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Capital gains and losses defined Capital gains and losses result from the taxable realized sale or exchange of capital assets. In general, capital assets include investments (such as stocks and real estate) and fixed assets, as opposed to personal-use property. Capital gains result when the sale or exchange price is greater than the adjusted basis […]
Since most of the business-to-business relationships are organized on the basis of written business contracts, it is inevitable that contract disputes would arise between businesses. Frequently, these disputes are serious enough to lead to business contract litigation between the relevant parties Therefore, it is important for any business to prepare for such a possibility ahead […]
This is an odd article to write for a Minnesota contract lawyer who spends most of his contract law practice making sure that the terms of a contract are enforceable. Yet, occasionally, I have clients who are looking for a way to get out of a contract for many reasons. Some of these clients suddenly […]
Contract litigation permeates the very fabric of advanced economic societies. The primary reason for this widespread presence of this type of litigation is because contracts provide the most common and basic means of conducting transactions between individuals and especially businesses. Contracts, whether written or oral, govern the everyday economic relations. Every time you buy something […]
When taxpayers file their income tax returns, a determination of tax is made. The IRS must then “assess” a tax liability in order to collect the amount owed. Generally, the period for assessment is three years from the due date, or from the date the return is filed, whichever is later (see this article for […]