David Hockney the Order of Merit, an honour restricted to 24 members at any one time for their contributions to the arts and sciences. He was a Distinguished Honoree of the National Arts Association, Los Angeles, in 1991 and received the First Annual Award of Achievement from the Archives of American Art, Los Angeles, in 1993. He was appointed to the Board of Trustees of the American Associates of the Royal Academy Trust, New York in 1992 and was given a Foreign Honorary Membership to the American Academy of Arts and Sciences, Cambridge, Massachusetts in 1997. In 2003, Hockney was awarded the
Restricted stock structure their restricted stock awards). Employees pay income tax on the value of the restricted stock in the year in which it vests, and then pay capital gains tax on any subsequent appreciation or depreciation in the value of the restricted stock in the year in which it is sold. A grantee of restricted stock may make an "83(b) election" to recognize the income from the restricted stock grant based on the fair market value of the restricted stock at the time of the grant, rather than at the time of vesting. This is often desirable to minimize income tax