It's a time-honored recess tradition that should a group of kids find something on the ground, then "finders, keepers" is the binding contract. Despite how silly it may sound, this is effectively what Armory v Delamirie sought to define: what constitutes, and who can claim, ownership of an object.
Every real estate owner should become acquainted with section 1031 of the Internal Revenue Code. This section allows taxpayers to defer recognition of either gain or loss when they exchange property of like-kind with another party.Before 1031, an exchange of real property would substantial
If you're looking to reduce your taxes so that you can save up enough for a nice retirement, there are a few ways you can do this. 401k OptionsOne thing you can do now, to help save for retirement is to use your 401k plan. Specifically, you can use something called a “partial in-service
Gregory v Helvering (1935) is not the most well-known financial case, yet this Great Depression-era piece of litigation is fascinating for a number of reasons. Perhaps the most notable reason for its appeal is its relevance to more modern financial scandals.Although this case is almost a century
The sixteenth amendment, says "Congress shall have the power to lay and collect taxes on incomes, from whatever source derived without apportionment among the several States, and without regard to any census or enumeration." This amendment was ratified in 1913 and revised in 1992. It gives Congress
The tax code draws a distinction between ordinary income and income derived from the sale of a capital asset, or “capital gain.” In most instances, this distinction is straightforward and there is little confusion about whether income falls into one category or the other. However, there are some
United States v Winthrop (1969) is a case in which the court rejected the capital gain classification and ruled that certain transactions were sales made in the ordinary course of business.Understanding the distinction between business income and capital gains is critical for any taxpayer as
A budget breakdown is one of the most crucial segments of a business plan. It is a skill that every small business owner needs to stay informed on the sales cost, reinvestment budget, and to know when you are financially ready to bring in employees into your business. Setting a budget also enhances