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The oil depletion allowance in American (US) tax law is a tax break claimable by anyone with an economic interest in a mineral deposit or standing timber. [citation needed] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.
Directors have a duty not to waste corporate assets by overpaying for property or employment services. Thus the definition of waste is an exchange so one-sided that no business person of ordinary, sound judgment could conclude the corporation has received adequate consideration. This is difficult to prove in a court of law.
Labor Management Reporting and Disclosure Act; Long title: An act to provide for the reporting and disclosure of certain financial transactions and administrative practices of labor organizations and employers, to prevent abuses in the administration of trusteeships by labor organizations, to provide standards with respect to the election of officers of labor organizations, and for other purposes.
On June 16, 1933, President Franklin D. Roosevelt signed the National Industrial Recovery Act into law. Section 7(a) of the NIRA guaranteed the right of labor unions to organize, and a wave of unionization swept the country. To administer Section 7(a), the National Labor Board (NLB) was created on August 5, 1933. The three-member NLB quickly ...
Seven employees of the Swift & Company packing plant in Fort Worth, Texas, brought an action under the Fair Labor Standards Act of 1938 to recover overtime, liquidated damages, and attorneys' fees, totaling approximately $77,000 (equivalent to $1.33 million in 2023). The employees were required to stay on the packing plant's premises when they ...
Case history; Prior: Kirby Lumber Co. v. United States, 44 F.2d 885 (Ct. Cl. 1930); Cert. granted, 283 U.S. 814 (1931).: Holding; If a corporation purchases and retires bonds at a price less than their face value or issuing price, the excess amount of the purchase price over the issuing price is a taxable gain.
Chronic wasting disease, or CWD, poses a serious threat to Texas’ deer population, especially in light of the recent outbreak in captive deer — with more than 15 new CWD-positive facilities ...
The Fair Labor Standards Act of 1938 requires a federal minimum wage, currently $7.25 but higher in 29 states and D.C., and discourages working weeks over 40 hours through time-and-a-half overtime pay. There are no federal laws, and few state laws, requiring paid holidays or paid family leave.