Camping out today with the bros...

An Idiom a Day...

loaded for bear, Informal. fully prepared and eager toinitiate or deal with a fight, confrontation, or trouble: Keepaway from the boss—he's loaded for bear today.

Pour over coffee at 2 Story, Athens

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Quote of the Week

"Without human beings, the universe has no meaning; without Christians, our communities have no meaning; and without Christ, Christians have no meaning. Hence, Christ is the meaning of the universe."

- The Meaning of Human Life and a Proper Consecration, p.31

Verse of the Week

Therefore having this ministry as we have been shown
mercy, we do not lose heart. - 2 Cor. 4:1
Therefore we do not lose heart... - 2 Cor. 4:16

It sounds as though Hans Hoogervorst may have had an epiphany last night. Hoogervorst is the current IASB chairman. He explained his latest findings to the Basel Committee in Brussels:

It’s “extremely risky to have a capital regime which says for certain types of assets you don’t need to put aside any capital..."

It is very encouraging to see these important issues being addressed by international accounting standard setters. Perhaps next week we will learn whether there are any risks attached to derivatives and exchange-traded funds. Stay tuned...

this just in...

Did this really happen? I'm reading a tax case and the all of the sudden the judge quotes 2 Corinthians 3:6. That's probably not a big deal to any of you, but it was very refreshing to me! After reading pages and pages of this stuff it's great to be reminded that the spirit giveth life! Hallelujah! Anyway, here goes...

General. Section 111 provides that income attributable to the recovery during any taxable year of bad debts, prior taxes, and delinquency amounts shall be excluded from gross income to the extent of the 'recovery exclusion' with respect to such items. The rule of exclusion so prescribed by statute applies equally with respect to all other losses, expenditures, and accruals made the basis of deductions from gross income for prior taxable years, including war losses referred to in section 127 of the Internal Revenue Code of 1939, but not including deductions with respect to depreciation, depletion, amortization, or amortizable bond premiums. The term 'recovery exclusion' as used in this section means an amount equal to the portion of the bad debts, prior taxes, and delinquency amounts (the items specifically referred to in section 111), and of all other items subject to the rule of exclusion which, when deducted or credited for a prior taxable year, did not result in a reduction of any tax of the taxpayer under subtitle A.

This opinion represents the views of the majority and complies with existing law and decisions. However, in the writer's personal opinion, it produces a harsh and inequitable result. Perhaps, it exemplifies a situation "where the letter of the law killeth; the spirit giveth life." The tax-benefit concept is an equitable doctrine which should be carried to an equitable conclusion. Since it is the declared public policy to encourage contributions to charitable and educational organizations, a donor, whose gift to such organizations is returned, should not be required to refund to the Government a greater amount than the tax benefit received when the deduction was made for the gift. Such a rule would avoid a penalty to the taxpayer and an unjust enrichment to the Government. However, the court cannot legislate and any change in the existing law rests within the wisdom and discretion of the Congress. ALICE PHELAN SULLIVAN CORP. v. U.S., Cite as 20 AFTR 2d 5137 (381 F.2d 399), 07/20/1967 , Code Sec(s) 111