Watching stock markets plummet on Thursday was a shock for many investors, one that brought back painful memories of October 2008 and the beginning of the financial crisis that has hobbled the American economy. Local financial advisers urged restraint and calm, saying the economic situation -- while certainly worrisome -- is nothing like 2008.
Under IRC section 1031, a taxpayer's exchange of real property used in a trade or business or held for investment for other like-kind property will generally result in nonrecognition of gain. In some situations, a taxpayer may exchange mixed-use property, in which a portion of the property is either used in a trade or business or held for investment. Bed and breakfast (B&B) inns, farms with principal residences, and principal residences with home offices are all examples of mixed-use property. The illustrative example in this article will focus on a section 1031 exchange involving a B&B. One of the authors recently structured such a transaction and dealt with many of the practical aspects and nuances of such a situation. The impact of the Housing and Economic Recovery Act of 200...
... of the Housing and Economic Recovery Act of 2008 will also be examined. Sale of Residence Under IRC...
The current financial chaos is uprooting every aspect of America's economic landscape. Under these circumstances, some consumers fear that the entire financial infrastructure is a precarious house of cards caught in a windstorm. The present financial situation and the Emergency Economic Stabilization Act of 2008 have brought forth several questions and concerns from consumers:, such as: What happens to box contents if a financial institution is closed and goes out of business? If anything happened to cause a financial institution to close, the consumer's box contents would be safe and accessible. If a customers close their deposit accounts, may they store their money in a safe deposit box? Yes, individuals may store cash in safe deposit boxes. No, there are no state or federal laws that...
PARIS - Allow me, Candide-like, to reflect for a moment on an aspect of the economic situation in which we find ourselves as 2008 begins. We in the United States have an economy that in major respects is based on virtuality. This means that its most marked quality is the increasing distance it puts between itself and real things. Since Iowa is in the news, let's take corn and pork bellies. Nothing could be more down to earth. Any American who has spent time in Iowa or another farm state will remember that the news never is complete without a report on corn and pork-belly futures. In the past, farm product "futures" were bought and sold on a small market in Chicago and provided a form of insurance for farmers. Their practical function was to allow farmers to plan on the basis of the prof...
The projections in the period to 2008 are based on an assessment of the economic situation described in section 1 and the driving forces discussed in section 2. The projections are based on the path for the interest rate and the exchange rate in the baseline scenario as discussed in section 3. In the baseline scenario, it is assumed that short-term money market rates will increase gradually in the years ahead to around 4 1/4% at end-2008. The krone exchange rate is assumed to follow the forward exchange rate. This implies an approximately unchanged krone exchange rate in the next few years.
The stock market losses that have recently hit the global markets might be taking some carefully stewarded library endowments along for the ride, according to the article "Economic Uncertainty Spreads to Library Endowments" in the October 2008 issue of American Libraries. Given the situation, it's no surprise that librarians are alarmed, reactive, and rapidly retrenching on nearly all new initiatives, particularly anything that involves the outlay of money. While it is truly unfortunate that this opportunity arrives in parallel to pain for so many people, librarians must seize the occasion to achieve the following goals: 1. focusing, 2. cooperating and sharing, and 3. putting up a new search interface.
S. Steel Corp. said Tuesday its fourth-quarter profits jumped because of strong pipeline product sales, but it expects an operating loss in the first quarter of this year because of the downturn in the global steel industry. S. Steel CEO John Surma said the Pittsburgh-based steelmaker achieved record earnings, net sales and income from operations for 2008, even though the economic situation negatively affected fourth- quarter results.
First, some good news. August 2009 milk production was down 0.2 percent from August 2008 for the "23 states." These "23 states" are the highest producing dairy states that account for more than 90 percent of the milk produced in the United States. Ohio is included in this group as the 11th highest producing state in the nation. Even better, when we look at all 50 states, August 2009 milk production was down 0.3 percent from a year earlier. This decline resulted from fewer milk cows (28,000 less than July 2009) and slightly lower milk production per cow (between 20 and 25 pounds). This is good news for dairy producers, perhaps the beginning of a long, slow recovery with the Class III price breaking $11 per hundredweight for the first time since December 2008. However, a rapid change is n...
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