E. There is no public policy reason could void the damage clause. 6. C = Conclusion The Court held that the liquidated damages provision and the terms of the restrictive covenant were
Mr. Read guaranteed the company’s promissory note in payment for the stock. Ms. Read didn’t report the down payment of $200,000 and principal payments she received from MMP in her tax return, except for including the interest income from MMP’s installment promissory note in her tax return for 1988, 1989 and 1990. On Mr. Read’s side, he did not report any income with respect to Ms. Read’s transfer of MMP stock. The IRS treated the stock redemption as a sale exchange and claimed that the principal payments from MMP created a long-term capital gain on Ms. Read’s tax return. The IRS had no concerns about Ms. Read’s interest income under the installment promissory note reported in her tax return.
Chapter 14 Tax Consequences of Home Ownership SOLUTIONS MANUAL Discussion Questions: 1. [LO 1] A taxpayer owns a home in Salt Lake City, Utah and a second home in St. George, Utah. The taxpayer sells the home in St. George at a gain. How does the taxpayer determine which home her principal residence is for purposes of qualifying for the exclusion of gain on the sale of a personal residence? When a taxpayer lives in more than one residence during the year, the determination of which residence is the principal residence depends on the facts and circumstances.
An individual is able to use his/her legal name for the business or come up with a different name as long as he/she files a d.b.a. for the name. (Lau, T, & Johnson, L., 2011) The below points of interests are of value in helping with a decision: • Liability – as a sole proprietor that individual is libel for all business expenses as well as coming up with the capital to start the business. This can be difficult if the business starts to fail since the creditors will be able to come after the individuals personal expenses to cover the debts (Smith, 2011). • Income Taxes – being a sole proprietor gives the individual the option to file taxes under a separate employer identification number.
ERR Task A Ai) Imagine you are a newly appointed supervisor/manager within your service. You need to update your staff handbook to reflect current employment law. Identify three different sources of information you could use to enable you to do this • Policies and procedures • External sources • Other handbooks Aii) once you have identified a reliable source of information. A) List three aspects of employment covered by law. • Data Protection • Health and safety At Work Act (1974) • National Minimum Wage Act (1998) B) List three main features of current employment legislation.
LIT1 Task 1 SOLE PROPRIETORSHIP: As the first word in the name suggests there is no distinction between the owner and the business, legally they are viewed as one entity. When it comes to starting a business this option is a perfect one because there is little to no start-up cost and autonomy since it is now your sole responsibility. The main disadvantage to this type of business is that financially the owner may find it hard to start up because any money that I loaned is a personal loan. • LIABILITY – The owner (proprietor) is liable for all debts and profits the business is and vice versa. The business and the owner are one entity so when the business owes on a debt the owner’s personal assets are liable to be taken as payment
Verbal acts - verbal acts not offered for their truth. Non hearsay. An offer made or to defame someone. Such a statement is not excluded by the hearsay rule, because it has a legal significance completely apart from its truth or falsity. The testimony of Pam Duffy, wife of Gadget Co. CEO Charlie Duffy.
Most importantly, during the September 2003 negotiations, the union failed to achieve having the Company remove the anti-nepotism policy or at a minimum allow for some exclusions concerning the policy. For example, employees who have contributed successfully to the company regardless of having relatives as employees should be exempt from being terminated. Second, the company’s nepotism policy had been enforced for many years and had the policy incorporated in the employee handbook since June 2003 and is quoted in the CBA. Also recorded in the Company’s argument is “…it has enforced the no-relative rule….with the less senior employee always being terminated where two relatives have been found to be working for the Company)”. Mr. Walton is the junior employee and is the person that was terminated.
I AM NOT AN ASSIMILATIONIST! Shanticia McFarland Literature 118, Woods April 19, 2012 In the short story A Raisin in the Sun, Mama’s dreams portray a family-oriented individual. She is very devoted to her family and enjoys being with them. The decisions that she made were for the benefit of her family, not just herself. For instance, she was expecting a check from the insurance company for the death of her husband.
Restitutionary damages are usually awarded where a party has conferred a benefit on another under circumstances where the other party is not contractually liable. Specific performance is available only where the remedy at law is inadequate. Although a contract was never signed by Furniture Co it was doing business with Courier for six months. Courier gave up lucrative offers from other companies to fulfill the terms of the contract. Courier should be compensated for the three year commitment by Furniture Co. Contracts 616, Assignment # 11, Lopez, #4521 1.