National Park Service Bans Confederate Flag Sales
So here is an interesting development. National Parks Pull Confederate Flag Sales Items WASHINGTON – Confederate Battle Flag sales items are being removed from national...
Chief Counsel Gives Narrow Scope To Partnership Liability Regulations
At any rate, it was nice to have those regulations, because sometimes it is important how the liabilities are allocated among the partners and what flavor the liabilities are. One situation where it is important whether liabilities are recourse or nonrecourse is when property is foreclosed. If the liability is recourse, the balance is considered proceeds of sale to the extent of the fair market value of the property and the balance is income from the discharge of indebtedness. If the liability is nonrecourse, it is all proceeds of the sale. Which one is better?
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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.