Daily Report for Executives Index-Summary

DEBT

See also BANKRUPTCY
– Accounting

– – Classifying instruments with equity traits, IASB, FASB plan to explore new approach, 206:I–3 (10/28/09)
– – Convertible debt issuance, FASB issues update on share lending arrangements, 197:G–1 (10/15/09)
– – Credit quality disclosures, credit loss allowances, FASB project to stay independent of financial instruments work, 197:G–5 (10/15/09)
– – Deferred tax assets, liabilities, FASB includes in financial instruments project, Chrm. Herz says, 197:G–7 (10/15/09)

– COI income

See MUTUAL FUNDS; PARTNERSHIPS; S CORPORATIONS

– Collateralized debt obligations

See DERIVATIVES

– Credit cards

See CREDIT CARDS

– Foreign firm's loan origination ruling unique to facts, IRS officials stress, 198:G–6 (10/16/09); text of Advice Memorandum, 193:TaxCore (10/8/09); premise of IRS legal memo shaky, demonstrates need for formal published guidance, Viewpoint, 199:J–1 (10/19/09)
– Mortgage debt

See MORTGAGES

– Partnership COI income

See PARTNERSHIPS

DEDUCTIONS

– Business expenses

See TRADE OR BUSINESS EXPENSES

– Charitable donations

See CHARITABLE CONTRIBUTIONS

– Depreciation amounts

See DEPRECIATION

– Executive pay

See EXECUTIVE COMPENSATION

– Itemized deduction cap

See HEALTH CARE REFORM

– Pension plan contributions

See PENSIONS

– Standard deduction, IRS announces inflation increase only for heads of household in 2010, 198:G–1 (10/16/09)

DEFENSE DEPARTMENT (DOD)

– Climate change

– – DOD to include analysis as threat in its Quadrennial Defense Review, 189:A–18 (10/2/09)
– – Navy to be challenged by greenhouse gas regulations, official says, 198:A–17 (10/16/09)

– FY2010 appropriations

See LEGISLATION, FEDERAL, HR 3326

– FY2010 budget authorization

See LEGISLATION, FEDERAL, HR 2647*

DEFERRED COMPENSATION

– Limits, GAO urges IRS to improve use of W-2 data, 192:G–1 (10/7/09)
– Nonqualified plans

– – Document corrections program for §409A may be released in weeks, IRS official says, 206:G–1 (10/28/09)
– – Errors, attorney urges §409A plan corrections via Notice 2008-113 to avoid penalties, 195:G–5 (10/13/09); attorney reviews most likely causes of noncompliance, discusses correction program, 199:G–7 (10/19/09)
– – NYSBA recommends revisions for §457A, 191:G–3 (10/6/09); NYSBA tax section letter, report, 191:TaxCore (10/6/09)
– – Treaties list, PLRs will not be part of §457A rules, official says, 207:G–5 (10/29/09)

– TARP rules, §409A, and §457A conflicts, Treasury counsel tells conference government must issue consistent pay rules, 207:G–3 (10/29/09)

DENMARK

– Tax review, Danish Economic Council report assails “tax freeze,” urges property tax reform, 206:I–2 (10/28/09)
– Taxpayer burden down, government claims, tax consultant doubtful, 194:I–3 (10/9/09)

DEPRECIATION

– Federal bonus, House Speaker Pelosi (D-Cal) calls for one-year extension, 202:G–8 (10/22/09)

DERIVATIVES

– Embedded derivatives

– – FASB shortens comment period on accounting guidance, scope exception, 193:G–2 (10/8/09); FASB issues revised rules to tighten exception, 196:G–2 (10/14/09)
– – IASB decision risks split with FASB, 192:I–1 (10/7/09)

– Oversight

– – CFTC Chrm. Gensler tells House panel that commission capable of regulating OTC markets, 192:EE–3 (10/7/09); enforcement authorities of CFTC and SEC must be expanded for effective oversight, both agencies say, 199:EE–8 (10/19/09); Gensler pushes for limiting exemptions under regulatory reform plan, 202:EE–6 (10/22/09); Gensler says legislation needs to contain mandate for end-users to clear derivatives, 204:EE–8 (10/26/09)
– – European Comm'n outlines legislative plan to impose regulatory regime, increase swap fees, 201:EE–3 (10/21/09)
– – Global OTC supervisors agree to major overhaul of bilateral collateralization, 198:EE–15 (10/16/09)
– – Harmonization report on regulation of OTC derivatives to be issued Oct. 15, SEC and CFTC announce, 188:EE–11 (10/1/09)
– – House Financial Services Chrm. Frank (D-Mass) circulates discussion draft of bill to regulate OTC derivatives, 190:EE–17 (10/5/09); CFTC's Gensler and SEC's Hu point out potential problems, 193:EE–9 (10/8/09); Frank says markup to begin, 195:EE–8 (10/13/09); further action, see LEGISLATION, FEDERAL, HR 3795
– – Registration of investment advisers with SEC

See LEGISLATION, FEDERAL, HR 3818

– – Treasury proposal, if passed, would require CFTC to significantly increase staff, Comm'r Chilton says, 188:EE–13 (10/1/09)

DEVELOPING COUNTRIES

See also specific countries or regions
– Climate change

– – Adapting to global effects will cost developing countries between $75B and $100B annually through 2050, World Bank report, 189:A–3 (10/2/09); summit speakers say global efforts needed to help developing nations with adaptation, 190:A–7 (10/5/09); major economies agree on need to boost public aid to climate-vulnerable nations, 200:A–17 (10/20/09)
– – Wealthy nations “conspiring” to shift responsibility, developing countries say, 192:A–16 (10/7/09)

– Economic outlook, World Bank President Zoellick calls for new crisis facility, 190:EE–4 (10/5/09); world may be emerging from recession, but problems of developing countries continue, chiefs of World Bank and IMF say, 192:EE–1 (10/7/09)
– Generalized System of Preferences duty-free program, USTR announces petitions accepted in 2009 annual product review, 204:A–10 (10/26/09)
– Trade liberalization benefits undermined by high percentage of workers in informal sector, ILO-WTO report, 196:A–5 (10/14/09)

DHS

See HOMELAND SECURITY DEPARTMENT (DHS)

DISASTER RELIEF

– Tsunami victims of American Samoa given tax relief, 189:G–11 (10/2/09)

DISCRIMINATION

– Genetic Information Nondiscrimination Act

See HEALTH INSURANCE

DOD

See DEFENSE DEPARTMENT (DOD)

DOJ

See JUSTICE DEPARTMENT (DOJ)

DOT

See TRANSPORTATION DEPARTMENT (DOT)

DRINKING WATER

– Aircraft Drinking Water Rule to become effective in 2 stages starting 18 months after publication, EPA announces, 192:A–15 (10/7/09)
– Ammonium perfluorooctanoate contamination, medical monitoring upheld, but lawsuit brought against DuPont dismissed (S.D.W.Va.), 189:A–26 (10/2/09); correction, 199:A–28 (10/19/09)
– Emerging contaminants survey detailed, EPA responds to questions about its usefulness, 190:A–25 (10/5/09); researchers at EPA anticipate about 25 water utilities will take part in voluntary survey of more than 200 contaminants, 204:A–9 (10/26/09)
– FY2010 program funding

See LEGISLATION, FEDERAL, HR 3183*

– MTBE contamination, ExxonMobil will not be liable for punitive damages in lawsuit brought by N.Y. City (S.D.N.Y.), 198:A–30 (10/16/09); jury concluded company must pay almost $105M in compensatory damages, 200:A–26 (10/20/09); correction to 198:A-30, 200:A–29 (10/20/09)
– Security standards

See LEGISLATION, FEDERAL, HR 3258

DRUGS AND PHARMACEUTICALS

– Antitrust

– – AndroGel generic version, FTC can videotape testimony of executives of drug firm during investigation into unlawfully delaying entry to market (D.C. Cir.), 205:A–6 (10/27/09)
– – Cholesterol drugs Vytorin and Zetia, Merck and Schering-Plough agree to settle suits alleging overcharges (D.N.J.), 204:A–11 (10/26/09)
– – Desmopressin acetate tablets, drug purchaser plaintiffs have standing to raise antitrust claims in case involving patent that has been declared unenforceable due to inequitable conduct (2d Cir.), 200:A–25 (10/20/09)
– – Pfizer acquisition of Wyeth, Canadian Competition Bureau obtains consent agreement for significant divestitures to resolve anti-competitive concerns, 197:A–34 (10/15/09); FTC approves acquisition, 198:A–8 (10/16/09); pharmacists file amended complaint to halt merger (N.D. Cal.), 199:A–17 (10/19/09)

– Biosimilars pathway, governors urge Congress to include in final health care reform legislation, 188:A–4 (10/1/09); Senate HELP Comm. bill includes provision to create pathway, 4 senators urge inclusion in final bill, 196:A–7 (10/14/09)
– Combination products, FDA proposes rule on postmarket safety reporting, 189:A–2 (10/2/09)
– Emergency contraception, rehearing in lawsuit over Wash. state rules denied (9th Cir.), 208:A–5 (10/30/09)
– Fraudulent marketing of anti-psychotic drug Zyprexa, S.C. settles lawsuit against Eli Lilly for $45M (S.C. Cir. Ct.), 206:A–11 (10/28/09)
– Funding received from pharmaceutical companies, Grassley (R-Iowa) asks Natl. Alliance on Mental Illness (NAMI) to disclose information, 204:A–4 (10/26/09)
– Generics, prohibiting brand-name companies from delaying entry into market

See LEGISLATION, FEDERAL, S 369

– Patents

– – Biologics, 12 years of data exclusivity too lengthy for brand-name products, PCMA and NCHC say, 197:A–6 (10/15/09)
– – Galanthamine to treat Alzheimer's disease, patent application fails to meet enablement requirement of §112 of Patent Act (Fed. Cir.), 188:A–6 (10/1/09)
– – Thiopurine drugs for treatment of autoimmune diseases, claimed methods for calibrating proper dosage patentable subject matter (Fed. Cir.), 188:A–10 (10/1/09)

– Post-marketing drug studies, FDA failing to effectively oversee, GAO report, 206:A–2 (10/28/09)
– Schering-Plough swap transactions, IRS counsel Dorfman addresses loan ramifications, Subpart F issue in case, 192:G–8 (10/7/09)