TO: Peter Sleiman FROM: Larry Fermin RE: REE‚ Inc. Loans Facts You‚ Peter Sleiman‚ entered into a lease agreement with Blockbuster Video‚ Inc. Your lease stipulated that you purchase land‚ build a video rental store‚ and lease it to Blockbuster. You then set up an S Corporation‚ REE‚ Inc. and assigned the lease to REE. REE then obtained bank loans of approximately $1 million by pledging the property the S Corporation had purchased as collateral. Mr. Sleiman‚ you personally guaranteed
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Johnson & Tannun‚ LLP Memo To: Alex Lee From: Date: September 23‚ 2012 Subject: Alternative Minimum Tax In 1969‚ Congress had noticed that 155 people with high incomes were legally using so many deductions and other tax breaks that they were virtually paying nothing in federal income taxes. This angered many tax paying citizens and embarrassed the government. In an effort to fix the system Congress came up with the alternative minimum tax. At the time the tax only affected the high income
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Board to: Members of city council from: assistant city manager subject: the executive search date: 12/2/2014 cc: office of the mayor‚ city clerk and city attorney I have been working as an assistant city manager for a long time. I witnessed the city’s ups and downs‚ and now that the late city manager was asked to resign‚ I thought I should share some of my thoughts with you‚ and with that‚ I look forward to aiding the selection process of our next City Manager. The previous city manager made many
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POTUS Policy Memo Project Fall 2013 Word Count: 649 Title: The US Government violating the US Material Support Statute. MEMORANDUM To: Barack Obama‚ President of the United States From: Student Date: November 12‚ 2013 Subject: The US Government violating the US Material Support Statute. Since‚ September 1‚ 2011‚ the United States has gone to extreme measures to not only fight terrorism but prevent it too. Under federal law‚ there are now criminal
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Policing in Kelsey Budget Report AJS522 February 02‚ 2012 In this paper‚ I will discuss the budget cuts on the City of Kelsey. The mayor has assigned me as a budget director to review and perform budget cuts on the City’s Police Department‚ due to a 15% budget cut on the City deficit. The state legislature wants to hire less Police Officers and build more prisons. The Police Department currently has an annual budget of $16‚177‚678. With the 15% budget cut‚ the mayor is requesting from
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(Contact; 2007). By this‚ Tax administrations can mobilize financial resources in order to secure the provision of public services such as education‚ infrastructure‚ health services‚ or social protection. This is to say that revenue administrations occupy a pivotal position in the mobilization of domestic financial resources (Contact; 2007). But over the years‚ many developing countries lack an efficient tax collection system‚ leaving in some cases more than 60% of the tax potential untapped. In these
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Maria Serpas PSCI 356 Dr. Kramer March 19‚ 2015 Subject: What should US policy towards military assistance to Taiwan be? Historical Background: Taiwan‚ otherwise known as the Republic of China (ROC)‚ has a complicated political status on the world stage. The People’s Republic of China (PRC) lays territorial claims to Taiwan and most countries recognize China as the mainland as Taiwan as an autonomous region within it. However‚ Taiwan sees itself independent as the true government of China‚
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Accounting Policies are the specific policies and procedures used by a company to prepare its financial statements. These include any methods‚ measurement systems and procedures for presenting disclosures. Accounting policies differ from accounting principles in that the principles are the rules and the policies are a company’s way of adhering to the rules. Revenue Recognition: Revenue recognition determines the accounting period‚ in which revenues and expenses are recognized. General Mills
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Tax Research Memo http://www2.gsu.edu/~accerl/home.html Your Firm October 19‚ 2011 Relevant Facts Joe‚ CPA reimburses a client for a $75‚000 tax liability that is traceable to Joe’s ineffective tax advice. For fear of increasing his malpractice premiums‚ Joe decides not to file a claim with his insurance company. Specific Issues How much‚ if any‚ of the $75‚000 paid to the client can Joe deduct using either causality loss or business expense? Conclusions Joe may not deduct
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Facts Latrell accumulated frequent flyer miles from his business travel as a CPA in which his employer paid for the business trips‚ and he was not taxed on the travel reimbursement. He recently used his Delta Skymiles to purchase a free roundtrip airline ticket worth $1‚200 to Milan‚ Italy. Issues Is an employee’s personal use of frequent flyer miles earned as a result of business travel taxable? Authorities IRC Sec. 62(a) IRS Announcement 2002-18 Conclusion No‚ an employee’s
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