Gregory, who is in this context the taxpayer, was keen on avoiding double taxation. As the owner of the stocks of United Mortgage Corp., an entity that held some stocks at Monitor Securities Corp, she desired to sell Monitor Securities Corp's securities for a significant profit. However, there was a problem. If done as it should have been done, taxation would occur at two levels, i.e. after the sale of Monitor Securities Corp's stocks and again during the distribution of sale profit, as dividend tax. There was a way around this. To minimize her tax obligation, Mrs. Gregory formed a new entity which then issued its shares to her after they were transferred from United Mortgage Corp to the said entity. Next, she dissolved the new company thus causing Monitor Securities Corp's securities to be accorded to her as liquidating dividend -- with the passage of shares being tax free. Next, she offered the stocks of Monitor Securities Corp's for...
She then went ahead and asserted that the transfer of stock from United Mortgage Corp to the new entity was tax exempt as per the provisions of the Code. As the Circuit Court of Appeals held at the time, the reorganization that had taken place was not within the statute's meaning. It was for this reason that the Commissioner of Internal Revenue's opinion that the "petitioner was liable for a tax as though the United Corporation had paid her a dividend consisting of the amount realized from the sale of the Monitor shares" was upheld by the Circuit Court of Appeals (Justia, 2013).
Issues Presented or Questions of Law: 1) Did the SBL agreement constitute the contract between the parties? 2) Was Plaintiffs' case barred by the parole evidence rule? 3) Should the trial court have sustained Defendants' demurrer to Plaintiffs' case? Holding / Rule of Law: 1) The SBL agreement did not constitute the contract between the parties. The contracts were formed when Plaintiffs accepted Defendants offer and tendered their consideration. Therefore, the SBL agreement and addendum
Legal Brief: Hotjox Magazine Facts: Mark Studley (Studley), an Olympic swimmer, was featured on the cover of Hotjox magazine, a magazine targeted primarily at gay males. The picture was in the public domain. The magazine cover had the headline "Olympic Hunks Exposed" and said, "12 Sizzling Centerfolds Ready to Score with You," "Holy Speedo! Hot Athletic Buns!" And "Mark Studley, Olympic 2000's Best Body." The only image of Studley inside the
Legal Briefs Title and Citation: Suggs v. Norris. No. 364 S.E. 2nd 159. Court of Appeals North Carolina. 2 February 1988 Type of Action: Civil and Contractual Facts of the Case: Darlene Suggs cohabited with Norris, but remained unmarried. During their time together she worked with him as a partner in his produce business and, according to witnesses, was quite instrumental in the success of said business. Suggs also took care of Norris
Legal Brief: Anthony Labriola v. Pollard Group Anthony Alan Labriola v. Pollard Group, Inc., WA Supreme Court, 2004, No. 74002-0 Whether a 2002 noncompete agreement negotiated after the employee had been hired and without independent consideration is enforceable. SUBSTANTIVE FACTS: Five years after beginning employment as a sales person the employer required the employee sign a noncompete agreement in 2002. In exchange the employee was allowed to remain employed. After the noncompete agreement was signed
Legal Brief The author preparing this brief is asked to defend against the banning of a book on the grounds that it is obscene and thus it should be barred from sale and distribution in the public sphere. The laws and standards surrounding obscenity are vague, subjective and impossible to reliably and consistently enforce in a manner that is even-handed and objective. As such, the banning of a book, movie or
When neither elected to do so, however, there was a violation of the New York Penal Code, leading to the consideration of their guilt or innocence. Implications Under Article 20 of New York Penal Law While the condemnation of a victim is not a viable defense, the implications for Bluto and his obligations under Article 20 deserves exploration. Just as Duty of Retreat applied to Popeye and Olive, it likewise applied
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