Security depends not so much upon how much you have, as upon how much you can do without
— Joseph Wood Krutch, born in 1893
Mystery surrounds the way some CBA credit cards are compromised ...
Disruptive Change in the Taxi Business: The Case of Uber – Judd Cramer, Alan B. Krueger – NBER Working Paper No. 22083 – Issued in March 2016
Hard-drive-scrambling ransomware menaced more than 2,000 systems at San Francisco's public transit agency on Friday and demanded 100 bitcoins to unlock data, The Register has learned
“I’m mad as hell and I’m not going to take it anymore!”: Understanding anger in the Donald Trump era Salon. Remember that the expression of anger is taboo in the political class. Hence the necessity for stories such as this
Shell Companies: The quiet town in Britain that became a porn hub
In some ways the new world we have entered is not as novel as it looks. In reducing its global role, the US is returning to the more historically normal position it held in the 19th century as one of several great powers.
MIT Sloan Management Review, 14/11/16. There is a growing belief that sophisticated algorithms can explore huge databases and find relationships independent of any preconceived hypotheses. But in businesses that involve scientific research and technological innovation, the authors argue, this approach is misguided and potentially risky
TAXPROF ROUNDUP: The IRS Scandal, Day 1295. I love how after 8 years of Lois Lerner, Eric Holder, and Loretta Lynch, the folks at Politico are suddenly worried about the politicization of the civil service
DOGS HAVE EPISODIC-LIKE MEMORY SIMILAR TO OURS: Your dog is watching you very carefully and remembers what you do. But you know that. At least, unlike cats, dogs don’t keep lists
There's an incredible theory on why George Brandis and Justin Gleeson fell out, involving Alan Bond and the ATO
Meet the man who Brandis and WA are jilting in Bell saga
Crown assembles legal war room in act of 'a--- covering'
“As God as my witness, I thought turkeys could fly”
This paper explores how the low-income households change the quality of their food basket when they experience a budget increase. I use the variation in the monthly household budget coming from the exogenous variation in the winter temperature that directly affects the heating bills. I show that in response to a higher budget available the expenditure share on healthy food does not increase. I find that households increase the share of expenditure on fruits, but they purchase fruit products with a higher amount of sugar. My findings suggest that there are important trade-offs in policies that subsidize food expenditure because these policies allow low-income households to purchase more of the healthy as well as the unhealthy food products
To bring data-driven insights to new audiences, we issued a challenge to the private sector to help build new tools that make our data more actionable. In response, we’re announcing another free, open and public tool built bySocrata that makes a valuable data set from the U.S. Census Bureau more accessible—Small Area Health Insurance Estimates (SAHIE). The SAHIE program annually produces timely estimates for all counties and states, with detailed demographic and income data as well. SAHIE rely heavily on American Community Survey estimates and related administrative records data….”
“November 23, 2016 – Eight years on, the legacy of the financial crisis continues to reverberate, in economics and politics. How did it happen? What lessons can we learn? The winner of this year’s Financial Times and McKinsey Business Book of the Year award, Sebastian Mallaby‘s The Man Who Knew, adds to the debate by recounting the pivotal role played by former Federal Reserve chairman Alan Greenspan. The award was presented on Tuesday night at a ceremony at the National Gallery in London by Financial Timeseditor Lionel Barber and Vivian Hunt, managing partner of our United Kingdom and Ireland office. Vivian describes The Man Who Knew as “marrying the biographer’s humanizing touch with a fascinating inside look at how policy decisions are actually reached in the real world….”
Hawaii swap flop. The like-kind exchange rules under Section 1031 can make it easy to roll the gain from one property into new property while deferring gain. It’s not automatic, though, as a Hawaiian real estate company learned yesterday in Tax Court.
The Tax Court sided with the IRS. The result isn’t really a surprise, as it has decided similar cases, including another case involving Hawaii taxpayers with similar facts. The taxpayer pointed out some differences in the facts, but the judge said the differences didn’t matter:
In sum, by employing a deferred section 1031 exchange transaction to dispose of the Maryland property, petitioner and MIL, viewed in the aggregate, “have, in effect, ‘cashed out’ of the investment”…The Moral? Like kind exchanges with related parties can work. Having an intermediary buy property from a related party to qualify a sale to a third-party as a like-kind exchange doesn’t work.
Cite: THE MALULANI GROUP, LIMITED AND SUBSIDIARY, T.C. Memo 2016-209
Jack Townsend, NYT Article on Positive Benefits of Remorse and Contrition at Federal White Collar Sentencing. “One of the major points is the positive sentencing benefit that be gained by sincere shows of remorse and contrition.” That might be harder to pull off if you take the case to trial — giving prosecutors one more club to beat defendants into a plea deal
(1) PCWorld shows you how to test partisanship in your Facebook feed. (2) These are the most fun conspiracy theories on earth, says Bustle. (3) Scholars in Texas find 400 new errors in a history textbook that had been revised because of previous errors. (4) Amazon may soon face its own fake news problem. (5) In case you were wondering how we got to this Facebook fake-geddon, a Twitter timeline; and, The New York Times looked at how fake news actually spreads. (6) A useful taxonomy of misinformation by First Draft's Claire Wardle. (7) Fighting fake news isn't that hard, at least the worst stuff — or is it? (8) Artificial intelligence won't beat fake news, but could a Professor do the trick? What about a crowdsourced list of suggestions? (9) A French philosopher blames post-truth on fact-checkers. Go figure. (10) If you are in Rome next Tuesday, go to this fake news conference.