Normally, capital gains are recognized and taxable upon the sale of property. The Tax Code provides an exception to this rule for certain exchanges of property. If all requirements are met, any gain from the exchange is not taxed, and … Continue reading
Employer Forced to Pay Unapproved Overtime
An enforcement action by the U.S. Department of Labor resulted in a ruling that nurses were employees, not independent contractors, of a staffing agency that provided them on a temporary basis to hospitals. After this ruling, the agency took action … Continue reading
Happy Birthday. Not.
Amanda Jax celebrated her 21st birthday by going out to drink legally. As she partied at a Mankato, Minn., restaurant on October 29, 2007, her friends bought her drinks to celebrate her milestone anniversary. Unfortunately, Jax, who was studying nursing, … Continue reading
New Nonprofit Tax Forms
The Internal Revenue Service recently published new draft instructions for a revamped version of Form 990, used by nonprofit organizations. The new rules will go into effect when nonprofits file their 2008 tax returns. In the interests of greater transparency … Continue reading
All in the Family – Father Wins $4 Million from Daughter
A jury has returned a multimillion-dollar judgment for the plaintiff in a case that is likely to make for strained relationships for one Michigan family. The winner, Richard, was the retired founder of a large automobile dealership. The loser was … Continue reading