I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
1.) Worthless shares of stock
2.) Worthless bonds
3.) Retirement of bonds with interest coupons or in registered form
4.) Option gains and losses
5.) Liquidating dividends
6.) Liquidation of partnership
7.) Short sales
These transactions are considered capital transactions even if there were no capital assets sold.
When a partnership is liquidated each partner realizes either a capital gain or loss, taking into consideration the holding period of his partnership interest. The formula for computing gain or loss is here:
ROI upon Liquidation - (Investment on Partnership + Share in Undistributed Net Income) = Gain/loss in Partnership Liquidation
0 comments:
Post a Comment