In this particular case, the lessee paid the lessor $47,500 to restore property to original configuration upon termination of the lease instead of actually restoring the property. The tax court determined that this money was not considered to be a gain on a capital asset nor was it considered gross income. In the case of Sirbo Holdings, Inc. v. CIR of 1974, a case with a very similar scenario, the circuit court interpreted section 109 of the IRC to mean that any buildings or improvements that were made by the lessee to the lessor’s property could not be included as gross income. Basically it stated that any improvement benefits received by the owner of the property did not have to be
• Income Taxes – being a sole proprietor gives the individual the option to file taxes under a separate employer identification number. The other option is to file their return normally and just fill out an IRS Schedule C to show profit or loss for the business (Smith, 2011). • Longevity/Continuity – One of the main issues of longevity in regards to sole proprietorship is that it dissolves when the owner dies so it makes it not possible to have continuity (Joseph, 2011). • Control – one of the great advantages of sole proprietorship that a person doesn’t have with a partnership or corporation is that you don’t have to answer to anyone but yourself in our decisions. You have
The general economic changes have nothing to do with the agreement. An agreement is a contract duly executed and legally binding. Mr. Bickman had a reason to sue and to win under the bilateral contract. If this were the opposite and Mr. Bickman stopped performing his bank activities with Washington Bank then the bank would have a reason to sue under the bilateral contract that Mr. Bickman
This test was examined in the Carparo Industries Plc. v Dickman case. The defendant had an account audited that didn’t reflect a previous loss and debts in the bookkeeping records, instead, profits, putting the claimants in a belief that, the company in question is worth investing in. Afterwards, the claimants found out the audited account didn’t reflect exactly the true previous and current status of the company financial dilemma. Based on the principles of the three-part-fold, the House of Lords ruled against the claimant that: the defendant owes no duty of care to the claimant in such circumstances.
There is no inflexible rule as to the measure of damages for a wrongful conversion, and where properly pleaded, money expended for attorney fees in recovering possession of the converted property is includable as an item of special damage. David E. Crowe, Ironton, for appellant. O. E. Irish and Riley & Riley, Ironton, for appellee. 95 Ohio App. 516 COLLIER, Judge.
This means that the owner of a business should not place any personal assets on the business balance sheet. The balance sheet of the business must reflect the financial position of the business alone. Also, when transactions of the business are recorded, any personal
It is not a case of (sometimes criticised, sometimes admired) dynamic interpretation since the judgment did not even attempt to reason out the fine distinctions and nuances concerning “fair dealing”, “fair use” and “enumerated exceptions”. The judgment, in fact, went beyond the realms of extant jurisprudential understanding without even discussing them especially when precedents are binding in a common law jurisdiction like India. Of course, the judiciary in India is free to take an altogether different path in jurisprudence and interpretation. But it should be mandatorily based on reason. Reason pervades the Indian polity, thanks to Constitutionalism and Rule of Law.
Exclusionary Rule Evaluation In the 18th century the exclusionary rule under common law did not allow coerced confessions of defendants to be admitted in trial courts. It did not protect defendants from evidence that government officials seized during illegal searches from trials. Weeks v. United States (1914) held that the exclusionary rule was a part of the Fourth Amendment, and any illegally seized evidence cannot be used against the defendant. The decision made the exclusionary rule a constitutional requirement, but it did not bind states. Incorporating the rule to the state level was initiated in 1961 by way of the opinion of Mapp v. Ohio.
The McCulloch vs. Maryland is an example of a proper clause in the United States Constitution. The United States didn’t say a word about the national bank. In the state of Maryland in an effort to tax the bank out of business that the government of Maryland imposed a tax on the Federal bank, which was taken to the Supreme Court of the United States of American and the Chief of justice held that the power of establishing a national bank, which ruled that no state could use its power of taxing power to tax an arm of the national
2) Discuss whether Enron’s officers acted within the scope of the authority. Enron’s officers did not act within the scope of their authority. The scope of authority only goes as far as the law will allow. When Enron acted dishonestly and unethically to benefit over its shareholder and members, they were no longer in the scope of their authority. 3) Describe the corporate culture at Enron.