Constructive Trust Remedy
Ensures that the principal can recover secret profits obtained by the agent because of the wrongful conduct
Trade Date
For cash or accrual method, taxpayers must recognize gains and losses for selling stock or securities on established markets
Novation
Substituting a new obligation for an old one or substituting new parties to an existing obligation.
Specific Performance
Court order to fulfill the terms of the contract. If the principal-agent relationship is not contractual then there are no contractual terms to fulfill; thus, is not a remedy when there's NO contract.
Second Promise
Has legally recognized value can constitute consideration. When parties legitimately disagree to the amount owed under their contract, a promise to COMPROMISE, has legal value, and constitutes consideration since both parties are giving up the right to li
Common Law of Contracts
For services; contract modification is treated like a separate contract and requires consideration
Consideration
Price of contracting; Both sides of the contract must be supported by legally sufficient consideration; Something must be given in exchange for a promise for it to be enforceable
- Must have Legal Value
- Must be a bargained for exchange
Writ of Attachment
Order by the court to a sheriff to seize a person's property. It can apply to personal property and real property
Garnishment
An order to a 3rd person who holds property of the debtor to turn the property over to a creditor (like wages or property owed by the 3rd person to the debtor)
Security Interest Attachment Requirements
1. Agreement (record or having either possession or control of the collateral)
2. Credit gives value
3. debtor has rights in the collateral
Chapter 9 Bankruptcy
For municipal debt adjustment
Bankruptcy Estate
Property from a bequest, devise, inheritance, property settlement, divorce decree or beneficial interest in a life insurance policy or death benefit plan within 180 DAYS AFTER filling the petition (EXCLUDED PROPERTY: government benefits: social security,
Medical Expense AGI Deduction %
7.5% for 2018 and afterwards it's 10%
Domestic Corporation Owns 100% of Foreign Corporation. What type of income form foreign is it for the domestic corp?
Subpart F income treated as deemed dividend subject to immediate recognition by Domestic corporation
Form 1120-F is for what type of income?
A foreign corporation tax return from income earned by a U.S. branch
Requirements for a foreign person treated as a U.S. resident
minimum 31 days in the current year and at least 183 days for a three-year period