GET SMART
About Special Manufacturing Deductions
This graphic novel parodies the classic television show GET SMART and blends humor with a substantive tax overview of Internal Revenue Code section 199. Section 199, which contains special rules for the film and television industry, was enacted as an incentive to create U.S. jobs and U.S. based production. It provides a special deduction for domestic production activities. The deduction, unlike section 181 which was enacted specifically to combat "runaway film production," is particulalrly significant since it provides a permanent financial statement benefit in the form of effective tax rate reduction.
About the primary authors:
Jeffrey Tolin JD, LLM. Prof. Tolin is an adjunct professor in the Tax LLM Program at Loyola Law School, where he teaches Tax Strategies for the Digital Age. He is tax principal and senior tax advisor for the entertainment industry at Ernst & Young LLP. He has authored numerous books and articles on taxation of the entertainment industry and is a member of the Motion Picture & Television Tax Institute. He is a graduate of NYU’s Tax LLM program.
Michael H. Salama is the Vice President – Tax Administration & Senior Tax Counsel for The Walt Disney Company. Michael is a former member of the IRS Commissioner’s Advisory Group, a former senior trial attorney for the IRS, and serves on a variety of educational boards including the Georgetown University Advanced SALT Institute. Salama is the primary author of BNA Tax Management Portfolio 599, Film Production: Basis Recovery and Federal Incentives.
If you would like to purchase a hard copy of the graphic novel, please send a check or money order for $5 per copy to:
Byllie Richardson
Loyola Law School
919 Albany Street
Los Angeles, CA 90015
For any questions, please contact Jennifer Kowal, Tax LLM Program Director, at 213-736-8349.