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
Iowa Supreme Court orders furlough on Monday Associated Press February 16, 2009 DES MOINES, Iowa - The Iowa Supreme Court is closing all state court offices on Monday to save money during tough budget times. The decision to close the court on President’s Day means an unpaid day for about 1,600 employees at a savings of more than $335,000. Judges and magistrates are the only court employees who will work on the furlough day because their salaries are set by the Legislature and handled separately. The furlough is planned for President’s Day because it’s a federal holiday when court officials anticipate less impact on the public because other government agencies also are closed. Gov.
The Auditor had found only 3 percent of the total donation went to the university and 5 percent were used for administrative. On the other hand the brothers were the owner of Records of Wheels, then in 2004 it changed its name to Entertainment One Income Fund, and the CEO became Darren Throop. After that the Ierullo’s were not there anymore and the vice president of the Company said the brothers do not have a financial stake there. The CRA had found The Latitude appeared inactive since 2007, and reporting less than 5000 dollars in total assets in 2011. The auditor conclude about 90 percent of the donations were used for Life insurance scheme and only 10 percent went for charitable purpose.
On March 3, 1995 Dr. Vernon Robertshaw leased a Fluoroscan imaging machine from Fluoroscan Imaging Systems Inc. of Northbrook, Illinois. Dr. Vernon Robertshaw paid a deposit of $1,579.52 U.S and was to pay monthly rental of $686.75 U.S for 60 months. The said machine was unique and it was designed to produce continuous images. Unfortunately machine did not work and plaintiff returned it to defendant for repair three times during the first year. Defendant was unable to correct the defects of that machine and he assigned the lease to Trans Leasing International that company bought out by General Electrical Capital Corporation.
| Math 103 Final Project – Parts 1, 2, and 3 | | | Math 103 Instructor: Toni Robertson December 11, 2010 Math 103 Instructor: Toni Robertson December 11, 2010 Part 1: 1a. What is the shortest loan (36 months, 48 months, 60 months or 72 months) that has a monthly payment within your $500 budget that will allow you to buy the $15,000 car? Answer: Through Bank of America, I found a rate of 2.99% for the 36, 48 and 60 month loans. We are able to put down 20% and will need to finance $12,000. The shortest loan period for the $15,000 car that would be under our $500 limit is the 36 month loan at a rate of $348.93 per month.
Charlene A. Porter Attorney at Law 3075 Veterans Memorial Highway, Suite 200 Ronkonkoma, NY 11779 631-878-2510 Fax: 631-878-2315 Email firstname.lastname@example.org November 30, 2012 Mary Kate Peterson 74 Laurel Drive Smithtown, NY 11787 RE: Mary Kate Peterson Dear Ms. Peterson, Thank you for meeting us last week. In this letter We will provide you with our legal opinion. You and Mr. Peterson are legally separated and you received a decree of separation a year ago. Jon died last month, leaving no will and his estate is worth $500,000. You and Mr. Peterson have no children together, but Jon’s mother is still living.
Personal Finances: Personal Yearly Budget, Personal Balance Sheet, Personal Statement of Cash Flows Client Deborah Marks is a single, Caucasian female, aged thirty-two, with no spouse and has never been married. She has two children, both boys, ages eight and two. She is currently enrolled in her Master's of Science Accountancy program with an online institution, and holds an Associate of the Arts Accounting and a Bachelors of Science Business with a concentration in Accounting. Deborah Marks works third shift to eliminate the need for child care since her mother watches her children free of charge while she works. She makes $10.00 an hour and works part-time, twenty-one hours a week.
MEMORANDUM To: From: Date: Re: State v. Lucky ____________________________________________________________ ____________ STATEMENT OF FACTS Our client, Lillian Lucky (“Lillian”), has four children ages four, five, six, and seven. Lillian and the children lived with Lester Lucky (“Lester”) in Trafford, Alabama for 8 years. Lillian and Lester were never formerly married, and Lillian does not know if Lester is the father of the children. Lillian and Lester have sent out family Christmas cards and Lester has worn a shirt stating “Nobody cooks up a possum like my ole lady, Lillian”. For over a year Lester abused Lillian.
She altered the taxpayer information for four people and only gained two- thousand dollars. The potential consequences of committing such a fraud entirely outweigh the financial benefit. Griffin did not get her motivation for personal financial gain like the usual fraud perpetrator. Catherine Griffin modified four tax returns. America is currently in a recession and times are rough.
Green’s gambling activities do not qualify as a trade or business, can he deduct his gambling-related travel and lodging expenses against his gambling winnings? Applicable Case Law, Code & Regulations Per Section 165(d) of the Internal Revenue Code (IRC), a taxpayer may deduct their gambling losses to the extent of their gambling winnings. However, Section 262 of the IRC indicates, “…no deduction shall be allowed for personal, living, or family expenses.” In ruling on Stanley B. and Rose M. Whitten v. Commission of Internal Revenue, the US Tax Court has stipulated that travel and lodging expenses are not considered losses and therefore cannot be used as a deduction. Conclusion Given the current tax regulations and case law, travel and lodging expenses associated to Dr. Green’s gambling activities cannot be categorized as a loss. The Tax Court clearly established in Stanley B. and Rose M. Whitten v. Commission of Internal Revenue the difference between gambling losses and travel and lodging expenses in the closing of the judgment wherein they stated there is no need, “…to eliminate the distinction between wagering losses, i.e., the amount of wagers or bets lost on wagering transactions, and expenses related thereto, e.g., expenses for transportation, meals, and lodging incurred to engage in wagering transactions… Unlike a wager or bet, petitioner incurred the expenses in question in exchange for specific goods and services, such as transportation,