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Although the IRS does not provide a capital gains exemption for a real estate investment sale like it does for the sale of a private residence, the IRS does provide a way for you to avoid the tax by transferring capital gains to new property.Capital gains on tax real estate investments are due in full in the year in which you sell the property.In the case of child support, the enactment of child support guidelines has refined the calculus further; the legislature has presumptively determined "needs" and thus the appropriate level of support based on the income and expenses of the parties. This article will focus upon the first of these three steps: the definitions of "income" and "expenses" of the parties for purposes of support. But see In re Guidelines of Child Support Enforcement, 863 S. 1993) (income refers to the definition in the federal income tax laws, less proper deductions). FINRA has extensively addressed those guiding principles in past Regulatory Notices, and cases have applied them to specific facts.Some SEC releases and FINRA cases and interpretive letters also have explained that a broker-dealer's use or distribution of marketing or offering materials ordinarily would not, by itself, constitute a "recommendation" for purposes of the suitability rule.
While the article focuses primarily on the definitions of income and expenses for child support, reference will also be made to alimony cases considering the issue. 303.8 (federal regulations require that state guidelines, at a minimum, take into consideration all income and earnings of the obligor). They cannot be transferred for value like shares of for-profit corporations, and often do not even entitle members to a share of the residual value of the enterprise upon dissolution. The members of a nonprofit membership organization periodically elect a board of directors, which is ultimately responsible for the operation of the enterprise and the fulfillment of its mission.The boards of non-member not-for-profit corporations are self-selecting and self-perpetuating.Finally, the rule provides a modified institutional-customer exemption. The suitability rule applies only to recommended securities and investment strategies involving securities, but FINRA does not define the term "recommendation" other than to say that it is a facts and circumstances inquiry.What factors determine whether a recommendation has been made for purposes of the suitability rule? Although FINRA does not define the term "recommendation," it has offered several guiding principles that firms and brokers should consider when determining whether particular communications could be viewed as recommendations.