Considerations When Incorporating the Family Farm

I. Introduction II. Advantages of Incorporating … A. Limited Liability … 1. Contractual … 2. Tort: Insurance … 3. Limited Liability Denied … a. Misuse of Corporate Entity … b. Under Capitalization … B. Advantages of Debt Financing … C. Flexible Transfer of Property … 1. Inter Vivos Transfers … 2. Estate Planning … D. Improved Credit … E. Fringe Benefits … F. Social Security … G. Workmen’s Compensation III. Initial Fees IV. Problems Concerning Control of the Farm Operation … A. Minority Representation on the Board of Directors … B. Other Control Devices of a Minority Stockholder … C. Stock Transfer Restrictions … 1. First Option Plans … a. Who Should Have the Option … b. What Transfers Are Covered by the Restriction? … c. How Long Should the Option Period Be? … d. How Is the Option Price Determined? … 2. Agreements to Purchase Upon the Death of a Shareholder: Business Insurance V. Tax Considerations … A. Tax-Free Transfer of the Property to the Corporation … B. Methods to Reduce Double Taxation … 1. Salary Deductions … 2. Employee Bonuses … 3. Retained Earnings … 4. Subchapter S Election … C. Estate and Gift Taxes and Stock Valuation Problems … 1. Estate Tax … 2. Gifts … 3. Valuation of Close Corporation Stock … D. Capital Gain and Losses … E. Income Tax Consideration under Section 691 .. F. Excise Taxes … 1. Federal … 2. State VI. Conclusio

Insurance—Company Liability for Wrongful Death When Insured Murdered by Purchaser with No Insurable Interest

Three insurance companies negligently issued policies on the life of a two-year-old child to an aunt-in-law having no insurable interest in the child’s life. A few months later, the aunt murdered the child. Plaintiff, the child’s father, recovered a $75,000 judgment against the insurance companies for his child’s wrongful death. Held: Judgment affirmed. The central reason for refusing to recognize insurance contracts where the beneficiary has no insurable interest is that such contracts provide a motive for murder. Hence an insurance company must use reasonable care not to issue a life insurance policy to one with no insurable interest and murder of the insured by the “no insurable interest” beneficiary may accordingly be found to be a foreseeable consequence of failing to exercise such care. (Liberty Life Insurance Company v. Weldon, 267 Ala. 171, 100 So.2d 696 [1957]) The court’s reliance on the law of insurance to support its holding on foreseeability seems misplaced. While statements can be found to the effect that the law of insurable interests is to some extent premised on a “temptation to murder” rationale, certainly its central basis is not temptation to murder but the public policy against gambling. This is evident not only from the many holdings that insurance policies are freely assignable but from judicial approval of other interests involving tendencies quite as fatal to human life—life-tenant-remainderman and testator-legatee relationships, for example

Considerations When Incorporating the Family Farm

I. Introduction II. Advantages of Incorporating … A. Limited Liability … 1. Contractual … 2. Tort: Insurance … 3. Limited Liability Denied … a. Misuse of Corporate Entity … b. Under Capitalization … B. Advantages of Debt Financing … C. Flexible Transfer of Property … 1. Inter Vivos Transfers … 2. Estate Planning … D. Improved Credit … E. Fringe Benefits … F. Social Security … G. Workmen’s Compensation III. Initial Fees IV. Problems Concerning Control of the Farm Operation … A. Minority Representation on the Board of Directors … B. Other Control Devices of a Minority Stockholder … C. Stock Transfer Restrictions … 1. First Option Plans … a. Who Should Have the Option … b. What Transfers Are Covered by the Restriction? … c. How Long Should the Option Period Be? … d. How Is the Option Price Determined? … 2. Agreements to Purchase Upon the Death of a Shareholder: Business Insurance V. Tax Considerations … A. Tax-Free Transfer of the Property to the Corporation … B. Methods to Reduce Double Taxation … 1. Salary Deductions … 2. Employee Bonuses … 3. Retained Earnings … 4. Subchapter S Election … C. Estate and Gift Taxes and Stock Valuation Problems … 1. Estate Tax … 2. Gifts … 3. Valuation of Close Corporation Stock … D. Capital Gain and Losses … E. Income Tax Consideration under Section 691 .. F. Excise Taxes … 1. Federal … 2. State VI. Conclusio

The “ABC model”: a non-hydrostatic toy model for use in convective-scale data assimilation investigations

In developing methods for convective-scale data assimilation (DA) it is necessary to consider the full range of motions governed by the compressible Navier-Stokes equations (including non-hydrostatic and ageostrophic flow). These equations describe motion on a wide range of time-scales with non-linear coupling. For the purpose of developing new DA techniques that suit the convective-scale problem it is helpful to use so-called ‘toy models’ that are easy to run, and contain the same types of motion as the full equation set. Such a model needs to permit hydrostatic and geostrophic balance at large-scales, but to allow imbalance at small-scales, and in particular, it needs to exhibit intermittent convection-like behaviour. Existing ‘toy models’ are not always sufficient for investigating these issues. A simplified system of intermediate complexity derived from the Euler equations is presented, which supports dispersive gravity and acoustic modes. In this system the separation of time scales can be greatly reduced by changing the physical parameters. Unlike in existing toy models, this allows the acoustic modes to be treated explicitly, and hence inexpensively. In addition, the non-linear coupling induced by the equation of state is simplified. This means that the gravity and acoustic modes are less coupled than in conventional models. A vertical slice formulation is used which contains only dry dynamics. The model is shown to give physically reasonable results, and convective behaviour is generated by localised compressible effects. This model provides an affordable and flexible framework within which some of the complex issues of convective-scale DA can later be investigated. The model is called the “ABC model” after the three tunable parameters introduced: A (the pure gravity wave frequency), B (the modulation of the divergent term in the continuity equation), and C (defining the compressibility)

Effect of Hydro-Resistance Training on Bat Velocity

The purpose of this study was to determine the effect of hydro-resistance training on bat velocity during mimicked baseball swings in twenty-five female college students. Subjects were pre-tested for bat velocity and assigned to dry land (n = 8), water (n = 8), and control (n = 9) groups. The dry land group swung a 737 g (26 oz) Easton T1 Thunderstick baseball bat for three sets of 15 swings, three days per week, for eight weeks. The water group performed the swings in shoulder deep water. The dry land and water groups also participated in mandatory team general resistance training three days per week. The control group performed no bat swing or resistance-training regimens. Mean bat velocity was measured with an electronic eye-timing device. A 3 x 2 (Group x Time) ANOVA with repeated measures was used for statistical analysis, followed up with Tukey’s post hoc test. Bat velocity decreased significantly for the dry land and water groups (24.0 ± 3.6 m/s to 20.6 ± 4.1 m/s and 23.8 ± 3.5 to 18.8 ± 4.1 m/s, respectively). Bat velocity did not change for the control group (21.5 ± 3.0 m/s to 20.2 ± 2.1 m/s). We speculate that the decreased bat velocity in the dry land and water groups was caused by the mandatory team general resistance-training program

Auxiliary field diffusion Monte Carlo calculations of light and medium-mass nuclei with local chiral interactions

Quantum Monte Carlo methods have recently been employed to study properties of nuclei and infinite matter using local chiral effective field theory interactions. In this work, we present a detailed description of the auxiliary field diffusion Monte Carlo algorithm for nuclei in combination with local chiral two- and three-nucleon interactions up to next-to-next-to-leading order. We show results for the binding energy, charge radius, charge form factor, and Coulomb sum rule in nuclei with $3\le A\le16$. Particular attention is devoted to the effect of different operator structures in the three-body force for different cutoffs. The outcomes suggest that local chiral interactions fit to few-body observables give a very good description of the ground-state properties of nuclei up to $^{16}$O, with the exception of one fit for the softer cutoff which predicts overbinding in larger nuclei.Comment: 23 pages, 10 figure

Ancient Egypt 1920 Part 1

Part 1 of the 1920 Ancient Egypt books. Contents include the return to research, Nile boats, the treasure of Antinoe, a mace head of Hierakonpolis, and an early portrait.https://knowledge.e.southern.edu/kweeks_coll/1010/thumbnail.jp

Ancient Egypt 1920 Part 2

Part 2 of the 1920 Ancient Egypt books. Contents include a Mentuhetep statue, varnishes in Theban tombs, the kings of Ethiopia, and Nile boats (continued).https://knowledge.e.southern.edu/kweeks_coll/1011/thumbnail.jp

Models for atmospheric propagation delays

Techniques operated for the realization of the IERS reference systems make use of electromagnetic signals received on the surface of the Earth. During their transit of the atmosphere, the signals experience delays which must be modeled in the analysis software. This chapter presents models for the propagation of optical signals in the troposphere (9.1), for radio signals in the troposphere (9.2) and for radio signals in the ionosphere (9.4). For Doppler techniques which use time- di erenced phases as observables, the models presented in this chapter should be time-di erenced as well.Peer ReviewedPostprint (published version

A method for merging flow-dependent forecast error statistics from an ensemble with static statistics for use in high resolution variational data assimilation

The background error covariance matrix, B, is often used in variational data assimilation for numerical weather prediction as a static and hence poor approximation to the fully dynamic forecast error covariance matrix, Pf. In this paper the concept of an Ensemble Reduced Rank Kalman Filter (EnRRKF) is outlined. In the EnRRKF the forecast error statistics in a subspace defined by an ensemble of states forecast by the dynamic model are found. These statistics are merged in a formal way with the static statistics, which apply in the remainder of the space. The combined statistics may then be used in a variational data assimilation setting. It is hoped that the nonlinear error growth of small-scale weather systems will be accurately captured by the EnRRKF, to produce accurate analyses and ultimately improved forecasts of extreme events