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Liquidity Factor on Taxable Income
Written by: Mark Rokow, Associate Editor There should be a deduction for liquidity when recognizing Taxable Income under the Internal Revenue Code to help remedy inequitable tax applications to both domestic and international transactions. Liquidity, in this instance, is defined simply as how quickly an individual can turn an asset into money. The quicker an asset can become cash, the more liquid it is. Section 63 of the Internal Revenue Code defines taxable income as gross income less deductions allowed.[1] Section 61 defines gross income as “all income from whatever source derived.”[2] Based on these two definitions, taxable income is all non-excluded income, from whatever source, less deductions.[3] This definition…
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Governments Across the World Race to Buy Medical Equipment in order to Respond to COVID-19’s Increasing Reach
By Gabriel Diaz, Associate Editor On March 11, 2020, the World Health Organization designated coronavirus disease (COVID-19) a global pandemic. With nearly 700,000 confirmed cases and 34,000 deaths globally COVID-19 has quickly become the only topic of conversation. Cities around the world are almost completely deserted as measures to tackle the pandemic continue. Governments have halted flights, locked down towns and urged people to stay at home. Healthcare professionals internationally on the other hand are not given the same advice. Medical workers and first responders are on the frontline fighting against the global pandemic. Some of which are doing so without the luxury of proper equipment and safeguards to protect themselves…
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COV-19: China Leads Global Pandemic Containment – International Commerce Delayed
By: Kenneth D. Knight, Associate Editor On December 31, 2019 the World Health Organization (WHO) was notified by the China Country Office that there were multiple cases of pneumonia with an unknown source, originating from Wuhan City, Hubei Province of China. In their first situation report, dated January 20, 2020, 282 total cases had been reported, resulting in six deaths, spanning across seven countries and territories. Although these reports cover a short period of time to date, the results recorded have changed drastically over time. On March 13, 2020, President Trump declared COV-19, or informally referred to as Coronavirus, a global pandemic and announced a national state of emergency in…
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The COVID-19 Pandemic: Are the PHEIC Protocols Doing Their Job?
By Kara Rockey, Associate Editor Since the first reported case of COVID-19 emerged in China in December 2019, there have been over 416,000 confirmed cases and over 18,000 confirmed deaths, all spurring from 197 affected countries. Ultimately, the rapid spread of the virus has highlighted a global vulnerability to the spread of novel infectious diseases, particularly ones spread easily through close proximity and social interaction. The World Health Organization (WHO) has been at the forefront of global efforts to combat the COVID-19 pandemic by providing leadership and guidance to many affected countries, contributing to research efforts, and setting global standards and monitoring their implementation. The IHR is a binding instrument…
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Crypto Hub of Asia Has First Legal Battle Decided
By Greg Browne, Associate Editor Singapore’s Court of Appeals just ruled on its first legal dispute involving cryptocurrency. Four out of five judges concluded that Quoine Exchange, one of the world’s major bitcoin exchange operators, should pay damages for wrongfully reversing seven transactions on its platform in April of 2017. What is most interesting about this case is that the actors of both parties were a bunch of algorithms; there was no human error involved. In April 2017, B2C2, an electronic market maker, successfully sold 309 ether for 3,092 bitcoins, generating a profit of $3.7 million. Quoine claimed a glitch arose as it was reconfiguring passwords for its hacker defense…
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Brexit as Force Majeure – Boris Johnson’s Act of God?
By Audrey Fick, Associate Editor Britain must negotiate a trade deal with Europe regarding future commercial relations by the end of 2020, or face expensive disruption with its largest trading partner. That deadline may be impossible, however, considering that recent European trade deals with Canada and Japan took seven years, and only further complicated by Johnson’s intent to break from European regulatory rules concerning labor, environment, and product safety. In moving UK commitments to abide by EU standards regarding tax, labor rights, and environment out of the legally binding portion of the Brexit deal into a separate, non-binding political deal, Johnson arranged for increased freedom to diverge from EU norms…
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Nike’s International Shipping Ban on Retailers Means Trouble for “Sneakerheads”
By Imani Deas, Associate Editor YOU GOT EM!— Every sneakerheads favorite thing to see. If you are familiar with the Nike brand or the Nike SNKRS app, then you know that “you got em” means that you just secured the sneakers you’ve been dying to get your hands on, or better yet your feet in. What is a sneakerhead, you might ask? A sneakerhead is an individual who collects limited, rare, original, or flat out exclusive sneakers. The collection usually consists of Nike Air Jordan’s but is not limited to such category. Moreover, a sneakerhead has a passion and knowledge of specific sneakers. Those who purchase limited or rare sneakers…
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From Sanctions to War: An Analysis of America’s Relationship With Iran
By: Sarah Hansen, Associate Editor On Saturday, September 15, 2019, drone strikes hit oil installations in Saudi Arabia. While Iran-backed Houthis in Yemen claimed responsibility for the attacks, the United States and Saudi Arabia maintain that Iran was responsible. The Trump administration claims intelligence assessments and satellite photos show evidence of Iranian involvement. Iran has denied any involvement and American officials have offered no evidence beyond satellite photos, which analysts said were insufficient to prove the source of the attack and responsible parties. Despite a lack of sufficient evidence, the U.S. continues to blame Iran for the attack. President Trump announced on Twitter he would “substantially increase sanctions” on Iran after…