...Facts Mr. Smith lives in his principle residence in Indianapolis. The present balance on his home mortgage that was incurred after October 13, 1987 in acquisition and secured by such residence is $300,000. Mr. Smith has no other mortgages and no other residence. He is planning to take out a loan of $240,000 to purchase a condo, close to Northwestern, for his daughters to live and planning to sell the condo when the girls graduate from Northwestern University. The loan of 240,000 will be secured by the condo. Mr. Smith’s filling status remains head of household. He itemizes his deductions. And Mr. Smith has neither net investment income nor disallowed investment interest expense from previous year in the year when he purchases the condo. He will not pay points and mortgage insurance premium on this loan. Issues Can Mr. Smith deduct interest expense on his loan for a condominium? Conclusion Mr. Smith can fully deduct his interest expense as qualified residence interest. Analysis Code §280A(d)(2)(A) holds that the unit used for personal purpose by members of the family of the taxpayer is deemed to be used by the taxpayer for personal purpose. Code §280A(d)(1) states that a dwelling unit is used as the taxpayer’s residence if he uses it for personal purposes more than the greater of 14 days or 10 percent of the number of days during such year for which such unit is rented at a fair rental. Code §163(h)(4)(A)(ii) provides that besides the principal residence, one other...
Words: 663 - Pages: 3
...only reserved for individuals, such as to sue and be sued, own property, hire employees or loan and borrow money. As Under Sec 2 (1) (d) The Company Act, 1994: “Company means a company formed and registered under this Act or an existing company.” PROMOTION OF A COMPANY Promotion is the first stage in the formation of a company . It involves conceiving a business opportunity & taking an initiative to form a company so that practical shape can be given to exploiting the available business opportunity. FUNCTIONS OF A PROMOTER (i) Identification of business opportunity (ii) Feasibility studies (a) Technical feasibility (b) Financial feasibility (c) Economic feasibility (iii) Name approval (iv) Fixing up Signatories to the Memorandum of Association (v) Appointment of professionals (vi) preparation of necessary document 1 (2) the characteristics of company: Characteristics of Company: Any Company Private or Public formed and registered according to The Company Act of 1994 has the following salient features: 1. A separate legal entity 2. An artificial legal body or person 3. An organized and incorporated body 4. Perpetual succession 5. Limited range of liabilities 6. Common seal 7. Right to enter in contracts 8. Right to own property 9. Right to sue 10. Flexibility of investment 2. (1) Define Public & Private Company? A. Private Company- A private company is one which, by its articles, a) restricts the right of the members to transfer their shares,...
Words: 3252 - Pages: 14
... Contact us at: SUPPORT@ACTIVITYMODE.COM LEG 107 ASSIGNMENT 2 HILARY CASE NEW STRAYER LEG 107 Assignment 2 - Hilary Case - NEW Strayer University Review the case file titled “Hilary Case”. Note: The case can be viewed from within your online course shell. Write a five to six (5-6) page paper in which you: 1. Draft a legal memorandum in which you discuss the likelihood of a successfully recovery by your client. 2. Write a summary of the main steps that you, as the paralegal, need to take in order to prepare the Hilary Case for trial. 3. Describe two (2) issues that would cause you to reach out to the supervising attorney for help. 4. Activity mode aims to provide quality study notes and tutorials to the students of LEG 107 Assignment 2 Hilary Case NEW Strayer in order to ace their studies. LEG 107 ASSIGNMENT 2 HILARY CASE NEW STRAYER To purchase this visit here: http://www.activitymode.com/product/leg-107-assignment-2-hilary-case-new-strayer/ Contact us at: SUPPORT@ACTIVITYMODE.COM LEG 107 ASSIGNMENT 2 HILARY CASE NEW STRAYER LEG 107 Assignment 2 - Hilary Case - NEW Strayer University Review the case file titled “Hilary Case”. Note: The case can be viewed from within your online course shell. Write a five to six (5-6) page paper in which you: 1. Draft a legal memorandum in which you discuss the likelihood of a successfully recovery by your client. 2. Write a summary of the main steps that you, as the paralegal, need to take in order to prepare...
Words: 681 - Pages: 3
...INTRODUCTION: This statement actually describes the relationship between the memorandum of association and article of association of company. The article of association is subordinate to and controlled by the memorandum of association. Memorandum of the association is the dominant document and article of the association is about the internal rules and regulations of company. This statement was given by Lord Cairns in Ashbury Railway Carriage & Iron Co. Vs Riche[1]. MEANING OF THE STATEMENT: Both the memorandum of association and article of the association are public document. The memorandum of the association is like a constitution of a country; on the other hand article of the association is like a laws of a country. Memorandum of the association is a last limit, which the shareholders cannot across and they cannot control it; one the other hand the shareholders have full control over the article of association and may alter them from time to time as they think fit[2]. THE MEMORANDUM OF ASSOCIATION: The short form of the memorandum of the association is memorandum and in shorter it is simply memo. It contains the fundamental rules and the regulation regarding to the constitution and activities of a company, which governs the relationship between the company and the outside world. The memorandum of the association has to contain the six following clauses. Those are given fellow: “An official document setting out the details of a company’s existence. It must the...
Words: 2506 - Pages: 11
...make sure that compliance is in order. First and foremost, I have to get hold of the Memorandum and Articles which is filed inside the Permanent File. The purpose of it is to review the minimum number of Directors the Company needs in order to function. The number of Directors that are needed typically ranges from 2-4. After confirming, I will proceed on. Basically, there are two situations where this will lead on to. Firstly, the resigning of one Director does affect the minimum number and another circumstance is, it does not affect and from there, we can carry out the obligatory procedure. We are not able to discharge the request when situation 1 occurs. Therefore, we will need to advise the client what to do, sending them back an email stating that before we can perform any service, they are required to appoint another Director to abide by the rules of the Memorandum and Articles. As for the second situation, I will be doing the changes via the software, Viewpoint. After updating the changes, I will generate a report called “Directors’ Resolution in Writing”. Subsequently, this Resolution will be sent to the client for them to sign to acknowledge that changes have been made. The signed copies that have been returned to us will then be filed in the Minute Book, under Directors’ Resolution section, making of duplicated copies and has to be done so as to file into the Correspondence file for backup copies, to serve as evidence that work was done. The job is then...
Words: 307 - Pages: 2
...on EC book Chapter 8, Case 2. Random Walk Shoes in page 390, please answer all three required questions listed in page 391. You may create a Word file to answer each question, so in total, you should submit a report for this case study. Note: this is an individual assignment and no presentation is needed. The three required questions are as follows: Q1. Determine the features and capacities (RAM, disk storage, processor speed) that Amy should include in the Web Server computer she will need for her site. You may include information from vendor's site (such as Dell, Hewlett Packard, or Sun) as an appendix to your memorandum. Q2. Consider the advantages and disadvantages of each major operating system that Amy migh tuse the new Web Server computer. In a one-page memorandum to Amy, make a specific recommendation and support it with facts and a logical argument. If you don't believe that one operating system is clearly superior for this application, explain why? Q3. Consider the advantages and disadvantages of each major Web Server software package for accomplishing goals that Amy has for this site. In a one-page memorandum to Amy, make a specific recommendation regarding which Web server software package she should use. Provide an explanation that supports your recommendation. Please upload your completed assignment files to...
Words: 318 - Pages: 2
...LAWYERING SKILLS Professor Rogelio Lasso Summer 2012 Handout 5 THE BASIC OFFICE MEMORANDUM I. INTRODUCTION We have discussed how to analyze and apply legal authority. We have also discussed how to write a case brief, which law students usually write for their own use. Most legal writing, however, is done to communicate with others. As a law student (and new lawyer), you will receive legal problems and will be asked to analyze the problem and write up the results of that analysis. The typical vehicle that lawyers use to do this is the legal memorandum. When you write a memorandum, you will make use of the several analytical skills you have been developing. This handout explains the form and content of a legal memorandum. II. PURPOSE OF A MEMORANDUM A legal memorandum is a document written to convey information within a law firm or other organization. It is a written analysis of a legal problem. The memorandum is usually prepared by a junior attorney or by a law clerk for a more senior attorney early in the firm's handling of a legal dispute. The writer analyzes the legal rules that govern the issues raised by that problem and applies those rules to the facts of the case. These memoranda prepare attorneys to advise clients how to proceed, if at all, with prospective business dealings or litigation. The memo must be complete and objective including both the rules and facts that help the client and those that do not. In concludes with a considered opinion of...
Words: 7173 - Pages: 29
...Government Purchase Card. Training is mandatory before receiving a GPC. All government card holders should make sure they keep the government credit card in a safe place. Most supervisors advise their employees to keep it in a locked box in the office. You should never keep the credit card in your wallet. Many people accidentally use the GPC for personal items, because they thought it was their personal credit card. Card holders are only allowed to use the GPC with authorized vendors. Some of the authorized vendors include Office Depot, Lowe’s, Office Eagle, Home Depot, GSA Vendors, DOD Authorized Charter Companies and DOD Authorized Catering Companies. Card holders must make sure they submit a purchase memorandum before making a purchase. Also, the memorandum should be approved before making a purchase. It is very important to make sure that the vendor accepts the GPC and that they are tax exempt. Tax exempt is defined as “not subject or liable to taxation.” (Dictionary.com, 2012) Card holders have a monthly purchase limit and a single purchase limit. The single purchase limit is the amount that can be charged for a single purchase. The single purchase limit is usually $2,500. The monthly...
Words: 782 - Pages: 4
...Risk Memorandum to the Chief Information Security Officer of Anthe Inc. By Sravani Nandyala Submitted to Prof. Mr. Jason Black Northeastern University- College of Professional Studies March 15, 15 Memo To: Jason Black, Chief Information Security Manager From: Sravani Nandyala Date: March 14th, 2015 Subject: Acceptance Review Process Introduction I would like to propose the risk memorandum for the acceptance review process of Anthem Inc. which is an insurance corporation. Anthem is one of the second largest Insurance Company in United States of America. The goal of this formal acceptance review process is to setup the risk quality measures and risk tools wherein all the employees need to accept and follow the prescribed rules...
Words: 589 - Pages: 3
...Assignment 1. Memorandum about NUMMI * Due Oct 7 by 11:59am Points 10 Submitting a file upload Homework 1 (worth 10% of your final grade) ENVR E-137 Due October 6th, 2014 @ 11:59 PM (in our web site’s assignment box) You have been hired by General Motors as a consultant to describe the basic operations at NUMMI, your job is to generate a briefing that will be distributed to top managers at GM. In 1200 words or less create a memorandum that contains the following information: 1 Basic history of NUMMI (the GM and Toyota joint venture) 2 Basic responsibilities for each one of the partners (“one is in charge of production, the other is in charge of marketing”, etc. etc.) 3 Some waste reduction features of the Toyota Production System (error proofing, material handling, “pull” production practice, etc.) and their relationship to the environment 4 An assessment of the level of capital investment (automation) used in the Toyota Production System and its relevance to cost reduction and the environment 5 The importance of the supply chain, logistics and distribution in the Toyota Production System and sustainability 6 Any other personal recommendations on how to implement “Lean Production” in North America Grading rubric * You get 70 points if you include all the items mentioned above in your memorandum, you get a deduction of 0.1 of a point per every word after the 1200-words limit. * You get 10 points for proper citations...
Words: 277 - Pages: 2
...DEPARTMENT OF THE ARMY Unit Info AFVP-110-CO Date MEMORANDUM FOR PERSONNEL CONCERNED SUBJECT: ARMS ROOM STANDING OPERATING PROCEDURES (SOP) 1. References. a. AR 19011, dtd 12 Feb 98, Physical Security of Arms, Ammunition and Explosives b. AR 19051, dtd 30 Sep 93, Security of Unclassified Army Property c. AR 7102, dtd 31 Oct 97, Inventory Management Supply Policy Below Wholesale Level d. DA PAM 71021, dtd 31 Dec 97, Using Unit Supply System (Manual Procedures) e. FH REG 1903, dtd 1 Sep 02, Administration and Management of Physical Security f. FH REG 19011, dtd 15 Aug 99, Weapons g. FH REG 700-15, dtd 15 Mar 01, Ft Hood Ammunition Handbook h. FORSCOM REG 190-13, dtd 1 Aug 99, FORSCOM Physical Security Program i. AR 190-56, dtd 21 Jun 95, The Army Civilian Police and Security Guard Program 2. Purpose: To establish responsibilities and procedures for the arms room. 3. Responsibilities. a. The commander is ultimately responsible for the physical security and accountability of the unit’s arms, ammunition, and explosives (AA&E), sensitive items, and other unit property secured in the unit arms room. b. The unit commander will: (1) Appoint a key control officer and alternate. (2) Appoint a unit physical security officer. (3) Appoint...
Words: 4216 - Pages: 17
...memo writing [pic] TASK ONE: WRITING A POLICY MEMORANDUM GUIDELINES & EVALUATION CRITERIA CONTENTS |Getting Started |2 | | | | |Writing Guidelines |4 | | | | |Evaluation Criteria for Task One |8 | I. Getting Started Steps to complete task one 1. Choose a scenario from the list provided separately 2. Choose a national mission to address 3. Write your policy memorandum 4. Make sure that your policy memorandum is consistent with the submission guidelines below 5. Submit your memo Step 1: Choose a scenario Students should write amemorandum on one of the government national missions on climate change. (Provided in the separate document) Step 2: Choose a national mission to address The national missions are listed in the separate document sent along with this. Choose any of the national missions which are a part of the government of India’s “National Action Plan on Climate Change” Your memorandum should be addressed to the government responding to the action plan your decide to choose from the document attached along. We encourage you to discuss specific features of the...
Words: 2955 - Pages: 12
...Federal Income Taxation SPRB12 - Sec B Professor James Shimko Tax File Memorandum Nino Giorgobiani May 16, 2012 May 14th, 2011 Tax File Memorandum From Nino Giorgobiani Subject Peaceful Pastures Funeral Home, Inc. Taxpayer Engagement Today I met with Peaceful to discuss the IRS audit notice they received in regards to their reported income. They want to know whether the amounts prepaid under Peaceful’s program constitutes prepaid income that must be included in Peaceful’s income in the year in which it was received. Facts Peaceful is an accrual basis taxpayer; they provide a full line of funeral services and sell related goods as well. Over the years their cost of goods sold increased and customers have not been able to afford their services. For this reason, they came up with an approach where customers are able to prepay for their funeral goods and services. Under the contract, the payments are refundable any time until the goods and services are provided to them. Peaceful does not report payments received in advance as income until the year in which the services are provided. Issue Should the prepaid income be included in the year in which it was received or in the year when the services are provided Conclusion Peaceful should not have to report prepaid income in the year received, they should report income when the services are provided. Analysis According to Comm. v. Indianapolis Power and Co & Light Co., (65 AFTR 2d 90-394) the opinion was...
Words: 442 - Pages: 2
...Memorandum To: File Reviewer From: Angela Warren Date: 11/8/13 Re: Heart Transplant As the surgeon for this case I received a call today telling me that a heart has become available for one of three patients that are in need of a transplant. I must make a quick choice in which patient will receive the heart and then schedule him/her surgery for today. I must set up anesthesia, surgery room and have all the required personnel to help with the preparation for the transplant. According to J. S. Mill, if I use the utilitarian logic for each patient that is in need of the heart transplant. Each of the three patients is a tremendously important, with many loved ones whose death would bring a great deal of grief and actual physical discomfort of their family members passing. As the acting surgeon for the patient I must decide on who gets the heart transplant and quickly. As an act of utilitarian, in this situation the question would be complicated on deciding which patient gets the donated heart transplant? I say this because Dr. Jonathan Doe has offered the hospital $2 Million Dollars in exchange so that his daughter would be able to get the heart transplant. According to Lisa’s chart, she has a history of suffering health issues all her life due to various viral infections and a lupus-like immune deficiency. Her heart has been damaged due to pneumonia that she had last year and in which her heart had actually stopped. Who is to say that she will even survive the transplant...
Words: 634 - Pages: 3
...[pic] STANDING OPERATING PROCEDURES (SOP) EXTERNAL PROPERTY BOOK UNIT SUPPLY-ENHANCED (PBUS-E) 10 May 2003 PAGE SECTION 1 - Purpose & References 2 SECTION 2 - System Summery 2 SECTION 3 - System Access 2 SECTION 4 - Processing Reference Guide 3 SECTION 5 - Administration Overview 3 SECTION 6 - Catalog 3 SECTION 7 - Property Book 3 SECTION 8 - MILSTRIP TRANSACTIONS 4 SECTION 9 - Weekly Requirements 4 SECTION 10 - Property Book Validation/Reconciliation 5 SECTION 11 - Clearance of Supply Sergeants 7 APPENDICES APPENDIX 1 - Clearance of Supply Sergeants Questionnaire A1-1 1. PURPOSE: a. To provide a Standard Operating Procedure (SOP) for all PBUS-E operators. The objective of this SOP is to provide the end user with the information necessary to use the system effectively, including operation of personal computer equipment. This SOP has 11 sections and 1 appendix. Section 1 states purpose and references for this SOP. Section 2 provides a system summery. Section 3 covers system access. Section 4 is a processing reference guide. Section 5 gives an administration overview. Section 6 discusses the catalog. Section 7 explains the functional processes of the property book. Section 8 states weekly procedure requirements. Section 9 provides Property Book Validation/Reconciliation guidance. Section 10 discusses the MILSTRIP/order function in PBUS-E. Section...
Words: 2321 - Pages: 10
