Miscellaneous Archives - Page 14 of 15

Economic Loss Rule Bars Misrepresentation Claim

03/24/201304/02/2009 by Report from Counsel

Where parties have entered into a contractual relationship and damage occurs occasioning merely economic losses, the economic loss rule bars the complaining party from asserting tort remedies and limits that person to the contract remedies that were bargained for and agreed upon. Economic losses are distinguished from physical harm or damage to property other than … Read more

No-Show Mover Must Make Mortgage Payments

03/24/201304/01/2009 by Report from Counsel

A family hired a moving company to pack up their belongings in their home and move them to a new house in another state. The mover packed up everything, but failed to come back for the loading and moving. This was more than merely inconvenient, because the family’s sale of their old house was contingent … Read more

Website Terms of Use

03/31/201603/31/2009 by Report from Counsel

The terms for using websites, often taking the form of legalese to which many users pay little attention, are more important than they are interesting to read. The terms restrict how the public can use a website to obtain information, purchase goods and services, or take part in web-based social networking. Largely because of the … Read more

Spring 2009 Report from Counsel now Available!

03/24/201303/31/2009 by Report from Counsel

“Employers and Job References” informs readers about increasing litigation over job references (both negative and positive). “No-Show Mover Must Make Mortgage Payments” reviews recent decisions by courts regarding the application of the Carmack Amendment to the failure of a moving company to pick up belongings and damages caused. “Economic Loss Rule Bars Misrepresentation Claim” describes … Read more

Home Improvement Scams

08/17/202008/22/2008 by Report from Counsel

Your home is your castle . . . and it is also probably your most valuable investment. Unfortunately, many homeowners unwittingly hire crooked contractors to improve or repair their castles, and they wind up being cheated out of money or paying for inferior work. The home improvement business is crawling with cheats. Before signing on … Read more

Summer 2008 Report from Counsel

03/24/201306/30/2008 by Report from Counsel

“Employer Forced to Pay Unapproved Overtime” reviews a recent case in which the court explained what efforts employers must take to avoid being required to pay employees for unauthorized overtime work. “Like-Kind Exchanges” tax law related to real property “like-kind” exchanges. “Protection for Parodies” discussed distinctions between parodies, trademark infringement and trademark dilution. “Lawyer’s Approval … Read more

Like-Kind Exchanges

08/17/202006/06/2008 by Report from Counsel

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 any loss cannot be deducted. Gains or losses will not be recognized until the person who received property in the exchange sells or otherwise disposes of it. The most common type of nontaxable exchange is the exchange of property for the same kind of property, or like-kind exchanges.
Requirements

To qualify as a like-kind exchange, the property traded and the property received must

Spring 2008 Report from Counsel

03/24/201304/21/2008 by Report from Counsel

“Checklist of Procedures to be Followed by Corporate Officers” provides important guidance for persons acting on behalf of corporations (and other limited liability entities). “The Power of a Power of Attorney” discusses risks associated with important powers of attorney documents. “Is it “Work to Dress for Work?” discusses the definition of “work” under the Federal … Read more

Intrafamily Loans Subject to Tax Laws

08/17/202004/02/2008 by Report from Counsel

For parents with the financial means to do so, there may be a natural impulse to help a child get started in his or her adult life by making a loan to the child, on terms that are favorable to the child. Notwithstanding the virtues of such generosity, the cold reality is that, if the terms are too favorable to the child, the loan could end up with some undesirable tax consequences.

The better choice may be to go forward with the loan, but with the child repaying the loan with enough interest to avoid the tax bite. Think of this approach as generosity tempered with practicality and as a borrowing position for the child that is closer to the “real world” marketplace.

Real Estate Roundup

08/17/202003/31/2008 by Report from Counsel

Flood Zone FraudA jury recently gave a hefty damages award to homeowners who sued a real estate company for falsely representing that the home they were buying was not located in a flood zone. When the rains came after the homeowners had moved in, the front yard, backyard, and a patio were under three feet … Read more