Passion Project
I am currently shooting a documentary in regards to the world of competitive eating, at first it started off as a “passion” project. I was very fascinated by the sport through a good friend of mind who happen to be an up and coming competitor.
The documentary, like any project had certain costs that I
just absorbed because of the nature of the project, but after listening to this
podcast I learned something very significant regarding having the capacity to
deduct the expenses that I incur from my main salary.
In the Storey v. Commission of Internal Revenue case the
court ruled that the filmmaker, Ms. Storey, “had met her burden of proving that
she set out to make a profit in her filming of Smile ‘Til It Hurts.” The court
also ruled that she was able to deduct her losses from the income that she
earned as a lawyer.
This case will have a positive impact on the documentary
film industry as a whole, because in most cases documentary films are most done
out of the love of a certain topic.
Kareem's Documentary Woes
I grew up watching the Laker star Kareem Abdul-Jabbar. I even saw the documentary film that he produced that was based on his book, “On The Shoulders of Giants:My Journey Through The Harlem Renainssance.” Though the documentary was good, I had no idea how much Kareem had to go through to get the film produced.
I grew up watching the Laker star Kareem Abdul-Jabbar. I even saw the documentary film that he produced that was based on his book, “On The Shoulders of Giants:My Journey Through The Harlem Renainssance.” Though the documentary was good, I had no idea how much Kareem had to go through to get the film produced.
According to reports, he hired a film production company for
$1 million to have the film due to be considered in the Sundance Film Festival.
The hired production company ends up not following through
on the promises of producing a full-length film and caused Kareem not to show
the film on his desired date. If I was Kareem, I would have been upset as well,
seek $3 million dollars in damages.
My take away from this case is, if I am hired to do a documentary film for a client.
I should take the time to ensure my client that I am able to handle the size of
the project. Also, an area where the
production dropped the ball is not getting all required liscenses to include in
the film, which delayed production.
CrowdFund Your Next Film
One thing that I have learned in co-producing my first short documentary film is that it takes money to actually make it great. Sometimes, finding investors who are willing to bet on you and your film could be hard to come by. Investors automatically want to know how they are gonna make their money back.
One thing that I have learned in co-producing my first short documentary film is that it takes money to actually make it great. Sometimes, finding investors who are willing to bet on you and your film could be hard to come by. Investors automatically want to know how they are gonna make their money back.
In comes President Obama’s, “JOBS Act”, (JumpStart Our
Business Startup Act). This act is geared to help up and coming start-ups get
access to capital through an alternative method, called crow-sourcing.
Sites like, KickStarter or IndieGoGo have already been
springing up, but this Act will give real investors an opportunity to gain
equity in projects.This is good to know as I begin seeking investment to help
finish the film.
Podcast References:
Passion project
http://www.entertainmentlawupdate.com/2012/05/episode-031-terminations-taxes-and-takedowns/
Kareem’s Documentary
http://www.entertainmentlawupdate.com/2010/04/entertainment-law-update-podcast-episode-10-use-the-force-big-boy-and-watch-out-for-beyonces-undies/
Crowdfunding films
http://www.entertainmentlawupdate.com/2012/04/episode-30-jobs-act-crowdfunding-limited-editions-and-more/
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