Law and Analysis The taxpayer relief act of 1997 exempted from taxation the profits on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This exemption applies to residences the taxpayer(s) lived in for at least two years over the last five. Taxpayers can only claim the exemption once every two years Under § 1.121-1 Exclusion of gain from sale of principle residence of the Internal Revenue Code, the sale of the home of Mr. Junkiewicz and his wife in 2013 is not a taxable transaction as
Case Situation (important facts): • New Jersey senator Robert G. Torricelli ran for reelection in 2002 raising more than 2.9 million dollars in campaign funds. • Abruptly quit the race because of “ethical misconduct” Then later was stated “he accepted campaign gifts from a contributor. • Two months after quitting the race he found a lobbying practice called Rosemont Associates that had clients in Taiwan, Puerto Rico, and the United States. • Torricelli gave $10,000 to Illinois Governor and more than $40,000 to a Nevada Democratic party which all linked to the Senate leader Harry Reid. All these politicians had one thing in common which was they all had some influence over Torricelli or his clients business interests.
In an investigative article written by Welch Suggs, he discovers through Internal Revenue Service records that the South Eastern Conference (SEC) took in more than 150 million dollars in revenue in the fiscal year of 2002 (Suggs 46). This does not include what individual universities made from ticket sales and footwear contracts. The flow of this money stops well short of reaching the athletes that are performing to generate it. How is it fair that these athletes be used as slaves for big TV executives and athletic department presidents? When will Congress step in and decide the NCAA does not have an autocratic rule over the funds being generated?
c) How would your answer to part (a) change, if at all, if Charles were not an active participant in his employer’s retirement plan? d) How would your answer to part (a) change if Charles were married and filed a joint return with his spouse, who has no earned income, assuming their combined AGI is $85,000? What would be their maximum IRA contribution deduction? 8) Joe and Jean have five grandchildren, ages 19, 16, 15, 12, and 10. The have established Coverdell Education Savings Accounts (CESA) for each of the grandchildren and would like
STOCK OPTION PAPER Tina Kelly ACC 201 Principles of Financial Accounting Instructor: Susanne Elliot October 15, 2012 In recent months there have been many news stories in the press about executive compensation with stock options. This type of compensation occurs when an executive is granted the “option” to purchase the company’s stock at a certain price sometime in the future. Corporations allow for their CEO’s to purchase options in stocks as an incentive of pay. This allows for them to pay CEO’s a salary of $200,000 annually, however give their CEO’s an opportunity to annually earn tens of millions of dollars. Unfortunately as we have experienced in live situations not all CEO’s follow their ethical responsibility to their organization and society.
However, for the most part main causes of shutdowns are quite balanced between a presidents refusing to sign a bill or vetoing a bill and congress failing to approve a budget to propose to the president to sign (Longley). Simply a government shutdown is a result because: The U.S. Constitution requires
Then I could return to the United States of America as a civilian. There was something else in the works that we were not told about when you sign that lovely contract of marriage. It is a little clause in the bottom of fine print that says we (The Army) can keep you on active duty up to eight years and you have to serve. No one really pays attention to that until that paragraph comes back to bite you in the ass. Well it bit me and bit me hard.
Professional athletes are getting paid more and more as time goes by, before it was $4.7 million now it’s more than $85 million and growing. While people in the U.S. don’t have enough food to eat and the police officers and fire fighters that put their lives at risk everyday don’t even get a quarter of that. Let’s take school teachers for an example they get $38,000 per year, well at least in the U.S. While the minimum starting salary for a basketball player, football player, hockey player and baseball player starts at around $109,000. Don’t you think
What about the enormous salaries some of the higher ranked employees make? For example, one company’s CEO gets paid a whopping $20+ million a year. I don’t care where a person stands in the rankings of company, there’s no reason for any one person to make that much money. The average income of the American working class is between $50,000 and $150,000 per year, it would take a person more than one hundred years to make $20 million. Along with the massive salaries that these CEOs receive, they also have their own private jets, which happened to be the means of transportation they chose to show up in for their meeting with the U.S. Budget Committee.
At the start of his second term of presidency, Jackson vetoed the charter of the second bank. In his veto statement he justified his reasoning as claiming the bank to be favoring the wealthy and not supportive of the rights of the common man. He also declared the recharter unconstitutional, saying that the federal government did not have the authority to establish an institution that would not equally benefit citizens. The bank veto can be seen as one of the most democratic measures Andrew Jackson took during his presidency to enstill the idea of himself as a representative of all people. The veto is important because it decentralized the bank system but because it is an example of challenging the constitution and the president’s ability to veto, which concentrates more power in the executive branch fo the government so that there is limited influence by the elite and