Time to Purge C Corporations
To compute a corporation’s earnings and profits is often no simple task, especially if the corporation has gone through a series of reorganizations or other adjustments. It may be necessary to decide how a transaction occurring many years ago should have been treated under a long-interred statute because of its effect on accumulated earnings and profits; and, because there is no statute of limitations governing the effect of prior transactions on accumulated earnings and profits, it is advisable to retain corporate records permanently.
Have Some Free Insurance – Not
Eagle Financial Group, Inc, by some sort of wild coincidence a company owned by the agent who sold the policies, issued them a check in the amount of the first year’s premium. They issued a recourse note in the amount of the premium advance to Eagle. There were, however, never any payments made on the note. The policies were canceled in 2003 and Mr. Smith, the agent, was sued by Ohio National Insurance Co for “rebating”.
Follow Me
Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.