Bliss Dairy: The Supreme Court's Golden Egg

Article Abstract:

The analysis deals with Tennessee-Carolina Transportation Inc. vs. Commissioner, Commissioner vs. South Lake Farms Inc., United States vs. Bliss Dairy and the tax benefit rule. The Supreme Court argues for less rigidity in defining and applying the tax benefit rule, which aims to use a transactional rather than accrual accounting method. The Court adopts a modified type of inconsistent event test. The article focuses discussion on the Bliss standard applied to corporate liquidations. It examines how the new Section 338 gives Sections 337 and 1012 power to govern the tax treatment of stock purchases, as well as asset purchases.

Analysis, Taxation, Courts of last resort, Tax courts

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Openings overseas

Article Abstract:

Greater opportunities for leisure consultancies exist in mainland Europe than in Britain. Financial collaboration between the public and private sector facilitates leisure development. British companies offer a basic service that can be applied to any leisure facility. Smaller firms compete with large companies through cooperative projects and by projecting an international image.

Employment, Leisure industry, Marketing consultants

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Instead of hot air

Article Abstract:

New technology may create a clothes dryer that will not shrink wool and other delicate fabrics. Electric Power Research Institute is developing a product that uses microwaves. The microwaves will evaporate the water without using heat.

Usage, Innovations, Clothes dryers, Microwave heating

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