lessors' portfolio performance. While fewer players are financing through
the ABS market than in years past, the consolidated sector is dominated
by healthier equipment lease ABS issuers.
In addition to highlighting
the delinquency index, Fitch's 'ABS Equipment Expo' newsletter features
a 'Financial Institutions Rating and Watch/ Outlook Trends' report from
Fitch's Financial Institutions Group, a summary of Fitch-rated equipment
ABS upgrades and an update on the DVI, Inc. bankruptcy situation.
All public and 144A
Fitch-rated ABS equipment lease transactions since December 1997 are
included in Fitch's index, which now tracks the performance of 102 transactions
over a six-year period.
'The ABS Equipment
Expo' is a publication that follows equipment lease ABS performance,
industry trends and developments within the securitization market. Both
current and historical editions of the newsletter are available on the
Fitch Ratings web site at 'www.fitchratings.com' or by contacting the
Ratings Desk at +1-800-893-4824.
Contact: Sara Grohl
+1-212-908-0564, New York.
Media Relations:
Sandro Scenga +1-212-908-0278, New York.
### Press Release
##############################
De
Lage Landen appoints Jim Curley Chief Information Officer for its Americas
Division
WAYNE, Pa., – De Lage Landen International B.V., a leading
international provider of high-quality asset-based financing products
for manufacturers and distributors of capital goods, has promoted Jim
Curley to the newly created position of Chief Information Officer for
the company’s Americas Division, headquartered in Wayne, PA.
In this position, Curley, of Ambler, PA, who previously served
as Senior Vice President – Information Technology for De Lage Landen
Financial Services, also in Wayne, will oversee the Information Technology
function for the division and work to ensure IT alignment among operations
throughout the Americas.
He will report directly to De Lage Landen Americas Division Chairman
Ronald Slaats.
Curley joined the company in 1997 as Systems & Programming
Manager and was promoted in quick succession to Director, Systems &
Programs in 1998, to Vice President in 1999 and to Senior Vice President
in 2000.
He earned both a Bachelor of Business Administration degree in
Computer Information Science and a Master of Computer Information Science
degree from Temple University in Philadelphia.
De Lage Landen is a Netherlands-based international provider of
high-quality asset financing products. With a presence in 22 countries
across the globe, the company focuses on the following industries: Food
& Agriculture, Healthcare, Office Equipment, Telecommunications,
Technology Finance, Materials Handling & Construction and Financial
Institutions. In its domestic market the company offers Equipment Leasing,
Car & Commercial Vehicle Leasing, ICT Leasing and Trade Finance
through local Rabobanks and direct to market.
De Lage Landen is a wholly owned subsidiary of the Dutch Rabobank
Group that is AAA-rated by Moody’s and Standard & Poor’s. For 2003
De Lage Landen grew its profits to $129.6 million (€114.8 million) and
its balance sheet total to $17.8 billion (€14.1 billion).
For more information, please contact our website: www.delagelanden.com
###
Sites of Reference:
CONTACT:
Rita DiMartino
De Lage Landen Financial
Services
Phone Number: 610
386 5441
Fax Number: 610 386
5840
E-mail: rdimartino@leasedirect.com
#### Press Release
#############################
Pawnee
Leasing appoints Lisa Plaetz
Supervisor of Lease Admin.
Pawnee Leasing Corporation
is pleased to announce the addition of Lisa Plaetz as Supervisor of
Lease Administration effective March 1, 2004. Plaetz will oversee
day-to-day documentation and customer service functions at Pawnee Leasing's
corporate headquarters.
Most recently, Plaetz was a Commercial Credit Analyst for US Bancorp-Manifest
Funding Services, responsible for the analysis of lease transactions
ranging from $75,000-$500,000. She brings six years of experience
in the leasing industry to her new position at Pawnee Leasing.
Jerry Reeves, Executive Vice President, stated, "We're very excited
to have Lisa join Pawnee Leasing. Her years of varied experience
in the leasing industry make her a valuable addition to our staff.
In her role as Supervisor of Lease Administration, she will continue
to utilize her expertise in servicing the broker community and play
a key role in strengthening our existing relationships."
Pawnee Leasing Corporation is a small ticket lease funding source specializing
in start-up and "B" credit transactions. Pawnee has
been servicing the broker community exclusively since 1982.
Pawnee Leasing Corporation
700 Centre Avenue
Fort Collins, CO 80526
Email: scott@pawneeleasing.com
Web: http://www.pawneeleasing.com
Phone = (970) 482-2556
Fax = (970) 482-2666
### Press Release
##################################
Classified
Ads---Help Wanted
Credit and Documentation Administrator
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------------------------------------------------------------------------------------------------------------
Leasing
Books for Sale
Books on Equipment
Leasing by Listed by Source:
Certified
Leasing Professional (CLP) Foundation
Equipment
Leasing and Finance Foundation Reports
United
Association of Equipment Leasing
Library Research
from Home
See site at:
http://two.leasingnews.org/Books.htm
-----------------------------------------------------------------------------------------------------------
Streamlined Sales Tax Meetings
Three meetings dealing
with Streamlined Sales Tax (SST) are scheduled. The Council On State Taxation (COST) hosts a meeting dealing with
SST issues on Monday, March 22 and Tuesday, March 23 in New Orleans.
The Streamlined Sales Tax Project (SSTP) convenes in Tampa, Florida
on Monday, May 24 and Tuesday, May 25.
The SSTP concludes at 12:00 p.m. followed by the inaugural meeting
of the Conforming States Committee of the Streamlined Sales Tax Implementing
States.
This update provides:
· COST Conference & Hotel Registration
· COST Conference Agenda
· Streamlined Sales Tax Project Announces
May Meeting
· Business Only Session
· SSTP Agenda
· ELA Schedules Technology Web-Seminar
· Conforming States Inaugural Meeting Scheduled
· Taxability Matrix Posted
· Exemption Certificate Posted
· Bundling Conference Call March 15
· Bundled Transaction Definition Revised
· Taxability Matrix Posted
COST Conference &
Hotel Registration
COST will host a
private sector meeting dealing with SST issues on Monday, March 22 and
Tuesday, March 23 at the JW Marriott (formerly Le Meridien Hotel) located
at 614 Canal Street in New Orleans. Registration will be handled by
your prompt RSVP to Steve Kranz of COST at skranz@statetax.org
Include your name, job title, company/trade association/state
department of revenue, street address, telephone and fax numbers and
email address for each person that will be registering.
A registration fee of $100 per person will be invoiced to you
for payment by credit card or check. Call the JW Marriott directly at
(504) 525-6500 to make reservations at a group rate of $165 - $185 depending
on the room configuration. The room block is listed under the ABA/IPT
conference (which is taking place at the same hotel March 23rd to 26th).
COST Conference Agenda
The COST agenda is
focused on reviewing the compliance checklist process and discussing
the status of compliance in each of the twenty states that have passed
conforming legislation. The
meeting starts Monday morning at 9:00 a.m. and concludes Tuesday afternoon
at 4:00 p.m. Representatives of state government are encouraged
to attend, especially the 20 states that have enacted the Agreement. This will provide an opportunity for private
sector volunteers to meet as a group and to review the compliance checklists
with the government representatives who did the initial preparation.
If you are one of
the volunteers involved in the compliance checklist process it is important
that you participate in this meeting.
So that copies may be made for discussion purposes, please send
a copy of the most recent compliance checklist to Steve Kranz at skranz@statetax.org
The draft agenda
below is subject to change but at present begins with a private sector
only session on Monday morning to discuss the checklist process, bundling
rule, federal legislation, and any other topics you suggest.
Those retained to represent state and local government interests
are not eligible to participate. RSVP for the business only session
with COST Tax Counsel, Steve Kranz, at skranz@statetax.org
After Monday’s lunch
COST will convene a joint business / government session to go through
the compliance checklist process, discuss specific issues and findings,
and hopefully develop a firm understanding of the status of state compliance
with the Agreement.
On Tuesday, a number
of people are speaking at the ABA/IPT session that morning so the start
time will be delayed until 10:30 a.m.
From 10:30 to noon on Tuesday COST will again lead a meeting
with the government representatives to go over any remaining compliance
issues. After lunch they will have a wrap-up business
only session from 1:30 p.m. until 4:00 p.m. If you have other suggestions for the agenda please send them to
Steve Kranz.
Monday, March 22,
2004
9:00 – 12:00 Private sector only discussion of compliance
checklist and other issues
12:00 – 1:30 Break for lunch (on your own)
1:30 – 5:00 Joint meeting of private sector and government
representatives to discuss compliance checklist issues
Tuesday, March 23,
2004
10:30 – 12:00 Continuation of joint meeting
12:00 – 1:30 Break for lunch (on your own)
1:30 – 4:00 Business only session recap
Streamlined Sales
Tax Project Announces May Meeting
The Streamlined Sales
Tax Project will meet on Monday and Tuesday, May 24-25, in Tampa, Florida
at the Grand Hyatt Tampa Bay. Registration information will soon be
made available. A preliminary agenda is provided below. Sessions begin
at 8:30 am on Monday for government personnel and 10:00 am for business
representatives. SSTP concludes with lunch on Tuesday followed
immediately by the first meeting of Conforming States Committee. Web
address for the Grand Hyatt Tampa Bay is http://grandtampabay.hyatt.com/property/index.jhtml
The Grand Hyatt Tampa
Bay is located at 6200 Courtney Campbell Causeway in Tampa and provides
complimentary transportation to and from the airport, which is about
2 miles away. The rate will
be $95 single/$120 double per night plus tax.
You may make a reservation by calling 813/874-1234 or 800/233-1234. Be certain to ask for the Federation of Tax
Administrators Streamlined Sales Tax room block.
Business Only Session
COST will sponsor
the business-only session on Monday, May 24 from 10:00 a.m. until noon. It is not part of the SSTP program and is not
a public meeting. Those retained to represent state and local government
interests are not eligible to participate.
The session is open to COST members and others from the private
sector that send notice to COST of a desire to attend. If you are not a COST member but wish to participate, please RSVP
to Steve Kranz at skranz@statetax.org
SSTP Agenda
Streamlined Sales
Tax Project Meeting
Tentative Agenda
May 24-25, 2004
Grand Hyatt, Tampa,
Florida
Monday, May 24, 2004
8:00 a.m. Continental Breakfast
8:30 a.m. – 12:00
Noon Combined Work Group Meeting
(Government Personnel
Only)
10:00 a.m. – 12:00
Noon Business Community Meeting
(Private Sector Only)
12:00 Noon – 1:00
p.m. Lunch for all
1:00 p.m. – 4:30
p.m. Combined Work Group Meeting* (one room)
Compliance Review
Taxability Matrix
Review
Rate/Jurisdiction
Database Review
Exemption Administration
Paper
Amnesty Procedures
Candy Definition
Audits/Certification
Standards
Sales Tax Holiday
Definitions
Tuesday, May 25
7:30 a.m. Continental Breakfast
8:00 a.m. – 9:30
a.m. Combined Work Group Meeting* (one room)
Bundling
Sourcing Issues
Registration System
Update
· Request for Proposal Update
Time Line
9:30 a.m. – 11:00
a.m. Work Group Meetings* (two
rooms)
Telecommunications
Definitions
Digital Equivalent
of Tangible Personal Property
11:00 a.m. – 11:45
a.m. Project Meeting**
(Open to Government
and Private Sector)
Welcome
Introductions
Approve Minutes
Business Discussion
Public Comments**
Announcements
11:45 a.m. – 12:45
p.m. Lunch
12:45 p.m. – 3:00
p.m. Conforming States Meeting*
(Open to Government and Private Sector)
Footnote:
*As a general rule,
work group sessions will be open to the private sector. Some work groups may have a closed session for a limited period
of time.
**Members of the
public wishing to address the Project should contact Diane Hardt at
(608) 266-6798 or Scott Peterson (605) 773-3311 to be included on the
agenda. Time for each person may be limited, depending
on the number of persons wishing to address the Project.
ELA Schedules Technology
Web-Seminar
The Equipment Leasing
Association (ELA) has scheduled an informative web-based seminar examining
technology that will implement Streamlined Sales Tax (SST). Scheduled
from 1:30 – 3:00 pm Eastern Time on Thursday, April 8, the web seminar
is designed for commercial equipment lessors but will have some applicability
to other industries since the basic technology platform concerns all
parties implementing the software-driven SST.
Taxware will guide participants through a review of lease origination,
accounting and tax software integration with certified automated systems
and certified service provider systems considered critical for compliance
with SST. To learn more about the agenda and to register, go here: http://www.elaonline.com/events/2004/SST/
The following has
been provided by COST
Conforming States
Inaugural Meeting Scheduled
The SSTP meeting
will conclude on Tuesday the 25th at 12:00 p.m. but will be followed
by a meeting of the Conforming States Committee of the Streamlined Sales
Tax Implementing States.
The Conforming States
Committee was authorized by amendment to the Agreement (made during
the Phoenix meeting), which allows the states that have passed conforming
legislation to meet and take necessary steps to implement the requirements
of the Agreement. This will
be the first meeting of the Conforming States Committee - which will
ultimately evolve into the Governing Board once sufficient state laws
become effective to trigger creation of the Board.
The meeting of the Conforming States Committee is expected to
end by 3:00 p.m.
Taxability Matrix
Posted
The taxability matrix
that was approved by the SSTP during its January meeting has been posted
on the SSTP website at http://www.streamlinedsalestax.org/Taxability%20matrixFinal1.pdf. The matrix is limited to identifying the tax
treatment for items which the project has approved uniform definitions. An earlier version of the matrix, which included
tax treatment for items that have not been uniformly defined (including
exemptions), was tabled for later discussion. The narrower matrix is required by Section
328 of the Agreement and the SSTP wanted to have met that requirement
before dealing with other issues. COST
hopes the larger taxability matrix will be adopted by the SSTP, and
Section 328 amended, in the future to address the remaining issues.
Exemption Certificate
Posted
The uniform exemption
certificate that was approved by the SSTP during its January meeting
has been posted on the SSTP website at http://www.streamlinedsalestax.org/stl_exempt_1103.pdf.
Bundling Conference
Call Scheduled March 15th
The SSTP subgroup
responsible for developing the definition of bundled transactions is
holding a conference call on March 15th at 12:00 p.m. (Eastern) to continue
its work. The most recent draft appears below. Because the SSTP has
arranged a limited number of lines for this call, they have asked that
members of the business community interested in participating RSVP through
Steve Kranz at skranz@statetax.org.
Bundled Transaction
Definition Revised
The purpose of this
section is to define when a transaction is bundled. For purposes of clarity, bundled transactions may be subject to
taxation pursuant to each state’s applicable statutes.
Definition
A bundled transaction
means the retail sale of otherwise distinct and identifiable products
for one non-itemized price that does not vary and is not negotiable
based on the selection of the products made by the purchaser.
(A) The term “product” means tangible personal
property or services and does not include real property or services
to real property.
(B) The term “distinct and identifiable products”
means products that are commonly understood as separate and independent
such as (list is not meant to be all inclusive):
Hardware, hardware
maintenance and help desk support
Software, software
maintenance, programming and help desk support
Data processing,
data printing and consulting
Prescription drugs,
medical supplies, nursing and pharmacist consultation
Local, long-distance
telecommunications and ancillary services
“Distinct and identifiable products” does not include:
(1) Packaging – such as containers, boxes, sacks,
bags, and bottles – or other materials – such as wrapping, labels, tags,
and instruction guides – that accompany the products that are incidental
and immaterial to the retail sale thereof.
Examples of packaging that are incidental and immaterial include
grocery sacks, shoeboxes, dry cleaning garment bags and express mail
envelopes.
(2) A product provided free of charge with the
required purchase of another product.
(a) A product is “provided free of charge” if
the sales price of the product purchased does not vary depending on
the inclusion of the product “provided free of charge.”
(3) Products that are part of the sales price
as defined in Appendix C of the Agreement.(Clarify this section as purpose
not clear)
(C) The term “one non-itemized price” means
the sales price of the distinct and identifiable products are not separately
itemized. The term “one non-itemized
price” does not include products which are separately itemized on binding
support sales documentation including an invoice, bill of sale, contract,
service agreement, lease agreement, catalog or price list.
A bundled transaction
does not include any of the following:
The retail sale of
tangible personal property and a service where the tangible personal
property is essential to, or facilitates, the use of the service, and
is provided exclusively in connection with the service, and the true
object of the transaction is the service.
This is a retail sale of a service.
The retail sale of
services where one service is provided that is essential to, or facilitates,
the use or receipt of a second service, and the first service is provided
exclusively in connection with the second service and the true object
of the transaction is the second service.
This is a retail sale of the second service.
The retail sale of
taxable products and nontaxable products where the purchase price or
sales price of the taxable products is de minimis.
If the retail seller
is the bundler, de minimis means the seller’s purchase price of the
taxable products are ten percent (10%) or less of the total purchase
price (i.e., the buyers purchase price) of the bundled products.
If the retail seller
is not the bundler, de minimis means at the option of the seller:
De minimis pursuant
to subsection (B)(1), or The sales price of the taxable products is
ten percent or less of the total sales price of the bundled products.
Seller shall use
the full term of a service contract to determine if the taxable products
are de minimis.
Dennis Brown
Equipment Leasing
Association
http://www.elaonline.com/GovtRelations/State/Streamometer/
News Briefs---
Consumer Confidence
Falls Again in March
http://www.boston.com/business/articles/2004/03/09/
consumer_confidence_falls_again_in_march/
Doctors feeling pinched/Seen
seeking ways to hike incomes
http://www.boston.com/business/globe/articles/2004/03/09/doctors_feeling_pinched/
U.S. Gas Prices a
Penny Short of Record
Tyco, Law And Lunacy
At Trump Tower
http://www.forbes.com/business/2004/03/09/cx_da_0309topnews.html
Adelphia witness
testifies about loans of $2 billion
http://www.usatoday.com/money/industries/telecom/2004-03-08-adelphia_x.htm
U.S. Increasing Trade
Pressure on China, India
http://www.internetnews.com/bus-news/article.php/3323761
Cotton Industry Eyes
Quality Problems
http://www.washingtonpost.com/wp-dyn/articles/A45035-2004Mar10.html
VW to cut 5,000 jobs
as profit drops
http://www.usatoday.com/money/autos/2004-03-09-vw-cuts_x.htm
92 in Palm Springs/82
in San Jose/88 in downtown Burbank
http://twister.sbs.ohio-state.edu/text/severe/records/04031000.KLAX
-----------------------------------------------------------------------------------------------------------
Sports Briefs---
Seattle gets WR Jackson
for reported $25 million, 6-year deal
http://www.usatoday.com/sports/football/nfl/seahawks/2004-03-09-jackson_x.htm
Garcia, Browns come to terms- $25 million four year contract
http://www.mercurynews.com/mld/mercurynews/sports/football/nfl/
san_francisco_49ers/8140875.htm
Owens wants deal
undone-Pleads to Philly to Make Offer
http://www.mercurynews.com/mld/mercurynews/sports/football/nfl/
san_francisco_49ers/8140876.htm
------------------------------------------------------------------------------------------------------------
“Gimme that Wine”
For Unashamed Bargain
Hunters-Macon-Village Chardonnay our house white-Louis Jadot-on sale
$9.99 to $10.99---by Frank J. Prial
http://www.nytimes.com/2004/03/10/dining/10WINE.html
Screw Caps Make the
Turn in America, Canada
This
Day in American History
Hey, this is Mario
Day. A day for all persons named
Mario. Using the abbreviations for the month of March, i.e., Mar, with
the day, i.e. 10, you get the name spelled out: Mario.
******************
***********************************************************
=========Colonial Times=========
=========Civil War—including pre
and post=========
=========Gilded Age=========
=========World War I --pre and post=========
=========FDR=========
=========Post World War II=========
=========1950’s=========
=========1960’s=========
=========1970’s=========
=========1980’s=========
=========1990’s=========
=========Colonial Times=========
1776- Charleston,S.C., set up an independent government
under a temporary local constitution that was to be in effect until
an agreement with England could be reached. John Rutledge was chosen
president. This government, said to be the first independent government
within the recognized borders of the colonies, successfully defended
Charleston against the British army and fleet on June 28, 1776, thus
freeing the South from attack for nearly three years.
Culture was also flourishing here and New York City, Philadelphia,
Boston, but most of all in Charleston.
In the mid-eighteenth century musical concerts were flourishing
in the colonial centers, and musical societies, music dealers, and instrument
makers all benefited. the first
music society in America was founded in Charleston, the St. Cecila Society
in 1762. In Europe, Charleston was considered the chief
cultural center of the colonies, and many artists, actors and musicians
chose to settle there when they immigrated to America. Other cities
could boast of cultural achievements as well. In Boston a group of gentlemen
sponsored a concert in Faneui Hall as early as 1744, and in 1954 the
first concern hall in Boston was opened by Gilbert Dubois.
Philadelphia boasted four organ makers who produced spinets and
virginals as well as organs.
“In 1762, the women
of Charleston founded the St. Cecila Society as a musical organization;
however, by the 1840's, the society had become more of a cotillion club
than an organization to provide quality music to the socially refined.
The society held their largest ball annually during February (just before
lent) in Hibernian Hall on Meeting Street. A contemporary remarked "the
membership remains exclusive and its affairs somewhat secret."
Even today, the club remains secretive and its historical records and
membership lists remain off-limits to non-members.”
http://www.ego.net/us/sc/myr/history/riceles.htm
http://www.wrightgroup.net/proj_faneui.htm
=========Civil War—including pre and post=========
1849-Besides being an attorney, Abraham Lincoln was an inventor,
as o this day he received a patent for a device for “buoying vessels
over shoals” by means of inflated cylinders.
1854-Hallie Quinn Brown, women's right activist, born Pittsburgh,
PA.
http://voices.cla.umn.edu/authors/BROWNhallie.html
http://docsouth.dsi.internet2.edu/neh/brownhal/brownhal.html
1862-The first paper money was issued in the US on this date
in 1862. The denominations were $5 (Hamilton), $10 (Lincoln and $20
(Liberty).
1864-Gen. Ulysses S. Grant was made general in chief by Pres.
Lincoln, replacing Gen. Henry W. Halleck.
http://www.mscomm.com/~ulysses/
http://memory.loc.gov/ammem/cwphtml/cwgrant.gif
1865- Battle of Monroe's Crossroads, North Carolina, one of the
largest Calvary battles of the war between two flamboyant generals
http://www.cr.nps.gov/seac/cavclash.htm
http://www.cr.nps.gov/seac/mcattack.htm
http://www.bragg.army.mil/culturalresources/monroe's_crossroads.htm
http://www.kingwoodcable.com/tsalagi/alcwmb/archive/archivefiles/127.html
http://www.townofaberdeen.net/MalcolmBlue_FarmskillsFestival.htm
=========Gilded Age=========
1867-American sociologist, founder of the Nery Street Settlement
at New York City, Lillian D. Wald birthday. The Henry Street Settlement was the first nonsectarian
public health nursing service. Born at Cincinnati, OH; died at Westport,
CT, Sept. 1, 1940.
1876- Alexander Graham Bell transmitted the first telephone message
to his assistant in the next room: “ Mr. Watson, come here, I want you,”
at Cambridge, Massachusetts. Born at Edinburgh, Scotland, Bell acquired
his interest in the transmission of sound from his father, Melville
Bell, a teacher of the deaf. Bell’s use of visual devices to teach articulation
to the deaf contributed to the theory from which he derived the principle
of the vibrating membrane used in the telephone. Bells other accomplishments
include a refinement of Edison’s phonograph, the first successful phonograph
record and the audiometer. http://memory.loc.gov/ammem/today/mar10.html
1880- Salvation Army Commissioner George Scott Rail ton and
seven women officers landed at New York to officially begin the work
of the Salvation Army in the United States.
=========World War I --pre and post=========
1903-- Trumpet Player Bix Beiderbecke Birthday
http://www.redhotjazz.com/bix.html
http://www.jazzbymail.com/albums_rw/rwbix.html
http://www.citypaper.net/articles/020702/mus.cds1.shtml
1903-Playwright and politician Clare Booth Luce born at New York
City. Luce wrote for and edited
Vogue and Vanity Fair as well as writing plays, three of which were
later adapted into motion pictures---The Women(1936), Kiss the Boys
Goodbye(1938) and Margin of error(1939)
She served in the US House of Representatives(1943-47) and as
ambassador to Italy(1953-56)---the first woman appointed ambassador
to a major country. Luce died Oct 9, 1987 at Washington, DC.
1924- Guy Lombardo and the Royal Canadians made their first recordings
at a session in Richmond, Indiana. Two songs were released on the Gennett
label.
http://www.dotydocs.com/lombardo.htm
http://www.bigbandsandbignames.com/GuyLombardo.html
1924-Tenor sax/Trumpet player Bunny Williams born Magnolia, MS
http://www.alligator.com/artists/album.cfm?AlbumID=al2803&ArtistID=036
1922-Dodge City, Kansas was buried under 17.5 inches of snow in 24 hours -- the city's biggest 24 hour snowfall on record.
=========FDR=========
1933 -Major earthquake in Long Beach CA
http://www.scecdc.scec.org/longbeac.html
http://nisee.berkeley.edu/long_beach/long_beach.html
1935 - On Victor Records, Nelson Eddy recorded "Ah! Sweet
Mystery of Life". The song was from the film, "Naughty Marietta".
Later, Eddy recorded the song with Jeanette MacDonald.
1937 - An audience of 21,000 jitterbuggers crowded the Paramount
Theatre in New York City to see the ‘King of Swing’, Benny Goodman.
http://www.streetswing.com/histmain/z3jtrbg.htm
1937- Canadian country singer Tommy Hunter was born in London,
Ontario. Hunter joined CBC TV's "Country Hoedown" in 1956
as rhythm guitarist with King Ganam's Sons of the West. "The Tommy
Hunter Show" succeeded "Country Hoedown" on the CBC network
in 1965. It became one of the most popular TV variety programs in the
country, and received international exposure via The Nashville Network
pay TV channel in the US. When the CBC cancelled "The Tommy Hunter
Show" in 1992, it was the longest-running music show on any North
American network. Hunter is known as "Canada's Country Gentleman,"
and has received several J no Awards as Canada's best male country singer.
http://www.fmsystems.net/index.html?frm-r-tommyhunterlink.html
1938 - Jezebel, directed by William Wyler, opened in United States
theaters. The film starred Bette Davis, Henry Fonda, George Brent, and
Fay Bainter. Davis won her second Oscar as a ruthless Southern belle
who goes too far to make fiancé Fonda jealous. Bainter received a Best
Supporting Actress Oscar, and the film was nominated for a Best Picture
Oscar. Bette Davis starred in a series of acclaimed films that won her
Best Actress nominations for five consecutive years: Jezebel (1938),
Dark Victory(1939), The Letter (1940), The Little Foxes (1941), and
Now, Voyager (1942). In 1950, she won the New York Film Critics' Best
Actress Award for her stunning performance as actress Margo Channing
in All About Eve. Her career tapered off in the late 1950s but revived
in 1962 with her leading role in Whatever Happened to Baby Jane?. She
spent most of the 1970s doing television work until cancer forced her
to slow down. In 1977, she became the first woman to receive the American
Film Institute's Life Achievement Award, and her filmography includes
more than 80 works. She wrote two autobiographies, The Lonely Life in
1962 and This 'N' That in 1987, and has been the subject of many biographies.
She died of cancer in 1989.
1938 - The day: the 10th of the month. The movies being celebrated
were for the year 1937, whose numbers add up to 10 (1+9, 3+7); and it
was the 10th Annual Academy Awards. We wonder if these winners were
superstitious or had some reason to think that the number 10 was lucky.
Two awards were won by "The Life of Emile Zola", a Warner
Bros. movie, produced by Henry Blanke, Best Picture honors and Best
Actor in a Supporting Role to Joseph Schildkraut. Other lucky recipients
of the coveted prize awarded by the Academy of Motion Picture Arts and
Sciences at Los Angeles’ Biltmore Hotel were Leo McCarey as Best Director
for "The Awful Truth"; Spencer Tracy for his Best Actor role
(Manuel) in "Captains Courageous"; Luise Rainer for her Best
Actress role (O-Lan) in "The Good Earth"; Alice Brady as the
Best Actress in a Supporting Role (Molly O’Leary "In Old Chicago")
and Harry Owens for his Best Music/Song, "Sweet Leilani" from
"Waikiki Wedding".
http://www.infoplease.com/ipa/A0148062.html
1939 - The Little Princess, starring Shirley Temple and based on
Frances Hodgson Burnett's novel, opened in United States theaters.
1940- Dean Torrance of the surfing music duo of Jan and Dean was
born in Los Angeles. He went to the same high school I did, University
High School in Los Angeles. He
really was a “surfer.” In 1959,
Dean and Jan Berry had their first top-ten hit, "Baby Talk,"
which was arranged by the then-unknown Herb Alpert. Their biggest success
came in 1963 with the number-one song "Surf City," written
by Brian Wilson of the Beach Boys. In 1966, Jan Berry suffered brain
damage when his car rammed into a parked truck in Los Angeles. That
ended Jan and Dean's career, although they have performed together occasionally
since Berry's recovery in 1973. Dean Torrance turned to designing album
covers as head of Kitty Hawk Graphics in Hollywood.
http://www.jananddeanstory.com/
1941 - The Brooklyn Dodgers announced their players would wear
batting helmets for the 1941 season. General Manager Larry McPhail correctly
predicted all baseball players would wear the new devices soon
1944-vibraphone player David Friedman born New York City
http://www.dmprecords.com/CD-503.htm
1945 - 300 United States B-29 bombers devastated Japan's capital
in what became known as the Great Tokyo Air Raid in World War II. The
firestorm they created killed 100,000 people.
http://www.cafb29b24.org/history-b29.shtml
http://history.independence.co.jp/ww2/eng/phtop.html
http://www.smh.com.au/articles/2002/04/11/1018333400535.html
=========Post World War II=========
1948 -- Zelda Fitzgerald
and eight other women killed in sanitarium fire in Asheville, North
Carolina. Trapped on the third story, she dies at 48. . Both she and
her husband were alcoholics, which affected her earlier than it did
F. Scott. ( here is corroboration of the date, but go
back to the beginning
and read the chronological series of her life
to better understand their “condition.”
Simply put: Once you become a pickle, you can’t go back to being
a cucumber.
http://www.zeldafitzgerald.com/chronology/chronology_30.asp
More information of Zelda Fitzgerald
http://www.sc.edu/fitzgerald/zeldabib.html
http://www.poprocks.com/zelda.htm
http://www.alabamatravel.org/central/szfm.html
http://www.zeldafitzgerald.com/chronology/chronology_30.asp
1949—Top Hits
Far Away Places -
Margaret Whiting
Powder Your Face
with Sunshine - Evelyn Knight
Galway Bay - Bing
Crosby
Don’t Rob Another
Man’s Castle - Eddy Arnold
=========1950’s=========
1956 - Louisa May Alcott's popular novel, Little Women, was again
adapted for the screen, and opened in movie theaters on this date. This
version starred June Allyson, Peter Lawford, Margaret O'Brien, Elizabeth
Taylor, Janet Leigh, Rossano Brazzi, and Mary Astor. The film won an
Oscar for Best Art Direction-Set Decoration, Color (1949).
1957—Top Hits
Young Love - Tab
Hunter
Young Love - Sonny
James
Round and Round -
Perry Como
There You Go - Johnny
Cash
1959 - Tennessee William's play "Sweet Bird of Youth",
opened at the Martin Beck Theatre in New York City, starring Geraldine
Page, Paul Newman, Rip Torn and Diana Hyland. Critics called Page “fabulous”
and said Newman was “the perfect companion piece.”
1959- Elvis Presley's "I Need Your Love Tonight" backed
with "A Fool Such as I" is released on RCA Records. The following
day, based on advanced orders for the disco totaling nearly one million,
RCA ships a gold record for the platter to Elvis, who is stationed in
Germany.
=========1960’s=========
1960 -a heavy snowstorm left 10 inches in Georgia, 22 inches
in Tennessee, 24 inches in Kentucky and 15 inches in Virginia. Many
buildings collapsed from the weight of the snow.
1961- Twenty-two year old songwriter Jeff Barry whose "Tell
Laura I Love Her" was a Top Ten hit for Ray Peterson, signs an
exclusive writing and recording deal with Trinity Music. In 1962, he
hooks up with Phil Spector and Shadow Moaton, and with his new wife
Ellie Greenwich, they start cranking out the hits. They include "Da
Doo Ron Ron" and "Then He Kissed Me" (Crystals), "Be
My Baby" (Ronettes), "Chapel of Love" (Dixie Cups), "Do
Wah Diddy" (Manfred Mann), "Leader of the Pack" (Shangri-Las)
"River Deep , Mountain High" (Ike and Tina Turner), "Hanky
Panky" (Tommy James) and "Cherry Cherry" (Neil Diamond).
1965—Top Hits
My Girl - The Temptations
The Jolly Green Giant
- The Kingsmen
Eight Days a Week
- The Beatles
I’ve Got a Tiger
by the Tail - Buck Owens
1965 - Walter Matthau
and Art Carney opened in one of Neil Simon’s greatest theatrical triumphs,
"The Odd Couple"; which would also become a television hit
starring Tony Randall as the tidy Felix Ungar and Jack Klugman as slovenly
sportswriter, Oscar Madison.
1965-Heather Farr,
golfer born at Phoenix, AZ. Farr
was an outstanding amateur golfer and a promising member of the LPGA
tour when she was stricken with breast cancer in 1988.
Radical treatment allowed her to fight the disease with great
courage for five years without losing her spirit or sense of humor. In Farr’s honor, the LGPA annually present
the Heather Farr Player Award to the golfer, “who, through her hard
work, dedication, and love of the game of golf, has demonstrated determination,
perseverance and spirit in fulfilling her goals as a player.” Died November
20,1993.
http://www.grayhawkgolfclub.com/heather.html
http://www.lpga.com/utility/index.cfm?cont_id=134225
1968 -- César Chávez breaks
his fast at a mass in Delano's public park with 4,000 supporters at
his side, including Senator Robert Kennedy.
http://www.sfsu.edu/~cecipp/cesar_chavez/achieve.htm
1969 - James Earl Ray was sentenced in Memphis, Tennessee, to 99
years in prison for the murder of Martin Luther King Jr. in April 1968.
The King family believes he is not the one who pulled the trigger.
=========1970’s=========
1973—Top Hits
Killing Me Softly
with His Song - Roberta Flack
Dueling Banjos -
Eric Weissberg & Steve Mandell
Love Train - O’Jays
’Till I Get It Right
- Tammy Wynette
1977- Pink Floyd's album "Animals" was certified platinum
- one million copies sold - in the US.
1978-“The Incredible Hulk” premieres on TV. A wonderfully campy action series based on
the popular Marvel comic books as well as a modern-day Jekyll and Hyde
story. Bill Bixby played the
erudite scientist, Dr. David Banner, who accidentally exposed himself
to a gamma radiation. When provoked, Banner metamorphosed into the shirt-shredding,
body-baring, green-skin, snarling Neanderthal Hulk. The 6’5” 275-lb
former Mr. Universe, Louis Ferrigno, played the largely non-speaking
part of the Hulk.
1978- The Bee Gee's "Night Fever" moves into the #1
spot on the chart. It replaces another Gibb Brothers tune, "Stayin'
Alive."
=========1980’s=========
1981-New Denver Broncos owners Edgar F. Kaiser, Jr., named Dallas
Cowboys offensive coordinator Dan Reeves head coach. In 12 seasons, Reeves too the Broncos to three
Super Bowls and compiled a 117-79-1 record.
1981—Top Hits
I Love a Rainy Night
- Eddie Rabbitt
9 to 5 - Dolly Parton
Keep on Loving You
- REO Speedwagon
Do You Love as Good
as You Look - The Bellamy Brothers
1982- known as the Jupiter effect, the much-talked-about and
sometimes-feared planetary configuration of a semi-alignment of the
planets on the same side of the sun occurred on this date without causing
any of the disasters or unusual natural phenomena that some had predicted.
1985 - The Dallas Mavericks' Dick Motta became the fourth coach
in the National Basketball Association to win 700 games as the Mavs
beat the New Jersey Nets 126- 113. The three other coaches in NBA history
to have that many wins were: Red Auerbach (938 games), Jack Ramsey (733
games) and Gene Shue (717).
1986-A Green Beret camp was overrun by about 2000 North Vietnamese
troops after a 72-hour siege. About 200 U.S. and South Vietnamese troops
were killed or captured at the Special Forces base in the Ashau Valley.
1986 -severe thunderstorms and tornadoes hit Indiana, Kentucky,
and Ohio. A total of 19 tornadoes occurred. 3 of the tornadoes in Indiana
reached F3 intensity (winds 158-206 mph). A densely populated subdivision
of southeast Lexington, Kentucky was heavily damaged by a tornado. 20
people were injured and 900 homes were damaged or demolished. A very
strong thunderstorm downburst hit the Cincinnati area. At the Greater
Cincinnati airport, windows were blown out of the control tower, injuring
the 6 controllers on duty. At Newport, Kentucky, 120 houses were destroyed
from winds estimated from 100 to 140 mph.
1989—Top Hits
Lost in Your Eyes
- Debbie Gibson
The Lover in Me -
Sheena Easton
The Living Years
- Mike & The Mechanics
I Still Believe in
You - The Desert Rose Band
1989 -34 cities in
the central and southwestern US reported record high temperatures for
the date. The high of 85 degrees at Hanksville, Utah was a record for
March and Pueblo, Colorado equaled their March record of 86 degrees.
Hill City, Kansas warmed from a morning low of 30 degrees to an afternoon
high of 89 degrees.
=========1990’s=========
1990 - American Jennifer Capriati, at 13 years and 11 months,
became the youngest player ever to reach the final of a professional
tennis tournament, an event in Florida.
1993-Giants Hire a Woman PA Voice: The San Francisco Giants made
baseball history by hiring Sherry Davis to be the team’s public address
announcer. Davis, a legal secretary, became the first woman PA voice
in the major leagues after having done voice-over work since 1981.
1993- Michael Jackson, in a live TV interview with Oprah Winfrey,
said he had an inherited disorder that causes skin pigmentation to fade.
He denied altering most of his face, but did admit to minor cosmetic
surgery. Jackson also said he finds the comfort in children and animals
that he missed in a friendless, workaholic childhood. In the wake of
Jackson's first solo interview in nearly a decade, sales of his "Dangerous"
album, released 14 months earlier, skyrocketed
1995- Citing the labor unrest as the reason, former Chicago Bulls
great Michael Jordan announces he is leaving baseball to return the
NBA.
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