From 1909 to 1912, Mitchell Bros. Co. paid taxes according to its land value of$40 per acre ($99/ha) when it should have only been taxed on its land value of $20 per acre ($49/ha) since the Corporate Excise Tax Act was enacted only in 1909. The U. S. Supreme Court ruled that the said company is to be taxed only on the increase in value after 1908. This case reflects that in any situation, retroactive tax is to be imposed according to the enactment date of a Congress Act. In the present situation with the 16th Amendment, taxpayers are fighting for the retroactive imposition of tax on incomes. Another argument on income tax had been raised regarding the definition of ‘income”.
ABN used an independent auditor to keep its books. ABN completed more than two dozen acquisitions which expanded its business scale and scope. American Bank Note Holographic (ABNH) spun off of ABN and went public in 1998. Upon doing so, ABNH sold 13.6 million shares and retained no shares for itself, raising $107 million after paying the banks that ran the offering. It had no cash and inherited an obligation to repay bank debt that was taken out when ABNH was a subsidiary of ABN.
Germany experienced a period of political calm, economic development and social progress in the mid 1920’s. How far do you agree with this statement? Within the mid 1920’s Germany had experienced some political calm, economic development and social progress. This included the Dawes plan and the Young Plan which gave Germany loans from the USA and that the French and Belgians would withdraw from the Ruhr meaning that they gain more responsibility. Also, the increased level of production within Germany meant that the industry would grow, and the social welfare constitution proved that the public would have backing from the government with pensions and benefits.
To make up for the revenue shortfall that the reduction in rates caused, the law included a provision for implementing the federal income tax provided for in the just-ratified Sixteenth Amendment. A congressional investigation found that the country's credit and money policies were largely controlled by a handful of eastern banks. The administration's response to this discovery was the creation of the Federal Reserve System. Under the Federal Reserve Act (1913), Federal Reserve banks were set up in 12 regions across the United States. The cornerstone of Wilson's antitrust policy was the Federal Trade Commission (1914) which was intended to
In addition contract law defines certain circumstances that may excuse one or both parties from performing their obligation in the agreement. In the scenario Big Time Toymaker both parties never initiated a blinding distribution contract even though both parties had an oral distribution agreement, three days before the 90-day deadline. It is clearly stated in the original negotiating contract no distribution agreement will be engaged unless the contract is in writing. After both parties had a meeting, Chou was in the process in drafting the distribution contract which formalized their final agreement. Before he could finish draft, BTT managers send out an e-mail with the subject “Strat Deal” projecting the outline of the key points of the distribution agreement focusing on time frames, price and obligations of both parties.
The Discovery The embezzlement of funds took place as a carefully guarded secret. Neither the Board of Directors nor the outside auditor, Price water-house Coopers detected the fraud. Even the Securities and Exchange Commission did not probe into the company till June 2002. An interesting question is how did the CEO and CFO keep it under wraps for a period of around 4 years? Firstly, Kozlowski only allowed a handful of fellow employees and confidants to work with him at the Tyco headquarters in New Hampshire.
There were several difficulties, above and beyond the standard calculation of Pro Forma statements, that we encountered. As we analyzed K-Mart's balance sheet and income statement for the year ended January 1, 2002, we noticed many expenses that are random in nature along with special equity financing (already in place) that required payment of dividends – in the case of K-Mart, paid out of retained earnings as they recorded a net loss and no funds available for distribution in both 2001 and 2000. Although official plans had not yet been made to formally restructure the organization, K-Mart's financial statements elude to an almost certain, soon-to-come buyout. After the first attempt at a Pro Forma statement, we found that K-Mart is expected to yield a net loss – which is no surprise as they had done so in the prior 2 years. With a net loss, we presumed that no dividends would be paid to common stockholders; however, there is evidence of a collection of outstanding equity that requires dividends.
This case presents several interesting facets. According to the information presented, Marshall and Wyatt were the independent auditors of Interstate Land Development Corporation for many years. What is known is that 1) Marshall and Wyatt have been the auditors for Interstate Land Development Corporation for several years; apparently from 2002 to 2010. 2) It is also known that they did not file taxes for Interstate. 3) The available tax information would be provided via the finance statement.
Fingerprinting has been serving law enforcement and the government for more than 100 years. The unique thing about fingerprints is that no two fingerprints have ever been proven to be exactly alike. Billions of fingerprints have been entered into databases and logged into computer applications. When fingerprints are compared to other fingerprints, it shows that none of them are exactly alike, not even with identical twins. In 1977, the first professional certification program was established to issue certification to individuals who have met very strict criteria on identifying fingerprints.
The company outsourced their infrastructure management to Qdata, an early entrant into the colocation business. It was selected primarily due to its proximity to the iPremier corporate office, and hence no other evaluations of other colocations were performed nor a deep evaluation of Qdata’s capabilities. Qdata provided basic data center services: floors space, connectivity,