text:
Maybelline Expert Eyes Twin Brow & Eye Pencils
218 reviews
79% would repurchase
Package Quality: 3.7
Price: $
Package Quality: 3.7
Price: $
INGREDIENTSRhus Succedanea (Rhus Succedanea Fruit Wax), Hydrogenated Vegetable Oil, Lanolin, Ozokerite, Hydrogenated Cottonseed Oil, Silica, Ceresin, Talc, Synthetic Beeswax, Stearic Acid, Cetearyl Alcohol, Zinc Stearate, Sorbitan Stearate, Polysorbate 60, Methylparaben, Propylparaben, BHT, Butylparaben, Citric Acid, May Contain ( /-): CI 77491, CI 77492, CI 77499 / Iron Oxides, CI 77891 (Titanium Dioxide) (Titanium Dioxide), CI 77400 (Copper Powder) (Bronze Powder), CI 77000 (Aluminum Powder), FD&C Blue 1 (Blue 1 Lake)
on 4/9/2010 10:24:00 AM
Age: 30-35
Skin: Normal, Fair, Neutral
Hair: Brunette, Wavy, Medium
Eyes: Brown
I got the Expert Eyes Twin Brow and Eye Pencils in Medium Brown. I have only tried this shade and it is terrible. Medium Brown is such an inaccurate description. This is RED! Red as in potentially nice shade to line lips. Not a tinge of red, but RED! If you ever see someone with red brows (that look unintentionally red - they are probably wearing this pencil!).
I applied this after my eye makeup so I had to make do with it until I wash off my makeup (which may be sooner than I originally intended). I do like the formula of this pencil, it isn't too waxy and not too dry. If you can find a shade that actually matches I would say go for it but the Medium Brown is so awful that I would never advise anyone get it.
Would not repurchase - I don't even want to try the other shades:(
on 3/27/2010 9:05:00 PM
Age: 18 & Under
Skin: Acne-prone, Fair, Cool
Hair: Blond, Wavy, Other
Eyes: Green
I put 'yes' for repurchase. These brow pencils are everything you'd want them be. Long lasting, easy to use, decent quality. However they lose big points in the shade category. I purchased blonde & it looks medium reddish brown. That's not very appealing against my cool toned porcelain skin! I shall keep searching for my HG brow pencil....
***Edit***: I've had it with this product. I will no longer repurchase. The blonde shade is no where near light nor cool toned enough. Also I realized that these break me out!!! No wonder I kept having 'problem areas' around my brows. I've found a much better cheaper alternative: Prestige.
on 3/19/2010 1:35:00 AM
Age: 19-24
Skin: Combination, Tan, Warm
Hair: Brunette, Straight, Fine
Eyes: Brown
I grew up with 2 older sisters and they both use it till this day. I personally see why they really like it. It's very smooth, blendable, cheap and not chalky like some other brow pencil like Wet n Wild. I will always buy this.
on 2/20/2010 5:10:00 PM
Age: 18 & Under
Skin: Oily, Fair-Medium, Cool
Hair: Brunette, Straight, Medium
Eyes: Brown
This was my first-ever eyebrow pencil purchase, and I am very disappointed.
The product is extremely dry and chalky which makes it difficult to get a good color pay-off. I found it very difficult to blend and achieve a natural look. I purchased this in the shade 'blonde' and for the most part it matches my hair, despite the orangy-ness if applied to heavily. I will not repurchase.
on 2/16/2010 10:43:00 PM
Age: 30-35
Skin: Combination, Fair-Medium, Neutral
Hair: Brown, Wavy, Medium
Eyes: Brown
I use this in CHARCOAL GREY, it is and has been HG for me for at least 10 years. It's the only thing that works for my oily skin (the dryer consistency & waterproofness makes it last and last) and the color match is so natural and perfect for my sparse charcoal brows! No red, yellow or orange undertones. I am so DISGUSTED with Maybelline for DCing this! The only other thing that ever worked for me is Cliniques Charcoaled Brow Powder but it doesn't last as long or look quite as good... I don't know if I'll ever find a dupe. If anybody knows of one, please PM me.
I found a great dupe ladies!!! It's MAC Impeccable Brow Pencil in Taupe. Very close in color and feel. It's permanent too! =)
on 1/15/2010 3:41:00 PM
Age: 18 & Under
Skin: Acne-prone, Dark, Not Sure
Hair: Black, Other, Other
Eyes: Brown
I bought this in dark brown I think. It works very well and last for a long time. I'll put it on at 8 AM and when I get ready for bed at 2 AM there's still come there. My only qualm is that the pencil is a little on the red side. But if you just blend it well and don't draw too thick you should be fine. It lasts through summer sweating and doesn't smudge at all. So yeah; this is good stuff.
on 1/13/2010 1:25:00 AM
Age: 36-43
Skin: Combination, Fair-Medium, Not Sure
Hair: Black, Other, Other
Eyes: Brown
I'm Asian with soft black hair and fairly sparse brows. Both the Blonde and Gray shades of these Maybelline pencils work great on me. I'm talking Shu Uemura Seal Brown great. When I'm in a hurry, I actually prefer the Maybelline b/c it requires less pressing to show up.
If you're Asian, don't bother with the Black (unless you like the Sharpie look) or Brown (too red). I tried those years ago. Like back in the 80s when I had to ride my bike to the Rexall to buy makeup. We considered these eyeliners back then (again, not recommended. way too hard and will tug at your skin). But I enjoy the reminiscing whenever I pull one of these out.
on 1/13/2010 1:04:00 AM
Age: 30-35
Skin: Sensitive, Fair, Not Sure
Hair: Brunette, Wavy, Fine
Eyes: Brown
This wasn't too bad, but I prefer the ultra-brow powder instead in dark brown. The only reason I'd really buy this is if I couldn't get the ultra-brow.
on 11/11/2009 10:24:00 AM
Age: 25-29
Skin: Normal, Fair-Medium, Warm
Hair: Black, Straight, Medium
Eyes: Brown
These pencils are HG status for me. I was loyal to the charcoal shade from the moment I discovered it in college. You could imagine my surprise when it was discontinued last year & the frustration it entailed looking for a reliable substitute. I tried a couple of DS brow pencils but they were either the wrong shade or too waxy. Anastasia's brow powder in med. ash was a good shade match but I don't have much luck with powders. I decided to give another shade from Maybelline brow pencil collection a try. Their black is just too harsh/dark for me, although I can imagine it being a decent eyeliner. Much to my shock, blonde is the perfect match. It's a "taupey" color (no red/orange undertones) and it is actually comparable to my beloved charcoal shade. Besides being the perfect shade, these pencils are the perfect formula for brows, not too waxy, not too hard/soft, great staying power. I will be stocking up in case Maybelline discontinues this awesome shade too.
on 10/26/2009 5:24:00 PM
Age: 19-24
Skin: Combination, Fair, Cool
Hair: Blond, Wavy, Fine
Eyes: Green
I bought this in the color blonde after reading all of the rave reviews. Well.. I can say they're correct. I have struggled with my eyebrows for a long time. They're there, but they're a lighter blonde than my natural hair color even is (and I dye it darker yet), and on the sparse side. I had been dying them using a Roux lash & brow kit from Sally's, but still had to fill them in and arch them, which I was using Revlon Brow Fantasy to do, and then blending with an angle brush. The problem was, I was going TOO dark, because the only lighter pencils I could find were too warm for my very cool colored skin. And I didn't find the Brow Fantasy to build very well on my arch area, because it's too waxy. You know how when you color with a crayon, there are little white spots of wax throughout the color? That's what happened. It took 10 minutes alone just to do my brows, and they still didn't look very good.
This stuff is close to perfect. The pencil doesn't seem to be so waxy. Even after piling on a ton of it, it's blends more than adequately especially after I blend it with my angle brush. It's VERY buildable and the color is very natural looking. No orange tones like a lot of brown colors have, or nasty olive tones in it like I've seen in some taupe colors. I can see why a lot of haircolor ranges say it works for them. I wish I naturally had nicer brows, but since I don't, I am SO happy I found this.
Oh, and also, the price is very cheap. I got a two-pack for $3.50 regular price at Walgreens, so that's $1.75 per pencil.
Edit: March of 2010 and still love this!
Popular Brows Products


text:
Join FREE | Login
& Deals
& Celebrations
Take classic pizza toppings, and sandwich them between layers of tender, thin pizza crust. Doubly delicious!
©2014 General Mills, Inc. All Rights Reserved. This information will only be used to send an email to your friend(s) and will not be saved. Please read our Privacy Policy.
Add any of your favorite pizza toppings--olives, Canadian bacon, veggies--and be creative!
© 2015 ®/TM General Mills All Rights Reserved
Sweet and Spicy Chicken Flatbread
Gina's Quick 'n Easy Chicken Pot Pies
Big & Easy BBQ Chicken Pockets
Spinach-Artichoke Mini Bites
Tofu Black Bean Enchiladas
Chicken Alfredo Pizza

subset: commoncrawl


text:
I modified the HelloWorld example slightly to use a different grammar and then print several sentence from the grammar using JSGFGrammar.dumpRandomSentences(path,number). My grammar, however, had a faulty rule that looks something like this:
<myRule> = <myRule>;
Where if this grammar node were traversed there would be no way to to get to end node of an utterance. Loading and using the grammar in Sphinx4 works as expected (though I think a warning is needed), basically ignoring the rule because it is impossible to use it. However, if a bad grammar rule like this is present, it can cause an ArrayIndexOutOfBounds exception on line 287 of Grammar.java when using dumpRandomSentences(). I think there should be a try-catch statement around line 244 of the same file to print something about the nature of the problem.
The Grand Janitor
Hey Nathan,
Interesting point, would you mind to send out a sample of the faulty grammar?


text:
VIEWS: 9 PAGES: 9 CATEGORY: Business POSTED ON: 7/22/2011
S Corp Agreements document sample
ef02fc66-440a-4111-89ff-e0b312de8ad2.doc. Page 1 of 9 Richard E. and Mary Ann Hurst, S corporations: 2-percent shareholder: Taxable benefits. 124 TC --, No. 2, February 3, 2005. [Appealable, barring stipulation to the contrary, to CA-6. --CCH.] [Code Sec. 302] parties. Both the redemption and stock sales provided S corporations: Stock redemption: Capital gain: for payment over 15 years and were secured by the Redemption in termination: Control. -- shares of stock being redeemed or sold. Ps continued to An S corporation's purchase of its outstanding shares own H Corp.'s headquarters building, which they qualified as a redemption that terminated the sole leased back to H Corp. P-wife continued to be an shareholder's interest in the company and, thus, could employee of H Corp. after the redemption, and she and be treated as the sale of his long-term capital assets. her husband continued to receive medical insurance The related security and collateral arrangements did not through her employment. All the agreements --stock give the shareholder any ongoing interest in the purchase and redemption, lease, and employment corporation other than that of a creditor. The contract --were cross-collateralized by P-husband's H promissory notes that the corporation issued in Corp. stock and contained cross-default provisions. exchange for the shares merely gave the shareholder a Held: permissible security interest in the redeemed stock and 1. The sale and redemption of the H Corp. stock were consistent with similar seller-financed trans- qualifies as a termination redemption under sec. actions. The corporation's agreement to continue to 302(b)(3), I.R.C. None of the cross-default and cross- lease property from the shareholder was reasonable, collateralization provisions made P-husband's post- and its subsequent surrender of its option to buy the transaction interest one "other than an interest as a property was made only after adversarial negotiations creditor." between the parties. The corporation's employment contract with the shareholder's wife and the inclusion 2. R's contention that Ps' sale of their R Corp. stock of that agreement in various cross-default provisions should be analyzed under sec. 304's rules governing that were part of the redemption merely protected the sales of stock between corporations under common shareholder's interest as a creditor of the corporation control must be rejected for lack of evidence because it and did not serve as a ruse that allowed him to continue was raised only in posttrial briefing and is a "new to control the company. --CCH. matter" rather than a "new argument." [Code Sec. 304 and Tax Court Rule 151] 3. P-wife is a "2-percent shareholder" under section S corporations: Stock redemption: Control: Related 1372, I.R.C., because the rules of section 318, I.R.C., corporation: Attribution rules: Practice and pro- attribute to her the ownership of the H Corp. stock of cedure: Deficiency notice: New matter: New argument. both her husband and son during 1997; accordingly, the H Corp. health insurance premiums are includible in The IRS impermissibly raised a new matter, rather than her income, subject to a deduction of a percentage of a new argument, in its post-trial brief when it argued their amount under section 162(l)(1)(B), I.R.C. that an S corporation's simultaneous redemption of shares and acquisition of a related company removed HOLMES, Judge: Richard Hurst founded and owned the entire transaction from the Code Sec. 302(b)(3) safe Hurst Mechanical, Inc. (HMI), a thriving small harbor for termination redemptions. Under the business in Michigan that repairs and maintains attribution rules, the shareholder's wife may have heating, ventilating, and air conditioning (HVAC) controlled both corporations, so that her continued systems. He bought, with his wife Mary Ann, a much employment by the acquiring corporation was a smaller HVAC company called RHI; and together they prohibited interest. However, the IRS's failure to raise also own the building where HMI has its headquarters. this issue during the trial deprived the taxpayer of the When the Hursts decided to retire in 1997, they sold opportunity to present evidence to the contrary. --CCH. RHI to HMI, sold HMI to a trio of new owners who [Code Sec. 1372] included their son, and remained HMI's landlord. Mary Ann Hurst stayed on as an HMI employee at a modest S corporations: 2-percent shareholder: Taxable benefits. salary and with such fringe benefits as health insurance An individual was taxable on the value of health and a company car. insurance that an S corporation provided under her The Hursts believe that they arranged these employment contract. Although she owned no stock transactions to enable them to pay tax on their profit directly, she was treated as a two-percent shareholder from the sale of HMI and RHI at capital gains rates because shares owned by her husband and her son were over a period of fifteen years. The Commissioner attributed to her. However, she was also entitled to disagrees. deduct a portion of the premiums that the corporation paid on her behalf. --CCH. FINDINGS OF FACT In 1997, as part of their retirement planning, Ps sold The Hursts were married in 1965, and have two their stock in R Corp. to H Corp. H Corp. redeemed 90 children. Mr. Hurst got his first job in the HVAC percent of P-husband's stock in H Corp., and P- industry during high school, working as an apprentice husband sold the remainder to his son and two third in Dearborn. He later earned an associate's degree in ef02fc66-440a-4111-89ff-e0b312de8ad2.doc. Page 2 of 9 the field from Ferris State College. After serving in the in keeping them on after a takeover. Convinced they military, he moved back to Detroit, and eventually were ready to run the business, they approached Mr. gained his journeyman's card from a local union. In Hurst in May 1997 with their own bid to buy his HMI 1969, he and his wife made the difficult decision to stock, matching the $2.5 million offered by GMAC. move their family away from Detroit after the unrest of Mr. Hurst accepted the offer, confident that the young the previous two years, and they settled in Grand management team he had put together would provide a Rapids where he started anew as an employee of a secure future for the corporation he had built up over large mechanical contractor. nearly twenty years. In April 1979, the Hursts opened their own HVAC Everyone involved sought professional advice from business, working out of their basement and garage. lawyers and accountants who held themselves out as Mr. Hurst handled the technical and sales operations having expertise in the purchase and sale of family while Mrs. Hurst did the bookkeeping and accounting. businesses. The general outline of the deal was soon The business began as a proprietorship, but in clear to all. The Hursts would relinquish control of November of that year they incorporated it under HMI and RHI to Tuori, Dixon, and Todd Hurst, and Michigan law, with Mr. Hurst as sole shareholder of receive $2.5 million payable over fifteen years. HMI, the new corporation, named Hurst Mechanical, Inc. Inc. would continue to lease the Safety Drive property (HMI). In 1989, HMI elected to be taxed under from the Hursts. The proceeds from the sale of the subchapter S of the Code, and that election has never corporations and the rent from the lease would support changed.1 The firm grew quickly, and after five years it the Hursts during their retirement. Mrs. Hurst would had about 15 employees; by 1997, it had 45 employees continue to work at HMI as an employee, joining the and over $4 million in annual revenue. firm's health plan to get coverage for herself and her After leaving the Hursts' home, HMI moved to a husband. Tuori, Dixon, and Todd Hurst would own the converted gas station, and then to a building in company, getting the job security they would have Comstock Park, Michigan. When the State of Michigan lacked had HMI been sold. bought the Comstock Park building in the mid-1990s, Everything came together on July 1, 1997: HMI bought the company moved again to Belmont, Michigan, in a 90 percent of its 1000 outstanding shares from Mr. building on Safety Drive. The Hursts bought this Hurst for a $2 million note. Richard Hurst sold the building in their own names and leased it to HMI. In remaining 100 shares in HMI to Todd Hurst (51 early 1994, the Hursts bought another HVAC business, shares), Dixon (35 shares), and Tuori (14 shares). The Refrigerator Man, Inc., which they renamed R.H., Inc. new owners each paid $2500 a share, also secured by (RHI). Each of the Hursts owned half of RHI's stock. promissory notes. HMI bought RHI from the Hursts for In 1996, with HMI doing well and settled into a stable a $250,000 note.2 (All these notes, from both HMI and location, the Hursts began thinking about retirement. the new owner, had an interest rate of eight percent and Three employees had become central to the business were payable in 60 quarterly installments.) HMI also and were to become important to their retirement plans. signed a new 15-year lease for the Safety Drive One was Todd Hurst, who had grown up learning the property, with a rent of $8,500 a month, adjusted for HVAC trade from his parents. The second was Thomas inflation. The lease gave HMI an option to buy the Tuori. Tuori was hired in the mid-1980s to help Mary building from the Hursts, and this became a point of Ann Hurst manage HMI's accounting, and by 1997 he some contention --described below --after the sale. was the chief financial officer of the corporation. The And, finally, HMI also signed a ten-year employment last of the three was Scott Dixon, brought on in 1996, contract with Mrs. Hurst, giving her a small salary and after Richard Hurst came to believe that HMI was big fringe benefits that included employee health enough to need a sales manager. Dixon anticipated the insurance. potential problems posed by the Hursts' eventual If done right, the deal would have beneficial tax and retirement so, before joining the firm, he negotiated an nontax effects for the Hursts. From a tax perspective, a employment contract that included a stock option. His stock sale would give rise to long-term capital gain, attorney also negotiated stock option agreements for taxed at lower rates than dividends.3 And by taking a Tuori and Todd Hurst at about the same time. These 15-year note, rather than a lump sum, they could options aimed to protect Dixon and the others if HMI qualify for installment treatment under section 453, were sold. probably letting them enjoy a lower effective tax rate. In late 1996, Richard Hurst was contacted by Group There were also nontax reasons for structuring the deal Maintenance American Corporation (GMAC). GMAC this way. HMI's regular bank had no interest in was an HVAC consolidator --a company whose financing the deal, and the parties thought that a business plan was to buy small HVAC businesses and commercial lender would have wanted a security try to achieve economies of scale --and it offered to interest in the corporations' assets. By taking a security buy HMI for $2.5 million. Mr. Hurst told Tuori, Dixon, interest only in the stock, the Hursts were allowing the and Todd about GMAC's offer, and they themselves buyers more flexibility should they need to encumber confirmed it --only to learn that GMAC had no interest corporate assets to finance the business. ef02fc66-440a-4111-89ff-e0b312de8ad2.doc. Page 3 of 9 But this meant that they themselves were financing the they do not exceed a shareholder's basis in his stock. sale. And spreading the payments over time meant that (Some of the Hursts' proceeds from their sales of their they were faced with a lack of diversification in their stock benefited from these rules, but that was not a assets and a larger risk of default. To reduce these point of contention in the case.) risks, the parties agreed to a complicated series of For much of the Code's history (including 1997), cross-default and cross-collateralization provisions, the noncorporate sellers usually preferred a redemption to net result of which was that a default on any one of the be treated as a sale because that offered the advantage promissory notes or the Safety Drive lease or Mrs. of taxation at capital gains rates and the possible Hurst's employment contract would constitute a default recognition of that gain over many years under section on them all. Since the promissory notes were secured 453's provisions for installment sales. This preference by the HMI and RHI stock which the Hursts had sold, a led to increasingly elaborate rules for determining default on any of the obligations would have allowed which redemptions qualify as sales and which are Mr. Hurst to step in and seize the HMI stock to satisfy treated as dividends or other section 301 distributions. any unpaid debt. The Code has three safe harbors: redemptions that are As it turned out, these protective measures were never substantially disproportionate with respect to the used, and the prospect of their use seemed increasingly shareholder, sec. 302(b)(2); redemptions that terminate remote. Under the management of Todd Hurst, Dixon, a shareholder's interest, sec. 302(b)(3); and and Tuori, HMI boomed. The company's revenue redemptions of a noncorporate shareholder's stock in a increased from approximately $4 million annually at corporation that is partially liquidating, sec. 302(b)(4). the time of the sale to over $12 million by 2003. Not Each of these safe harbors comes with its own once after the sale did any of the new owners miss a regulations and case law. payment on their notes or the lease. The Code also allows redemption treatment if a The Hursts reported the dispositions of both the HMI taxpayer can meet the vaguer standard of proving that a and RHI stock on their 1997 tax return as installment particular redemption is "not essentially equivalent to a sales of long-term capital assets. The Commissioner dividend." Sec. 302(b)(1). The relevant regulation disagreed, and recharacterized these dispositions as notes that success under this standard turns "upon the producing over $400,000 in dividends and over $1.8 facts and circumstances of each case." Sec. 1.302-2(b), million in immediately recognized capital gains. In the Income Tax Regs. resulting notice of deficiency for the Hursts' 1997 tax Given the stakes involved, the Hursts and their advisers year, he determined that this (and a few much smaller tried to steer this deal toward the comparatively well-lit adjustments) led to a total deficiency of $538,114, and safe harbor of section 302(b)(3) --the "termination imposed an accuracy-related penalty under section redemption." Reaching their destination depended on 6662 of $107,622.80. The Hursts were Michigan redeeming the HMI stock in a way that met the rules residents when they filed their petition, and trial was defining complete termination of ownership. And one held in Detroit. might think that a termination redemption would be OPINION easy to spot, because whether a taxpayer did or didn't Figuring out whether the Hursts or the Commissioner sell all his stock looks like a simple question to answer. is right requires some background vocabulary. In tax Congress, however, was concerned that taxpayers law, a corporation's purchase of its own stock is called would manipulate the rules to get the tax benefits of a a "redemption." Sec. 317(b). The Code treats some sale without actually cutting their connection to the redemptions as sales under section 302, but others as a management of the redeeming corporation. The payment of dividends to the extent the corporation has problem seemed especially acute in the case of family- retained earnings and profits, with any excess as a owned businesses, because such businesses often don't return of the shareholder's basis, and any excess over have strict lines between the roles of owner, employee, basis as a capital gain. Distributions characterized as consultant, and director. dividends, return of basis, or capital gains are The Code addresses this problem by incorporating commonly called "section 301 distributions," after the rules attributing stock ownership of one person to Code section that sets the general rules in this area. another (set out in section 318) in the analysis of trans- The rules for redemptions and distributions from S actions governed by section 302. Section 318(a)(1)(A)(ii), corporations, which are found in section 1368 and its which treats stock owned by a child as owned by his regulations, add a layer of complexity, especially when parents, became a particular obstacle to the Hursts' the corporation has accumulated earnings and profits navigation of these rules because their son Todd was to (as both HMI and RHI did). These rules require be one of HMI's new owners. This meant that the note computation of an "accumulated adjustments account," that Mr. Hurst received from HMI in exchange for 90 an account which tracks the accumulation of previously percent of his HMI stock might be treated as a section taxed, but undistributed, earnings of an S corporation. 301 distribution, because he would be treated as if he Distributions up to the amount of the accumulated still owned Todd's HMI stock --making his "termi- adjustments account are generally tax free to the extent nation redemption" less than "complete". ef02fc66-440a-4111-89ff-e0b312de8ad2.doc. Page 4 of 9 But this would be too harsh a result when there really is earnings. See Dunn v. Commissioner [80-1 USTC a complete termination both of ownership and control. ¶9187], 615 F.2d 578, 582-583 (2d Cir. 1980), affg. 70 Thus, Congress provided that if the selling family T.C. 715, 726-727 (1978); Estate of Lennard v. member elects to keep no interest in the corporation Commissioner, 61 T.C. 554, 563 & n.7 (1974). All of other than as a creditor for at least ten years, the these contractual arrangements had cross-default Commissioner will ignore the section 318 attribution clauses and were secured by the buyers' stock. This rules. Sec. 302(c)(2); sec. 1.302-4, Income Tax Regs.4 meant that should any of the notes go into default, Mr. By far the greatest part of the tax at issue in this case Hurst would have the right to seize the stock and sell it. turns on whether Richard Hurst proved that the sale of The parties agree that the probable outcome of such a his HMI stock was a termination redemption, sale would be that Mr. Hurst would once again be in specifically whether he kept an interest "other than an control of HMI. interest as a creditor" in HMI. There are also two lesser Respondent questions the cross-default clauses of the questions --whether the Hursts can treat the sale of various contractual obligations, and interprets them as their stock in RHI, the smaller HVAC company, as a an effective retention of control by Mr. Hurst. But in sale or must treat it as a section 301 distribution; and Lynch v. Commissioner, 83 T.C. 597 (1984), revd. on whether the Hursts owe tax on the health insurance other grounds [86-2 USTC ¶9731] 801 F.2d 1176 (9th premiums that HMI paid for Mrs. Hurst. Cir. 1986), we held that a security interest in redeemed We examine each in turn. stock does not constitute a prohibited interest under section 302. We noted that "The holding of such a A. Complete Termination of Interest in HMI security interest is common in sales agreements, and * The Hursts' argument is simple --they say that Richard * * not inconsistent with the interest of a creditor." Id. (who had owned all the HMI stock) walked completely at 610; see also Hoffman v. Commissioner, 47 T.C. away from the company, and has no interest in it other 218, 232 (1966), affd. [68-1 USTC ¶9284] 391 F.2d than making sure that the new owners keep current on 930 (5th Cir. 1968). Furthermore, at trial, the Hursts their notes and rent. The Commissioner's argument is offered credible evidence from their professional more complicated. While acknowledging that each advisers that these transactions, including the grant of a relationship between the Hursts and their old company security interest to Mr. Hurst, were consistent with --creditor under the notes, landlord under the lease, common practice for seller-financed deals. employment of a non-owning family member --passes 2. The Lease muster, he argues that the total number of related obligations resulting from the transaction gave the HMI also leased its headquarters on Safety Drive from Hursts a prohibited interest in the corporation by giving the Hursts. As with the notes, the lease called for a Richard Hurst a financial stake in the company's fixed rent in no way conditioned upon the financial continued success. performance of HMI. Attorney Ron David, who was intimately familiar with the transaction, testified In analyzing whether this holistic view is to prevail, we convincingly that there was no relationship between the look at the different types of ongoing economic obligations of the parties and the financial performance benefits that the Hursts were to receive from HMI: (a) of HMI. The transactional documents admitted into The debt obligations in the form of promissory notes evidence do not indicate otherwise. There is simply no issued to the Hursts by HMI and the new owners, (b) evidence that the payment terms in the lease between their lease of the Safety Drive building to HMI; and (c) the Hursts and HMI vary from those that would be the employment contract between HMI and Mrs. Hurst. reasonable if negotiated between unrelated parties. And 1. Promissory Notes the Hursts point out that the IRS itself has ruled that an There were several notes trading hands at the deal's arm's-length lease allowing a redeeming corporation to closing. One was the $250,000 note issued by HMI to use property owned by a former owner does not the Hursts for their RHI stock. The second was the $2 preclude characterization as a redemption. Rev. Rul. million, 15-year note, payable in quarterly installments, 77-467, 1977-2 C.B. 92. issued to Mr. Hurst by HMI in redemption of 90 The Commissioner nevertheless points to the lease to percent (900 of 1000) of his HMI shares. Mr. Hurst bolster his claim that Mr. Hurst kept too much control, also received three 15-year notes payable in quarterly noting that in 2003 he was able to persuade the buyers installments for the remaining 100 HMI shares that he to surrender HMI's option to buy the property. sold to Todd Hurst, Dixon, and Tuori. All these notes Exercising this option would have let HMI end its rent called for periodic payments of principal and interest expense at a time of low mortgage interest rates, on a fixed schedule. Neither the amount nor the timing perhaps improving its cashflow --and so might well of payments was tied to the financial performance of have been in the new owners' interest. But the Hursts HMI. Although the notes were subordinate to HMI's paid a price when the new owners gave it up. Not only obligation to its bank, they were not subordinate to did the deal cancel the option, but it also cut the general creditors, nor was the amount or certainty of interest rate on the various promissory notes owed to the payments under them dependent on HMI's the Hursts from eight to six percent. So we think the ef02fc66-440a-4111-89ff-e0b312de8ad2.doc. Page 5 of 9 Commissioner is wrong in implicitly asserting that the the ordinary course of business, there was reason to buyers should have engaged in every behavior possible intertwine substantial corporate obligations with the that would be adverse to the elder Hursts' interest, and employment contract of only one of 45 employees. He focus on whether the elder Hursts kept "a financial points to this special provision as proof that the parties stake in the corporation or continued to control the to this redemption contemplated a continuing involve- corporation and benefit by its operations." Lynch, 83 ment greater than that of a mere creditor. T.C. at 604. Ample and entirely credible testimony In relying so heavily on the cross-default provisions of showed that the discussions about HMI's potential the Hursts' various agreements, though, the Commissioner purchase of the Safety Drive location were adversarial: ignores the proof at trial that there was a legitimate The Hursts as landlords wanted to keep the rent creditor's interest in the Hursts' demanding them. They flowing, and the new owners wanted to reduce HMI's were, after all, parting with a substantial asset (the cash outlays. Though the Hursts kept their rents, the corporations), in return for what was in essence an IOU new owners did not give up the option gratuitously -- from some business associates. Their ability to enjoy making this a negotiation rather than a collusion. retirement in financial security was fully contingent 3. Employment of Mrs. Hurst upon their receiving payment on the notes, lease, and At the same time that HMI redeemed Mr. Hurst's stock employment contract. As William Gedris, one of the and signed the lease, it also agreed to a ten-year Hursts' advisers, credibly testified, it would not have employment contract with Mrs. Hurst. Under its terms, been logical for Mr. Hurst to relinquish shares in a she was to receive a salary that rapidly declined to corporation while receiving neither payment nor $1000/month and some fringe benefits --including security. health insurance, use of an HMI-owned pickup truck, The value of that security, however, depended upon the and free tax preparation. financial health of the company. Repossessing worth- In deciding whether this was a prohibited interest, the less shares as security on defaulted notes would have first thing to note is that Mrs. Hurst did not own any done little to ensure the Hursts' retirement. The cross- HMI stock. Thus, she is not a "distributee" unable to default provisions were their canary in the coal mine. If have an "interest in the corporation (including an at any point the company failed to meet any financial interest as officer, director, or employee), other than an obligation to the Hursts, Mr. Hurst would have the interest as a creditor." Sec. 302(c)(2)(A)(i). The option to retrieve his shares immediately, thus Commissioner is thus forced to argue that her protecting the value of his security interest instead of employment was a "prohibited interest" for Mr. Hurst. worrying about whether this was the beginning of a And he does, contending that through her employment downward spiral. This is perfectly consistent with a Mr. Hurst kept an ongoing influence in HMI's creditor's interest, and there was credible trial corporate affairs. He also argues that an employee testimony that multiple default triggers are common in unrelated to the former owner of the business would commercial lending. not continue to be paid were she to work Mrs. Hurst's We find that the cross-default provisions protected the admittedly minimal schedule. And he asserts that her Hursts' financial interest as creditors of HMI, for a debt employment was a mere ruse to provide Mr. Hurst with on which they had received practically no down pay- his company car and health benefits, bolstering this ment, and the collection of which (though not argument with proof that the truck used by Mrs. Hurst "dependent upon the earnings of the corporation" as was the same one that her husband had been using that phrase is used in section 1.302-4(d), Income Tax when he ran HMI. Regs.) was realistically contingent upon HMI's con- None of this, though, changes the fact that her tinued financial health. The buyers likewise had a compensation and fringe benefits were fixed, and again motivation to structure the transaction as they did -- --like the notes and lease --not subordinated to HMI's their inability to obtain traditional financing without general creditors, and not subject to any fluctuation unduly burdening HMI's potential for normal business related to HMI's financial performance. Her duties, operations. Even one of the IRS witnesses showed this moreover, were various administrative and clerical understanding of Mr. Hurst's relationship to the new tasks --some of the same chores she had been doing at owners after the redemption --the revenue agent who HMI on a regular basis for many years. And there was conducted the audit accurately testified that Mr. Hurst no evidence whatsoever that Mr. Hurst used his wife in was "going to be the banker and wanted his interests any way as a surrogate for continuing to manage (or protected." even advise) HMI's new owners. Cf. Lynch, 801 F.2d at The number of legal connections between Mr. Hurst 1179 (former shareholder himself providing post- and the buyers that continued after the deal was signed redemption services). did not change their character as permissible security It is, however, undisputed that her employment interests. Even looked at all together, they were in no contract had much the same cross-default provisions way contingent upon the financial performance of the that were part of the lease and stock transfer company except in the obvious sense that all creditors agreements. The Commissioner questions whether, in have in their debtors' solvency. ef02fc66-440a-4111-89ff-e0b312de8ad2.doc. Page 6 of 9 Moreover, despite the Commissioner's qualms, we find raised section 304 for the first time only in his as a matter of fact that Mr. Hurst has not participated in answering brief. The Hursts object to the introduction any manner in any corporate activity since the of an issue so late in the proceedings, invoking Aero redemptions occurred --not even a Christmas party or Rental v. Commissioner, 64 T.C. 331 (1975), and summer picnic. His only dealing with HMI after the Theatre Concessions v. Commissioner, 29 T.C. 754 sale was when, as noted above, he dickered with the (1958). Aero Rental and Theatre Concessions are part buyers over their purchase option on the Safety Drive of a line of cases beginning at least with Nash v. property. These facts do not show a continuing Commissioner, 31 T.C. 569 (1958), in which we have proprietary stake or control of corporate management. refused to allow a party to raise an issue for the first B. Treatment of the RHI Sale time in posttrial briefing.5 Analyzing the Hursts' disposition of their interest in the To decide whether the Commissioner can do this so smaller HVAC company, RHI, turns out to be more late in the game, we first outline our rules on putting complicated than analyzing the redemption of their issues in play. We then analyze section 304 as it might HMI stock. The notice of deficiency was clear in apply here to decide whether the Commissioner can stating that the Commissioner was disallowing the rely on it. Hursts' treatment of the HMI redemption as a sale 1. Raising Arguments and Issues After Trial because that sale was to a "related party." And both the We begin by noting that we share the Hursts' dim view Hursts and the Commissioner understood this to mean of raising an issue for the first time in a posttrial that the disposition of Mr. Hurst's HMI stock answering brief. Numerous procedural safeguards built implicated section 302(b)(3). That's the way both into the Code and our own rules are designed to parties approached trial preparation and then tried the prevent such late-in-the-day maneuvering. Section case. But the notice of deficiency cited no authority in 7522(a) requires the Commissioner to "describe the disallowing capital gains treatment for the Hursts' sale basis for" any increase in tax due in the notice of of their RHI stock, simply including it as a disallowed deficiency. After a case in this Court has begun, Rule subitem within the overall disallowance of Mr. Hurst's 142(a) places the burden of proof on the Commissioner treatment of his HMI stock sale. The Commissioner's "in respect of any new matter, increases in deficiency, answer did assert that "both petitioners retained and affirmative defenses, pleaded in the answer." prohibited interests, within the meaning of I.R.C. §302(c)(2)(A), in the corporation referred to by The difficulty for the Hursts is that we do distinguish petitioners as `RH, Inc.' " And though the answer between new matters and new theories --"we have held makes no more specific allegation about Mr. Hurst's that for respondent to change the section of the Code alleged "prohibited interest" in RHI, it does specifically on which he relies does not cause the assertion of the allege that Mrs. Hurst had "an employment contract new theory to be new matter if the section relied on is with that corporation, which is a prohibited interest." consistent with the determination made in the deficiency notice relying on another section of the The issue did not get much attention at trial, because Code." Barton v. Commissioner, T.C. Memo. 1992-118 the stipulated evidence showed that the answer simply (citing Estate of Emerson v. Commissioner, 67 T.C. got it wrong --Mrs. Hurst's employment contract was 612, 620 (1977)), affd. 993 F.2d 233 (11th Cir. 1993). with HMI, not RHI. And neither side showed that In short, a "new matter" is one that reasonably would either of the elder Hursts had any continuing alter the evidence presented. A "new theory" is just a involvement in whatever business RHI had left. new argument about the existing evidence and is thus (Indeed, the trial left unclear what, if anything, was left allowed. of RHI by the time HMI bought it.) We therefore describe how section 304 works, how it Relying on section 302 alone to upset the Hursts' might apply to the Hursts' sale of RHI, and most characterization of their RHI stock sale under these importantly whether it would alter the evidence the circumstances seemed mistaken for another reason: Hursts might reasonably have wanted and been able to That section governs stock redemptions, and the RHI introduce. stock was sold to HMI, not redeemed by RHI. As already noted, the trial focused almost entirely on HMI, 2. Section 304 and the Sale of the RHI Stock and the Hursts' continuing connection to it. Both parties As noted above, the best individual taxpayers can hope seemed to assume that if the Hursts won the battle for for when disposing of their stock is for it to be treated treating the redemption of their HMI stock as a sale, as a sale of a capital asset. But this might create an they would win as well on RHI. opportunity for a creative taxpayer in command of two Now the Commissioner urges us to rely on a different companies to sell his stock in one to the other, gaining section of the Code --section 304 --to support his the benefit of sale treatment, avoiding any tax on position on RHI. This section is a more promising receiving a dividend, all without relinquishing effective ground for him, because it allows him to treat some ownership. Congress squelches this opportunity with stock sales to related corporations as redemptions section 304. It addresses both parent/child situations -- under section 302. The problem, however, is that he the acquisition by a subsidiary of stock in the parent ef02fc66-440a-4111-89ff-e0b312de8ad2.doc. Page 7 of 9 corporation that owns it, sec. 304(a)(2); and interest in RHI was attributed to her (thus putting her at brother/sister situations --the acquisition of one 100-percent ownership) as was his 100-percent interest corporation's stock by another when both are under in HMI. Section 304(a)(1)(A) is met. common control, sec. 304(a)(1). The Commissioner HMI also acquired the RHI stock in exchange for contends that the RHI sale to HMI is one of the latter. property, as the Code makes painfully clear by defining What makes this contention look more like a new "property" to include "money". Sec. 317(a). The theory, and less like a new matter, is the truth that accompanying regulation helpfully clarifies that sections 302 and 304 are linked --if section 304 applies definition by including as "property" a promise to pay to a stock sale, the consequence is that it is treated as a money in the future. Sec. 1.317-1, Income Tax Regs. redemption under section 302 and its regulations. And Thus, section 304(a)(1)(B) is met. so we begin with the text of section 304(a)(1): The next issue is whether the Hursts were in "control" SEC. 304(a). Treatment of Certain Stock Purchases. -- of HMI (the "acquiring corporation") for section 304 (1) Acquisition by Related Corporation (Other Than purposes after the transaction as they were before. Subsidiary). --For purposes of sections 302 and 303, if Under section 318(a)(1)(A)(ii), a taxpayer construct- -- ively owns any stock owned by his children. Thus, the Hursts are considered to own Todd's 51-percent interest (A) one or more persons are in control of each of two in HMI. As all three elements of section 1.304-5(b) are corporations, and met, section 304(a) applies. (B) in return for property, one of the corporations Because section 304(a) applies, determinations as to acquires stock in the other corporation from the person whether the acquisition is, by reason of section 302(b), (or persons) in control, to be treated as a distribution in part or full payment in then * * such property shall be treated as a distribution exchange for the stock shall be made by reference to in redemption of the stock of the corporation acquiring the stock of the issuing corporation. * * * such stock.6 * * * Sec. 304(b)(1). Section 304(b) then helpfully sets out six paragraphs, The consequence of applying section 304 is thus to ten subparagraphs, and dozens of clauses and sub- send us back to section 302, treating the Hursts' sale of clauses to explain section 304(a). If these weren't clear their RHI stock to HMI as if it were a redemption by enough, there are also seven columns of single-spaced RHI. For the Commissioner, this deemed redemption regulations. Secs. 1.304-1 through 1.304-5, Income analysis under section 302(b) turns on the uncontested Tax Regs. The result is a rococo fugue of tax law.7 fact that Mrs. Hurst remained an employee of HMI To begin de-composing this fugue, we note that section after the sale. He argues that HMI's purchase of RHI 304(c) and section 1.304-5(b), Income Tax Regs., made RHI into an HMI subsidiary. Section 1.302-4(c), define "control," a term of critical importance in this Income Tax Regs., would then govern: "If stock of a case. The regulation tells us that in deciding whether subsidiary corporation is redeemed, section section 304(a)(1) applies, we look to see if the 302(c)(2)(A) shall be applied with reference to an taxpayers involved (1) control both the issuing and interest both in such subsidiary corporation and its acquiring corporation, (2) transfer stock in the issuing parent." Thus, despite section 304(b)'s command to corporation to the acquiring corporation for property, treat the RHI sale as a redemption by RHI, the and then (3) still control the acquiring corporation Commissioner contends that post-sale employment by thereafter. We also listen to section 304(c)(3) and either RHI or HMI is a prohibited interest. section 1.304-5(a), Income Tax Regs., which tell us to So far, so good, for the Commissioner. This analysis look at section 318's attribution rules to determine who looks as if it is purely legal, and so only a new controls what under section 304. See Gunther v. "theory". In analyzing the RHI sale under section 304, Commissioner, 92 T.C. 39, 49 n.12 (1989), affd. [90-2 it seems, there is no different evidence that the Hursts USTC ¶50,434] 909 F.2d 291 (7th Cir. 1990). could have introduced that would change the analysis. In this case, RHI was the "issuing corporation" and But this is where the Commissioner's failure to raise HMI was the "acquiring corporation." Before the sale, the deemed redemption analysis before filing his RHI was owned entirely by Richard and Mary Ann answering brief begins to look less like a tardy-though- Hurst. Under section 318(a)(1)(A)(i), a taxpayer is forgivable new theory, and more like an unforgivable- considered to own shares of stock held by his spouse. if-unaccompanied-by-evidence introduction of a new Thus, we treat HMI and RHI as being under common matter. The Commissioner may well be right that the control, in that HMI was actually owned by Mr. Hurst Hursts' sale of their RHI stock couldn't steer into the and RHI was constructively owned by Mr. Hurst (since safe harbor of section 302(b)(3). However, there are he actually owned 50 percent and the 50 percent his several other paragraphs of section 302(b), and if the wife owned is constructively owned by him as well). Commissioner had raised his section 304 argument Moreover, Mrs. Hurst also constructively controlled earlier, it seems likely that the Hursts would have both corporations, in that her husband's 50-percent ef02fc66-440a-4111-89ff-e0b312de8ad2.doc. Page 8 of 9 counterpunched by exploring whether one of those The Hursts' case thus ends up looking like Shea v. other paragraphs would have helped their cause. Commissioner, 112 T.C. 183 (1999). Here, as in Shea, Consider, for example, section 302(b)(1), which allows there is an obviously applicable law newly relied upon for exchange treatment of a redemption not essentially by the Commissioner to support a portion of the equivalent to a dividend. In order to qualify for original deficiency. Id. at 197. Here, as there, exchange treatment under this provision, a transaction "Respondent failed to offer any evidence that indicated needs to satisfy the "meaningful reduction * * * [in] that respondent considered the application of * * * [that proportionate interest" test set out in United States v. law] in making his determination." Id. at 192. We thus Davis [70-1 USTC ¶9289], 397 U.S. 301, 313 (1970). view the lack of evidence on the section 304 question In this case, Mrs. Hurst did in fact experience a as the Commissioner's failure to meet his burden, and reduction in her constructive RHI interest, even after we do not rule against the Hursts on this issue.9 applying section 318's attribution rules, because her C. The Taxability of Mrs. Hurst's Medical Benefits interest was reduced from 100 percent (her 50-percent The final issue is the Commissioner's assertion that the interest plus Mr. Hurst's 50-percent interest) to 51 cost of Mrs. Hurst's medical insurance paid by HMI is percent (her son's interest in RHI after the deal was taxable to her. On this issue, the Commissioner is right. done.8 Under section 1372(a), an S corporation (and, To find that the 49-percent reduction in ownership was remember, HMI elected to be an S corporation) is meaningful, we would then have "to examine all the treated as a partnership, and any employee who is a "2- facts and circumstances to see if the reduction was percent shareholder" is treated as a partner when it meaningful for the purposes of section 302." Metzger comes to deciding whether an employee fringe benefit Trust v. Commissioner, 76 T.C. 42, 61 (1981), affd. (like an employer's share of health insurance [82-2 USTC ¶9718] 693 F.2d 459 (5th Cir. 1982). This premiums) is includible in his gross income. Amounts would have allowed the trial to focus upon the practical paid by a partnership to (or for the benefit of) one of its differences, if any, which exist between a 51-percent partners are called "guaranteed payments" under interest and a 100-percent interest in RHI after the sale. section 707(c) of the Code, if they are made without It is true that redemptions in which the 50-percent regard to the partnership's income. Like a partner, a 2- threshold is not passed will generally be considered percent shareholder is required by section 61(a) to essentially equivalent to a dividend. Bittker & include the value of such guaranteed payments in his Eustice, Federal Income Taxation of Corporations gross income and is not entitled to exclude them under and Shareholders, par. 9.05[3][d] at 9-41 (7th ed. the Code sections that otherwise allow the exclusion of 2002). Yet an exception exists when a threshold has employee fringe benefits. See Rev. Rul. 91-26, 1991-1 been passed which alters the practical control of the C.B. 184. taxpayer under State corporate law. Id.; see also Wright The only question left, then, is whether Mrs. Hurst is a v. United States [73-2 USTC ¶9583], 482 F.2d 600, "2-percent shareholder." Section 1372(b) defines the 608-609 (8th Cir. 1973); Patterson Trust v. United term: States [84-1 USTC ¶9315], 729 F.2d 1089, 1095 (6th SEC. 1372(b). 2-Percent Shareholder Defined. --For Cir. 1984). purposes of this section, the term "2-percent Due to the Commissioner's tardiness in raising the shareholder" means any person who owns (or is section 304 issue, the parties offered no evidence as to considered as owning within the meaning of section whether the passage from 100 percent to 51 percent 318) on any day during the taxable year of the S passes any thresholds in Michigan corporate law that corporation more than 2 percent of the outstanding might affect RHI. The record is similarly bereft of stock of such corporation * * *. indicators about the rights over RHI held by Todd And Mrs. Hurst fits within the definition because Hurst, Tuori, and Dixon. At trial, Tuori and others did through her husband she was a 100-percent shareholder testify that corporate decisions at HMI were made by a of HMI for part of the year; through her son, she was a majority vote of himself, Todd Hurst, and Dixon, and 51-percent shareholder for the remainder. Owning, that 2-to-1 votes were regular occurrences. This issue even by attribution, two percent "on any day during the was not fleshed out in the manner we assume counsel taxable year of the S corporation" would have sufficed. for each party would have, had they focused upon Thus, the employer's cost of her health insurance is clarifying the section 304 issue, and we are thus at a clearly includible in her gross income. loss to analyze how it would affect a proper section 302(b)(1) analysis. The Hursts are correct, however, that section 1372 gives Mrs. Hurst a deduction for a percentage of the At the end of this long digression through sections 304 health insurance premiums that HMI paid on her and parts of section 302 not raised before or during behalf. And in 1997, section 162(l)(1)(B) set that trial, we need not reach any firm conclusion on the percentage at 40.10 issue. It is enough to observe that raising section 304 in an answering brief is in this case not just making a new argument, but raising a new matter. ef02fc66-440a-4111-89ff-e0b312de8ad2.doc. Page 9 of 9 To reflect the foregoing and incorporate other many points and counterpoints as to be a "baroque stipulated issues, fugue"). See also W. Rands, "Corporate Tax: The Agony and the Ecstasy," 83 Neb. L. Rev. 39, 69 (2004) Decision will be entered under Rule 155. ("This provides some relief in class. We take a five 1 All references to sections and the Code are to the minute break from our work to discuss whatever a Internal Revenue Code in effect for 1997, unless `fugue' is. Usually, most of us do not know, but otherwise noted. occasionally a classical music enthusiast tries to 2 Trial testimony amply demonstrated that an extra enlighten us."). Adding section 304 makes the fugue $25,000 loan repayment was mistakenly included in rococo. 8 the sale price of RHI, and the Commissioner now Under section 318(a)(2)(C), Todd Hurst's 51-percent agrees that RHI's price was $250,000. ownership of HMI stock after the sale also makes him 3 This was an important consideration to the Hursts -- constructive owner of 51 percent of RHI. Section although HMI was an S corporation at the time of these 318(a)(1)(A)(ii) then makes the elder Hursts transactions, and thus subject only to a single tier of constructive owners of 51 percent of RHI even after tax, secs. 1363, 1366, it had been a C corporation until they actually sold all of it to HMI. See sec. 1989 and still had $383,000 in accumulated earnings 318(a)(5)(A). 9 from those years that had not been distributed to Mr. The Commissioner also contends that the Hursts Hurst. Without careful planning, these earnings might should have understood that section 304 was at issue, end up taxed as dividends under section 1368(c). because "[t]he only legal theory upon which the 4 There are other requirements for a termination respondent could have relied to disallow the install- redemption to be effective, notably that a taxpayer has ment sale or exchange treatment for the redemption of to file a timely election. Sec. 1.302-4, Income Tax the RHI stock is I.R.C. §304." Respondent's Response Regs. Mr. Hurst filed such an election for his HMI to Petitioner's Motion to Strike A Portion of stock, having received permission from the District Respondent's Brief par. 2. Our rules do not force Director to file it late. taxpayers into such guesswork. 10 5 The Commissioner does argue that the Hursts must The Commissioner also contends that the Hursts are have known that section 304 applied because they both liable for a penalty under section 6662 --either for filed waivers of family attribution for their sale of RHI negligence under sections 6662(b)(1) and (c) or for stock. A close look at the waiver request shows, substantial understatement under sections 6662(b)(2) however, that it is based on the clearly faulty and (d). Because we find almost entirely in the Hursts' representation that RHI itself issued the $250,000 note favor, there is no substantial understatement. The in redemption of the RHI stock. This appears, then, to Hursts' partial victory on the minor issue of calculating be just a markup of the waiver request filed at the same the taxable portion of Mrs. Hurst's medical insurance time by Mr. Hurst for the actual redemption of his HMI premiums showed no failure in reasonably complying stock. Whether it was filed out of an abundance of with the Code on that score, either. The penalty is not caution by the Hursts' former adviser or out of a sustained. See sec. 6664(c); sec. 1.6664-4(b)(1), misunderstanding of the deal, it nowhere mentions the Income Tax Regs. fact that RHI and HMI might be affected by section 304. And, of course, the failure of the Commissioner even to raise this point at trial means that the Hursts didn't provide any explanation of their own. 6 The Hursts argue that one reason the Commissioner's argument should fail is that section 304 was amended effective June 8, 1997 and had a transition provision that exempted binding deals already reduced to writing even if not yet closed. However, the amending language that the Hursts cite did not affect the first sentence of section 304 quoted above, which has been in the Code and unchanged for a half century at least. See Internal Revenue Code of 1954, ch. 736, sec. 304, 68A Stat 89. It is this sentence that might affect the tax treatment of the RHI stock sale. 7 There is a custom of referring to the interplay of section 302 and section 318's family attribution rules as a "baroque fugue," traceable to 1 Bittker & Eustice, Federal Income Taxation of Corporations and Shareholders, par. 9.04[3] at 9-35 (7th ed. 2002) (so
Pages to are hidden for
"S Corp Agreements"Please download to view full document


text:
Trail girls advance by beating Monroe, 42-33
DOVER -- In the sports world, its commonly said that "it's tough to beat the same team three... More
- Kevin Sutton The Daily Jeffersonian
DOVER -- In the sports world, its commonly said that "it's tough to beat the same team three... More
CALDWELL -- A strong 40-29 run in the second half helped the Caldwell Redskins defeat visiting... More
BLACKSVILLE, WVa. -- Shenandoah High took the long road trip to Clay-Battelle on Tuesday night... More
Tuesday's Boys' Scores Regular Season Caldwell 64, Edison 56 Clay-Battelle 53, Shenandoah... More
DRESDEN -- The Cambridge Lady Bobcats turned in a bit of a musical performance Monday... More
Monday night's Division III Sectional match-up between Harrison Central and Barnesville High was... More
NEW CONCORD -- Despite a slugglish start, the Bridgeport Lady Bulldogs went on to knock off the... More
MAGNOLIA -- Newcomerstown High collected a fourth place finish on Monday at the Inter-Valley... More
CONNORVILLE -- Buckeye Trail High took to the road on Monday night and returned home with a 43-37... More
Meadowbrook Presale Tournament Tickets Tickets for Meadowbrook High's first round girls' and... More
Monday's Area Basketball Scores Girls' Results Tri-Valley Division II Sectional Cambridge 53,... More
NEW CONCORD -- Muskingum University dropped its season finale by a 101-79 score to visiting John... More
I've no doubt pounded this drum before, but after some "inside information" and countless... More
THORNVILLE -- Expectations were high for the John Glenn High Muskies entering the 2014-15... More
Three minutes into the game, this one had the makings of a rout. Cambridge High dug deep,... More
AKRON -- Newcomerstown Middle School sixth grader Logan Hursey recently captured first place in... More
ROSEMONT, Ill. (AP) -- The Big Ten is studying whether freshmen athletes should be ineligible to... More
COLUMBUS (AP) -- The top freshmen basketball scorers in the nation both play for Ohio State --... More
You can't fool Mother Nature, but she sure can mess with us, especially when it comes to wiping... More
Michelle Witt/The Daily Jeffersonian/www.buyjeffphotos.com The Brook Intermediate Jump Rope... More
CARSON, Calif. (AP) -- Los Angeles is the hottest market for new stadiums in the country -- and... More
ATHENS -- Local swimmers took to the water at the Ohio High School Athletic Association Division... More
LAS VEGAS (AP) -- The Fight is finally on. Floyd Mayweather Jr. will meet Manny Pacquiao on May 2... More
MELBOURNE, Australia (AP) -- World No. 1 Lydia Ko of New Zealand and Thailand's Ariya Jutanugarn... More
GNADENHUTTEN -- The Shenandoah Lady Zeps have picked a good time to hit their stride. Shenandoah... More


text:
(0 holds on 1 copy)
|Call Number
|Item Status
Series: Sherlock Holmes feature film collection,
Description: 1 videodisc (ca. 120 min.) : sd., col. ; 4 3/4 in
Language: English
Originally produced as a television program in 1984
Dramatized from the story by Sir Arthur Conan Doyle
Bonus material: Paget's drawings
Jeremy Brett, Edward Hardwicke, Kristoffer Tabori, Ronald Pickup, James Faulkner, Rosemary McHale, Neil Duncan, Ronald Adamson
When Sir Charles Baskerville arrives at his family's estate from America, he finds a death threat awaiting him and a curse hanging over the family. He calls in Sherlock Holmes and Dr. Watson to solve the mystery
Not rated
Login to write a review of your own.
Reviews by AHML cardholders
Reviews from other readers
Detective and mystery television programs -- Great Britain
Sherlock Holmes films
Private investigators -- Drama -- England
Watson, John H. (Fictitious character) -- Drama
Hardwicke, Edward
Doyle, Arthur Conan, Sir, 1859-1930.
Granada Television
WGBH (Television station : Boston, Mass.)
MPI Home Video (Firm)
Lists can be used to compile collections of items that you may be interested in checking out at a later date. You may also create public lists and share your favorites with other AHML customers.
Login to add tags.
To create a multiple word tag such as Science Fiction, enclose both words in quotes, like: "Science Fiction"


text:
Lothar Alfred Lothar Wegener Reference Libraries
Page 1 of about 1 Articles
2013-03-16 00:00:00
Alfred Lothar Wegener (November 1, 1880 "" November 2, 1930) was a German scientist, geologist, and meteorologist. He is best known for establishing the theory of the continental drift. His 1915 theory of continental drift surmised that the continents were slowly floating around the Earth. Most of his basis was strictly circumstantial evidence, and further he was not able to exhibit a...
Word of the Day
- The practice of two or more parties jointly purchasing all or part of a butchered cow and dividing the meat between them.
The word 'cowpooling' was formed on the model of 'carpooling'.


text:
Glass mosaic tile covers the floor and accents the field tile on the walls.
Learn how to prepare the groundwork for a wood floor.
This DIY Basic will provide tips on tiling a garage floor.
Keep your workshop floor debris-free with this robotic vacuum.
Adding stone is one of the easiest ways to make a kitchen look high end.
How to determine the layout and mark the location of floor joists.
A mauve and forest green '80s bath comes into the 21st century in style.
Matt stays within a client's modest budget by resurfacing the tub and tile.
Get advice for selecting the right floor for your bathroom.
Learn how to grout like a pro for an absolutely clean and uniform finish.
This DIY Basic will provide tips on resurfacing a garage floor.
Dean and Derek pick their top ten best 'Rock solid' stone floors.
Here's a brief overview of how to lay a tile floor.
Here are DIY's top 10 kitchen projects that can be done in a weekend.
Latest flooring options from classic hardwoods to budget-friendly vinyl.


text: Hotel News Sandals buys LaSource resort in Grenada By Gay Nagle Myers / November 08, 2012 Share 1 -- -- -- -- -- Sandals Resorts International purchased the 100-room LaSource Resort in Grenada, making the property Sandals' first in Grenada and the 14th in its portfolio. The resort closed on Oct. 15 due to financial difficulties. "After looking to expand in Grenada for more than a decade, we are delighted to confirm the acquisition of our first resort in Grenada," said Butch Stewart, Sandals chairman. The property on Pink Gin Beach on the southern tip of the island will be renamed Sandals LaSource Grenada Resort & Spa, and will reopen when Sandals completes enhancements, including the addition of 100 guestrooms, private cottages and bungalows with concierge and private butler services. Additional enhancements will include signature dining restaurants, a new infinity pool and swim-up bar, a fitness center, a Red Lane spa and entertainment lounges. LaSource, which had reopened in 2008 following a multi-year closure due to damage from Hurricane Ivan in 2004, had been owned by Liberty Club Ltd., a company headed by Leon Taylor. Elite Island Resorts had provided marketing and representation services since 2010. Follow Gay Nagle Myers on Twitter @gnmtravelweekly. More From Hotels Related Moon Palace postpones opening for fourth timeThe 700-room resort in Jamaica originally was supposed to open February, then the opening was pushed... Fairmont to manage Grand Del Mar in San Diego One&Only Palmilla to reopen with new amenitiesThe Los Cabos luxury resort has added Seared, a steakhouse overseen by chef Jean-Georges Vongerichten,... Comments


text:
Related quotes
"People who talk about revolution and class struggle without referring explicitly to everyday life, without understanding what is subversive about love and what is positive in the refusal of constraints, such people have a corpse in their mouth."
"We had to struggle with the old enemies of peace-business and financial monopoly, speculation, reckless banking, class antagonism, sectionism, war profiteering. They had begun to consider the Government of the United States as a mere appendage to their own affairs. We know that Government by organized money is just as dangerous as Government by organized mob. Never before in history have these forces been so united against one candidate as they stand today. They are unanimous in their hatred for me - and I welcome their hatred. I should like to have it said of my first administration that in it the forces of selfishness and of lust for power met their match. I should like to have it said of my second administration that in it these forces met their master.
- President Franklin Delano Roosevelt, Speech at Madison Square Garden"
"We really struggled in the third quarter and that was when Grand Junction really took advantage of our struggles."
"When he shoots the ball well, the team plays well. And when he struggles, sometimes we struggle. When he goes out there and hits a big shot, not only does it boost his confidence, but it boosts the teams' confidence as well."
"We've struggled offensively this year. It's been a season-long struggle. We've been playing just well enough to pull through."
"Writers take words seriously-perhaps the last professional class that does-and they struggle to steer their own through the crosswinds of meddling editors and careless typesetters and obtuse and malevolent reviewers into the lap of the ideal reader."


text:
- Narrow by:
- Forestry Consulting|
- Logging|
- Timber|
- Sawmills|
- Wood Treatment
- See More
We did not find any businesses listed for Forestry in Westhampton, NY (city) Would you like to ...
- Forestry in Long Island, NY Metro (metro)?
- Choose a Different Category ?
You are currently searching Westhampton Forestry Try other nearby locations.


text:
7 Most Romantic Movies To Watch With Your Valentine
Friday, February 7 by Wookie Johnson
Ah, romance.
Adult Swim To Add An Hour Of Primetime
Friday, February 7 by Penn Collins
You can soon start watching their weird shows at 8.
Paul Bettany Cast As Vision, Will Have To Do More Than An Hour's Work On 'The Avengers: Age Of Ultron'
Friday, February 7 by Wookie Johnson
He'll have to act with his face.
Johnny Depp To Play Irish Mobster Whitey Bulger
Friday, February 7 by Penn Collins
It's unknown if Depp will bring his trademark scarves and hats to the role.
This Parody of "The Usual Suspects" is a Tasty Treat
Thursday, February 6 by Georgie Guinane
Kevin Spacey approved. (Not really, though.)
AMC And Seth Rogen To Adapt 'Preacher' As A Series
Thursday, February 6 by Penn Collins
And Evan Goldberg, too. But he doesn't get as many clicks for us.
7 Movies That Will Make You Glad You're Single On Valentine's Day
Thursday, February 6 by Penn Collins
Ask yourself: Would you want to trade places with any of these folks?
'The Walking Dead' Invades New York City
Thursday, February 6 by Wookie Johnson
Ahhhh, zombies are real!
Say Goodbye To Leno Tonight (If You're So Inclined)
Thursday, February 6 by Penn Collins
Bye bye, Jay.
Gary Oldman Could Be In 'Star Wars: Episode VII'
Thursday, February 6 by Wookie Johnson
He's like nerd catnip.
Evangeline Lilly In Talks To Play Rashida Jones In 'Ant-Man'
Thursday, February 6 by Wookie Johnson
Will she suit up as The Wasp?
You A Fan Of 'Psych'? Not Anymore, You're Not. It's Cancelled.
Wednesday, February 5 by Penn Collins
'White Collar' and 'Burn Notice' will have to work EXTRA hard now.
Honest Trailers: 'Thor: The Dark World'
Wednesday, February 5 by Wookie Johnson
Just give Loki his own movie already.
CBS To Air Thursday Night Football, Sundays Revert Back To The Lord
Wednesday, February 5 by Penn Collins
Well, Sundays slipped slightly more in favor of the Lord.
You'll Probably Be Upset About The 'Fantastic Four' Casting Too
Wednesday, February 5 by Wookie Johnson
It's really better just not to care about things.
10 Best Holiday Movies Quotes
The 10 best holiday movies quotes are simple circumstances that turn into wonderful revelations about people. Holiday movies quotes, for whatever reason accentuate man's light bulb of understanding of himself....
The Most Interesting Man In The World Quotes
Quotes about the most interesting man in the world" appear in commercials for Dos Equis beer. In each television ad, a narrator describes how interesting this man is while footage...
Slumdog Millionaire Soundtrack Song List
"Paper Planes" by M.I.A. If you're looking for one of the more popular tunes from the "Slumdog Millionaire" soundtrack, you might try the popular hit "Paper Planes." This song received...
Top Chick Flicks
You men are already hip to some of the top chick flicks like "Pretty Woman," "You've Got Mail" and "Thelma and Louise." However, here's a heads-up. Guy code requires that...
Shutter Island Ending Explanation
He was faking it. Having finally faced the truth of his actions and the subsequent guilt that that entailed, Laeddis decides that he can't live with the idea that he...
10 Best Child Actors
The 10 best child actors cover decades of films. The bad thing about child actors is they grow up. The good thing about film is we can capture the child...
Best Mexican Film Directors
Among the best Mexican film directors are those who made the first Mexican movies in black and white. Their work, in the rising Mexican cinema, played a significant role in...
Ethics Movies For Men To Learn From
When discussing ethics movies for men, there are several choices. Men typically enjoy movies with a lot of action, drama, and of course, hot women. The below list of four...
Kristen Stewart Movies
With a career that spans over 10 years, it's not incredibly difficult to comprise a list of the best Kristen Stewart movies. Probably best known for starring in the "Twilight"...
Fairy Tail Anime Movies
Fairy tale anime movies is a phrase that is somewhat contradictory on the surface. Technically, anime refers to a style of animation, and fairy tales refer to a literary genre....
10 Best Couples Movie Costumes To Win Any Costume Contest
Suggesting the 10 best couples movie costumes is a fun assignment! Whether you are looking for costumes for a Halloween party or for another occasion where all guests are to...
10 Best 80's Martial Arts Movies
The 10 best '80s martial arts movies cover a wide range of stories from simple action to stories of redemption. These movies had long been a staple for Eastern audiences...


text:
845 Views
830 Views
764 Views
470 Views
525 Views
Home Selling Tips - Three Curb Appeal Secret We...
266 Views
Home Staging Services - The Importance of Impro...
174 Views
31 Views
Home Selling Tips - Staging Your Home For Sale
107 Views
By: Metacafe Affiliate U
602 Views
EnergizedSeller Home Selling Tips – Family Photos
291 Views
Master Bedrooms – Home Staging Tips, by Energiz...
387 Views
5 Mistakes Home Sellers Make When Preparing The...
191 Views
Home Staging: A Guide for the Rest of Us
5 Views
By 30augst2010
A Clear View of Staging Homes By Hard Money Len...
14 Views
By ryangwright1
6 Tips for Staging Your House To Sell
45 Views
By seacoast
29 Views
By absimus32
Edmonton Home Staging for a Vacant Property
29 Views
By Josie Bamber
Home Staging Tips by Hard Money Lenders
8 Views
By dohardmoney1
Helpful Home Staging Tips [HD]
13 Views
By BizInfoTV
Staging Auckland Home Furniture Rentals Company
4 Views
Staging Auckland Home Furniture Rentals Company
1 Views
House Selling Tips To Secure A Sale [HD]
3 Views
212 Views
221 Views
Home Property Value - Importance of Pricing You...
129 Views
4 Views
By badarton04
12 Views
By jonideas101
Home Staging Tips - Closets by Amanda Alligood
102 Views
Home Staging Firm in Orange County - Kelli Ellis
306 Views
By naasergi
House Staging and House Staging Tips
272 Views
By elaunekc
The Kitchen includes much more than just walls, floor, and ceiling. There are many components in the kitchen; most buyers will evaluate the condition of the house based upon this one room. A radiant, well organized and maintained kitchen speaks volumes to buyers that you have paid attention to every detail in the upkeep of your home.
The first step in staging a kitchen is to get rid of unused clutter. Home buyers look for kitchens that are functional and spacious. The goal is to maximize all counter and cabinet space. Countertops should be clear of all items except for a few neutral decorative pieces displayed in the corners. Leaving appliances on your countertops gives buyers the impression that your kitchen has limited cabinet space. Also, discard of any items inside your cabinets and pantry that you do not use. Take everything out of your cabinets and drawers and clean and wipe down out all the cabinets and drawers. Throw away all of those products that you do not use. Put back items that you just can't live without. When putting items back into the cabinetry be sure to arrange them neatly and orderly. Remember that you want the kitchen to look as organized as possible.


text:
Welcome to LMTmag.com, the social and information hub of the dental lab industry. Connect with industry peers and vendors, ask questions, sign up for events, review products, read LMT articles and industry news and more!
Mary Brown, CDT · Owner at G&B Dental Ceramics
What pressing material is everyone using? I was using 3 g and I am having alot of fractuing and I do...See more not really pleased with e max.
Mary Brown, CDT · Owner at G&B Dental Ceramics
I am looking for Sun Vest investment for c&.b. I know it's no longer made but hope someone wants to sell some.