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LLM IN AMERICAN LAW & LLM IN INTELLECTUAL PROPERTY
SEPTEMBER 11, 2009
Introduction to U.S. Legal Sources
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Government of the United States
Legislative Branch passes
Laws
A Law and Regulation may
be interpreted by a Decision made by
the Judicial Branch
The Law is given effect by a
Regulation made by the Executive
Branch
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Legislative Branch
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American Jobs Creation Act of 2004
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108-357108 = # of Congress
357 = # of the law
118 Stat. 1418118 = volume
#1418 = page #
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Sec. 888 Modification of Straddle Rulesof the Public Law Sec. 1092 (a)(2) of the
United States Code
P.L. 108-357 § 888 = 26 U.S.C. §1092(a)(2)
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26 U.S.C. 1092 26 U.S.C. § 1092(d)(3)
(3) SPECIAL RULES FOR STOCK.-For purposes of paragraph (1)-(A)IN GENERAL.- In the case of stock, the term 'personal property‘ includes stock only if
(i) Such stock is of a type that is actively traded and at least 1 of the positions offsetting such stock is a position with respect to such stock or substantially similar or related property or
(ii) such stock is of a corporation formed or availed of to take positions in personal property which offset positions taken by any shareholder.
(B)Rule for Application – For purposes of determining whether subsection (e) applies to any transaction with respect to stock described in subparagraph (A)(ii), all includible corporations of an affiliated group (within the meaning of section 1504(a)) shall be treated as 1 taxpayer.
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26 U.S.C. § 1092(d)(3)
(d)(3) SPECIAL RULES FOR STOCK.-For purposes of paragraph (1)-(A)IN GENERAL.-Except as provided in subparagraph (B), the term 'personal property' does not include stock. (B)Exceptions.-The term 'personal property’ includes-(i) any stock which is part of a straddle at least 1 of the offsetting positions of which is-(I)an option with respect to such stock or substantially identical stock or securities, or(II)under regulations, a position with respect to substantially similar or related property (other than stock), and(ii) any stock of a corporation formed or availed of to take positions in personal property which offset positions taken by any shareholder.(C) SPECIAL RULES.-(i) For purposes of subparagraph (B), subsection (c) and paragraph (4) shall be applied as if stock described in clause (i) or (ii) of subparagraph (B) were personal property.
26 U.S.C. § 1092(d)(3)
(d)(3) SPECIAL RULES FOR STOCK.-For purposes of paragraph (1)-(A)IN GENERAL.-Except as provided in subparagraph (B), the term 'personal property' does not include stock. The preceding sentence shall not apply to any interest in stock.(B)Exceptions.-The term 'personal property’ includes-(i) any stock which is part of a straddle at least 1 of the offsetting positions of which is-(I)an option with respect to such stock or substantially identical stock or securities, or(II)under regulations, a position with respect to substantially similar or related property (other than stock), and(ii) any stock of a corporation formed or availed of to take positions in personal property which offset positions taken by any shareholder.(C) SPECIAL RULES.-(i) For purposes of subparagraph (B), subsection (c) and paragraph (4) shall be applied as if stock described in clause (i) or (ii) of subparagraph (B) were personal property.
26 U.S.C. § 1092(d)(3)
(d)(3) SPECIAL RULES FOR STOCK.-For purposes of paragraph (1)-(A)IN GENERAL.-Except as provided in subparagraph (B), the term 'personal property' does not include stock. The preceding sentence shall not apply to any interest in stock.(B)Exceptions.-The term 'personal property’ includes-(i) any stock which is part of a straddle at least 1 of the offsetting positions of which is-(I)an option with respect to such stock or substantially identical stock or securities, or(II) a securities futures contract (as defined in section 234B) with respect to such stock or substantially identical stock or securities, or(III) under regulations, a position with respect to substantially similar or related property (other than stock), and(ii) any stock of a corporation formed or availed of to take positions in personal property which offset positions taken by any shareholder.(C) SPECIAL RULES.-(i) For purposes of subparagraph (B), subsection (c) and paragraph (4) shall be applied as if stock described in clause (i) or (ii) of subparagraph (B) were personal property.
26 U.S.C. § 1092(d)(3)
(d)(3) SPECIAL RULES FOR STOCK.-For purposes of paragraph (1)-(A)IN GENERAL.- In the case of stock, the term 'personal property‘ includes stock only if
(i) Such stock is of a type that is actively traded and at least 1 of the positions offsetting such stock is a position with respect to such stock or substantially similar or related property or
(ii) such stock is of a corporation formed or availed of to take positions in personal property which offset positions taken by any shareholder.
(B)Rule for Application – For purposes of determining whether subsection (e) applies to any transaction with respect to stock described in subparagraph (A)(ii), all includible corporations of an affiliated group (within the meaning of section 1504(a)) shall be treated as 1 taxpayer.
Codification and Amendment
Deficit Reduction Act of 1984
P.L. 98-369
Tax Reform Act of 1986P.L. 99-514
Consolidated Appropriations Act of 2001
P.L. 106-554
American Job Creations Act of 2004P.L. 108-357
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Executive Branch
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Federal Executive Documents
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58 F.R. 30727
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60 FR 14636
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Code of Federal Regulations
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Judicial Branch: Documents
United States Reports
Federal Reporter 3d
Federal Supplement 2d
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Judicial Branch: Documents
Unofficial Reporter
Federal ReportsFederal Reports 2dFederal Reports 3d
55 F. 78 (1st Cir. 1893) 563 F.2d 1377 (9th Cir. 1973)494 F.3d 590 (7th Cir. 2007)Unofficial
ReporterFederal Supplement
Federal Supplement 2d
384 F.Supp. 1403 (S.D.N.Y. 1974)438 F.Supp.2d 125 (E.D.N.Y. 2006)
Official Reporters United States Reports 389 U.S. 347 (1967)
Unofficial Reporters
Supreme Court ReporterU.S. Supreme Court Reports: Lawyers Edition
88 S.Ct. 507(1967)
19 L.Ed.2d 576 (1967)
Case Citation: Volume Reporter Page Year
389 US 347 (1967)
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Federal Circuits
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Constitution and Enumerated Powers
Federal Government: Article 1 sec. 8
State Government:10th Amendment
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Federal System
Federal Government
Legislative BranchExecutive BranchJudicial Branch
Massachusetts Government
Legislative Branch Executive BranchJudicial Branch
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State Legislative Documents
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1172 Session Laws: Chapter 630, § 2, 1987
Mass. Acts
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Code: Mass. Gen. Laws ch. 167H, § 2
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State Executive Documents
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Massachusetts Code of Regulations
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State Judicial Documents
Official Reporter
Massachusetts Reports 451 Mass. 1012 (2008)
Unofficial Reporter
North Eastern ReporterNorth Eastern Reporter 2d
888 N.E.2d 924 (Mass. 2008)
Official Reporter
Massachusetts Appeals Court Reports
72 Mass. App. Ct. 42 (2008)
Unofficial Reporter
North Eastern ReporterNorth Eastern Reporter 2d
888 N.E.2d 956 (Mass. App. Ct. 2008)