Free Essay

Life Death and Property Rights

In: Business and Management

Submitted By supplychain787
Words 284
Pages 2
Life, Death, and Property Rights is a real but extremely sad truth. In this article the readers are shown how HIV started and how it then develops to AIDS. In the beginning of the Article we see that when HIV started it was incurable and there was absolutely nothing that could be done about it. People who had tested positive for HIV where not likely to live longer then ten years. In Africa alone, one in three people between the ages of 15-25 had been tested positive with HIV. As the article goes on we see that HIV had spread the world within years and was now becoming a growing problem in the United States mostly with homosexual men in New York and San Francisco. By the year 2000, 25 million people had been infected with HIV in Africa alone. The fear of HIV was mounting as millions of people had died from the disease and what it carries. AIDS was not the killer itself, AIDS would attack the healthy cells therefore the body would not have any immune system when it caught an illness. People were extremely scared of what they where carrying and were outrageous at the high prices that were needed to pay for their treatments. The protests targeted Pharmaceutical companies and demanded that they either gave their medication out for free or completely abandon their patent rights allowing other companies to create similar or improved versions of the medication therefore making it more available and also cheaper. Pharmaceutical companies “laughed” at these demands and claimed that for the benefit of their companies and the all the people infected with HIV, they have to do it slowly and responsibly.

Similar Documents

Free Essay

Ksdjks

...CH 12 The scope of the estate tax Sec 2033 Section 2033 ·      Gross estate: Value of the property to extend of interest at time of death Section A ·      estate tax is excise tax: “tax included on the property” ·      Tax base must include the value of the property that most obviously is transferred (FUNCTION OF 2033) ·      Section 2033 includes (GROSS ESTATE) o   Decedent’s securities o   Bank deposits o   Real state o   Income earned before death are collectible by the estate §  Rent §  Interest §  Dividends §  Partnership profits §  Refunds §  Vested rights §  Promissory notes (matured or not) §  Insurance policies §  Saleable (commercial) leasehold interest §  Interest in rented property ·      By either tenants in common or one-half community. §  Federal and State bonds are includable despite their exemption from other taxation either by their express terms or by law ·      REG 20.2033 o   Descendant hold only legal title (trustee) under enforceable oral or written does not possess an interest taxable under section 2033. §  Ex: agent o   ONLY DIRECTLY OWNED PROPERTY ·      Principal reliance on judicial and administrative interpretation of Sec 2033’s simple language potentially would yield over inclusions “many” o   There are not many limits o   Limits must be established o   Congress explicit responded what property interest that are to be taxed, eventhough they lied beyond the reach of 2033. §  2033- Base line §  Section 2041 ·      in...

Words: 4520 - Pages: 19

Premium Essay

Right to Die

...Position “THE RIGHT TO DIE” PLAW 235 Will, Trust, & Estates December 9, 2013 Katelyn J. Cash We are all going to come of an age where we face our own mortality. For many this is very scary, and often avoid planning and preparing for their impending death. Everyone has their own views, opinions and preferences as to how they wish their impending death to be handled. There are a variety of legal documents one can execute to assist medical professionals and family in carrying out ones wishes. However, many do not want life prolonging measures utilized at their time of death. A life prolonging procedure is a treatment, procedure, or intervention that uses mechanical or artificial means to restore, sustain, or replace a bodily function that without the person’s life would cease. Susan Herskowitz, Wills, Trusts, and Estate Administration 146 (4th e.d. 2014) This becomes an issue of controversy as many view making these kinds of designations and choosing how you want your life ending time to occur. So many ask do we have a right to die. Should we be allowed to choose our life ending measures? Some would argue no, one does not have the right to choose their life ending measures, while others argue yes, you should as it is your life, and you are the keeper of it. Where this become an issue is when you are facing death, often times you aren’t able to make such decisions, therefore, they are left to that of family and medical professionals. We shall also look at this right from a...

Words: 1673 - Pages: 7

Free Essay

Trust

...A/B Trusts An A/B Trust is any type of trust that splits into two separate and distinct trusts upon the death of the grantor. One of the separate and distinct trusts is a Credit Shelter Trust, which is designed to hold as much of the grantor's property as is sheltered from the federal estate tax by virtue of the unified credit; i.e., $2,000,000 for decedent's dying in years 2006, 2007, and 2008, and $3,500,000 for decedent's dying in the year 2009. The other separate and distinct trust is a Marital Trust, which is designed to hold the remainder of the decedent's property, which is sheltered from the federal estate tax by virtue of the unlimited marital deduction. These separate and distinct trusts are designed to eliminate or reduce the federal estate tax liability of a married couple over the deaths of both spouses. An A/B Trust arrangement can be created under a living trust or a testamentary trust, since these provisions do not take effect until after the grantor's death. See "Credit Shelter Trusts" and "Marital Trusts." See also "Family Trusts" and "By-Pass Trusts." Back to Table of Contents     Asset Protection Trusts An "Asset Protection Trust" is a type of trust that is designed to protect assets from the claims of creditors. There are two types of Asset Protection Trusts - a Domestic Asset Protection Trust (also known as an "Onshore Trust" or "DAPT") and a Foreign Asset Protection Trust (also known as an "Offshore Trust"). Both types of trusts are also referred to...

Words: 3639 - Pages: 15

Premium Essay

Estate & Gift Tax

...Interest, Penalties: 3 Computation of the Estate and Gift Tax 3 General Description of Gift Tax: 4 General Description of the Estate Tax: 4 Role of State Law 4 Scope of the Estate Tax 5 Beneficial Ownership and § 2033: 5 Interests Arising at Death 5 “Property” versus “Expectancy” 6 Bank Deposits, Checks, and Notes 6 Right to Accrued Payments 7 The Scope of the Gift Tax: §§ 2501 and 2511 7 Is There a “Transfer” of “Property?” 7 Interest-Free Loans and Rent-Free Use of Other Assets 8 When is the Transfer “Completed?” 8 Transferred Interest Incapable of Valuation 9 Indirect Transfers 10 What is a “Gift”? 10 Donative Intent and “Adequate and Full Consideration” 10 Transfers of Property in Satisfaction of Marital Rights 11 Dower and Curtesy Interests in the Gross Estate 11 Marital Rights as Consideration 11 Transfers Incident to Separation and Divorce 12 Transfers with Retained Powers and Rights 13 Transfers with Retained Life Estates: § 2036 13 Reciprocal Trusts 14 Retention of Right to Income from Property: § 2036(a)(1) 14 Retention of Possession or Enjoyment of the Property: §§ 2036(a)(1) and 2036(b) 14 Retention of Power to Designate Who Shall Possess or Enjoy the Property: § 2036(a)(2) 16 Transfers with Retained Powers to Alter, Amend, Revoke or Terminate: § 2038 17 Differences Between § 2036(a)(2) and § 2038 19 Transfers with Retained Reversionary Interests: § 2037 19 The “Adequate and Full Consideration” Exception...

Words: 31030 - Pages: 125

Premium Essay

Death Penaltyy and Its Deterrent Effect

...Terror organizations.                                               I strongly opine that homicide in return for homicide is barbaric as it resembles eye for an eye and tooth for tooth justice of medieval times and uncivilized.  France and Germany have completely done away with death penalty and reported lesser crime rates.  Many studys' conducted in US and some other countries where death penalty is still in force have proved that, it doesn';t have a deterrent effect on crime rate and more than death penalty, it's rigorous imprisonment for life that has more deterrent effect than death penalty. Incarceration for life proved to be  more effective in preventing repetition of the same or other crimes by the same convicts than that of death penalty.  In countries, where death penalty has been abolished less crime rates have been reported.                                       Apart from incarceration for life, solitary confinement and shaming the person through social boycott etc are other options. For crimes of rape and acid attacks also, incarceration for life and the above two suggested alternatives could be considered as viable alternatives to death penalty in addition to confiscating the entire property of the criminal and paying it as compensation to their victims.                              Educating the guilty regarding the barbaric and heinous nature of their crimes and making them feel ashamed for their crimes and their crimes' lethal and traumatic impact on the  minds...

Words: 1682 - Pages: 7

Premium Essay

Gift Tax

...years of death. Under Section 2035(a), nothing is included in Decedent’s gross estate, because it’s a cash gift. However, under Section 2035(b), the amount of the gross estate shall be increased by the amount of any tax paid on any gift made by the decedent during the 3-year period ending on the date of the decedent’s death. So the amount of gift tax of this gift the decedent paid is included in his gross estate. (b) What is the result in question (1)(a), above, if Decedent gave Child a life insurance policy on Decedent’s life worth $100,000, with a face value of $750,000, instead of cash? $750,000 is included in D’s gross estate, because the under section 2035(a)(1), the transfer was made within 3 years of the decedent’s death, and under 2035(a)(2), the value of such property would have been included in the decedent’s gross estate under section 2042. (c) What is the result in question (1)(b), above, if, after the gift, Child made annual premium payments totaling $30,000? Assume that Decedent’s total pre-gift premium payments were $120,000. D purchased $120,000 on insurance out of $150,000. Any improvements made by donee are not included in the gross estate. (12/15) * $750,000 = $600,000 is included in the estate under Section 2042 so included under Section 2035(a). (d) What is the result in (1)(b), above, if, during the time between the gift and Decedent’s death, the insurance policy paid dividends to Child totaling $10,000. Just the face value of the life insurance...

Words: 1600 - Pages: 7

Free Essay

Business

...in real property. The law recognizes different sorts of interests, called estates, in real property. The type of estate is generally determined by the language of the 5 deed, lease, bill of sale, will, land and grant through which the estate was acquired. Estates are distinguished by the varying property rights that vest in each, and that determine the duration and transferability of the various estates. A party enjoying an estate is called a "tenant." There are several different ways a party can own an interest in real property. There are possessory types of interests and non-possessory types of interests. This lesson explains the main types of real property ownership. Possessory Interests When we talk about ownership interests in real property, we're actually talking about many different types of ownership. Ownership interests come in various forms and, depending on the type of interest, a landowner's rights may be limited. Let's start by exploring some of the possessory interests possible when owning land. A possessory interest is the intent and right of a party to occupy or exercise control over a particular plot of land. This is the type of ownership most of us think about when we think about land ownership. There are three main types of possessory interests: fee simple absolute, life estate, and leasehold. Let's start with the greatest possible interest in land. Fee Simple Absolute A fee simple absolute is an ownership interest that includes all rights in the...

Words: 1513 - Pages: 7

Premium Essay

Reviewer Tax

...CHAVEZ MARIVIC B. DE GRACIA TAXATION 2 MARIVIC DE GRACIA TRANSFER TAX -refers to the burden imposed upon the right to gratuitously transfer or transmit property, tangible or intangible from one person to another. Filing: within 6 months from the date of death 15%-relative 30%-stranger Filing: within 30 days from the date of donation -are taxes imposed upon the gratuitous disposition of private property. ESTATE TAX FORMULA: KINDS OF TRANSFER TAXES: ESTATE TAX NIRC Donation mortis causa Tax levied on the transmission of properties from decedent to his heirs Tax on the privilege to transmit property at death Excise tax or privilege tax Effective upon death Tax base is the net estate Net estate amounting to P200,000 is exempted 20% highest rate DONOR’S TAX NIRC Donation inter vivos Tax levied on the transmission of properties from a living person to another living person. Gross Estate (Sec. 85) TAX ON THE TRANSFER OF REAL PROPERTY LGC Less: Ordinary Deductions (Sec. 86)_____________ Equals: Net Estate before share of surviving spouse Less: Share of surviving spouse________________ Equals: Net estate before special deductions Less: Special deductions______________________ Equals: Net taxable estate Multiply:Tax Rate (Sec 84)______________________ Equals: Estate Tax Payable If there’s tax credit available: Excise tax or privilege tax Effective during the life time of the donor Tax base is the net gift within the calendar year Net gift amounting to P100,000 is exempted...

Words: 4504 - Pages: 19

Premium Essay

Taxation

...2007 Workbook Chapter 6: Death of a Taxpayer Federal Tax Forms ................................................... 189 Income in Respect of a Decedent (IRD).................. 194 Deductions in Respect of a Decedent ...................... 201 Inherited Property.................................................... 202 Trusts ......................................................................... 205 Special Issues ............................................................ 210 Corrections were made to this workbook through January of 2008. No subsequent modifications were made. Tax professionals are frequently called on to guide fiduciaries through income tax complications resulting from the death of a taxpayer. While a tax preparer should never try to replace the estate attorney, there are services she can provide. This chapter gives an overview of what might be expected. When a taxpayer dies, the court appoints someone (a fiduciary) to handle the taxpayer’s estate. This fiduciary’s title can be executor, executrix, administrator, administratrix, or personal representative. The fiduciary has a responsibility to the decedent’s estate. Primarily, the fiduciary has the responsibility to follow the guidelines of the will and handle the assets of the estate for the best interests of the beneficiaries. Consequently, it is important for the fiduciary to have a basic understanding of various issues that arise when a taxpayer dies. The fiduciary completes a Form 56, Notice Concerning...

Words: 15371 - Pages: 62

Premium Essay

Pecto and Investers

...Chapter 17 | | respondeat superior | Latin for “let the master respond.” A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment. | agency | A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal). | apparent authority | Authority that is only apparent, not real. In agency law, a person may be deemed to have had the power to act as an agent for another party if the other party’s manifestations to a third party led the third party to believe that an agency existed when, in fact, it did not. | disclosed principal | A principal whose identity is known to a third party at the time the agent makes a contract with the third party. | e–agent | A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual. | equal dignity rule | In most states, a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing. | fiduciary | As a noun, a person having a duty created by his or her undertaking to act primarily for another’s benefit in matters connected with the undertaking. As an adjective, a relationship founded on trust and confidence. | independent contractor...

Words: 2438 - Pages: 10

Premium Essay

Estate Planning for Same Sex Couples

...the estate of a deceased partner who dies without a will. Accordingly, in order to reap inheritance and tax benefits that are automatically afforded to traditional married couples, these same-sex couples must rely on extensive and creative legal planning. There are several tools that provide solutions to this issue. Contract based estate planning techniques are the most commonly used tools for distributing a decedent’s property at death. Though the following planning mechanisms provide certain advantages, they are also accompanied by various disadvantages. II. Wills A will is an instrument by which a person directs dispositions of property to take effect upon death. It is the only document that allows a decedent’s probate assets to pass testate to persons of his or her choosing as opposed to passing via the strict laws of intestacy, under which the surviving partner would receive nothing. Even in the presence of strategies used to avoid probate such as intervivos trusts, wills are an essential precautionary measure to demonstrate the intent to pass property outside of probate, to demonstrate the intent to dispose of personal effects, or “in the event of forgotten or unanticipated assets.” III. Trusts The major disadvantage in trust lies in their funding—the trust terms can only operate to dictate distribution of assets that are titled in the trust’ name and, therefore, the grantor will have to retitle any assets to be controlled by the trust. Any assets that are...

Words: 2337 - Pages: 10

Free Essay

The Indian Succession Act, 1925

...THE INDIAN SUCCESSION ACT, 1925 ACT No. 39 OF 1925 1* [30th September, 1925.] An Act to consolidate the law applicable to intestate and testamentary succession 2*; WHEREAS it is expedient to consolidate the law applicable to intestate and testamentary succession 2*; It is hereby enacted as follows:-PART I PRELIMINARY 1. Short title..-This Act may be called the Indian Succession Act, 1925. 2. Definitions.- In this Act, unless there is anything repugnant in the subject or context,-(a) "administrator" means a person appointed by competent authority to administer the estate of a deceased person when there is no executor; (b) "codicil" means an instrument made in relation to a will, and explaining, altering or adding to its dispositions, and shall be deemed to form part of the will; 3* [(bb) "District Judge" means the Judge of a principal Civil Court of original jurisdiction;] (c) "executor" means a person to whom the execution of the last will of a deceased person is, by the testator's appointment, confided; 4* [(cc) "India" means the territory of India excluding the State of Jammu and Kashmir;] (d) "Indian Christian" means a native of India who is, or in good faith claims to be, of unmixed Asiatic descent and who professes any form of the Christian religion; (e) "minor" means any person subject to the Indian Majority Act, 1875 (9 of 1875.), who has not attained his majority within the meaning of that Act, and any other person who has not completed the age of eighteen years; and...

Words: 55484 - Pages: 222

Premium Essay

Hist 1301-01 Term Paper

...Hist 1311-01 Oct 25, 2015 Assyrians and Indians have some very similar views on women and their marital rights, especially when discussing their duties. In “The Arthashastra” and “The Code of Assura,” women had had a strict life with only being able to do what her husband tells her. The two cultures which these documents come from, Assyria and India are comparable when discussing women’s marriage and property rights, but differ considering how women are punished for breaking marital conditions. Marriage is a sacred practice that both of these cultures take very seriously. Divorce is only granted after all else has failed. What shows commitment to marriage are the strict punishments, put in place by the Assyrians, for any violation to the spouse. “If the wife of a man go out from her house and visit a man where he lives, and he have intercourse with her, knowing that she is a man’s wife, the man and also the woman they shall be put to death.”(Assura p.1) This law gives a punishment to both guilty parties. As for the woman, she must be dedicated to her husband, or be really good at sneaking behind her husband’s back. If caught, she will be put to death. For the Indians, women have to be more faithful, because they have more to lose if divorced. “A woman who hates her husband, who has passed the period of seven turns of her menses, and who loves another, shall immediately return to her husband both the endowment and jewelry she has received from him, and allow him to lie down...

Words: 1301 - Pages: 6

Premium Essay

Accounting

...The Federal gift tax is imposed on the right to transfer property by one person (the donor) to another (the donee) for less than full and adequate consideration. The tax is payable by the donor. If the donor fails to pay the tax when due, the donee may be held liable for the tax to the extent of the value of the property received Since the donor cannot pay or cannot be located, as in the this case, the IRS can pursue the donees for the tax under the doctrine of transferee liability. For individual who are neither residents nor citizens of the United States (i.e. nonresidents a liens, or NRAs), the Federal gift tax appliles only to gifts of property situated within the United States. Exempted, however, are gifts of intangibles, such as stock and bonds. For decedents who are nonresident aliens, the Federal estate tax is imposed on the value of property located within the United States. However, unlike the gift tax, the estate tax applies to stock in U.S. corporations. Mr. Kim's concerns are groundless. Except for property located within the United States, the Federal estate tax does not apply to nonresident aliens. The country in which a person happens to die has no relevance in regard to the application of U.S. transfer taxes. For NRAs, any gifts of properties (other than intangibles) located within the United States will be subject to the federal gift tax. Arturo could avoid any U.S. gift tax by having the children buy the properties in their own names. For decedents who...

Words: 5136 - Pages: 21

Free Essay

Land Related Challenges to Slum Upgrading

...of Kenyans rarely follow the succession act, and instead transmission of land rights upon death is undertaken within customary and religious systems which discriminate against children and women. Such systems also rarely leads to legal and documented land tenure security, hence further complicating the chances of the future generations to access secure land. Many Kenyans perceive the legal land succession process as tedious, complex, inaccessible and expensive. This has made the majority of Kenyans to live on land for which they don’t have a title. The government and other stakeholders in land have for some time now been pre-occupied with finding ways of making the land succession process easier, cheaper and more accessible to the majority of Kenyan especially those living in rural areas. In the National Land Policy the government undertook to: 1. Sensitize and educate Kenyans on the provisions of the law of succession Act; 2. To expedite the application of the law of succession Act; and 3. To require that all Kenya Gazette notices pertaining to succession cases be posted at the lowest local administrative level and at market centres. 1.2: Purpose and Objectives of the study Land succession which is referred to as transmission in the Kenyan land act of 2012, is one of the most common methods of accessing land in Kenya. Succession is based on the traditional right to inherit property between...

Words: 9089 - Pages: 37