In this article, I will walk through the tax implications that result when a shareholder of an S Corporation withdraws inventory from the business for personal use. Because a withdrawal of inventory from the business by the shareholder represents a transfer of value from the business to the owner, we view this transaction as a shareholder distribution. The below analysis...Read more...
Fuller Professional Education, LLC
This Web Site Use Agreement ("Agreement") is entered into by you, pursuant to your Use as defined herein, and Fuller Professional Education (as a d/b/a of Fuller Tax Preparer Training, LLC), Fuller Tax Preparer Training, LLC, Fuller Professional Training, LLC, and any of its related entities (hereinafter collectively referred to as "Fuller"). The Fuller Online Web Site www.fulleredu.com is comprised of various web sites, web pages, blogs, blog posts, tools, information, software, content, software, and features (collectively, the "Fuller Web Site") owned and operated by Fuller.
Section 1 - Fuller Website Use
If you do not agree to the terms of this Agreement, you must immediately stop your use of the Fuller Web Site or any Fuller Products.
Section 2 - Scope of Fuller Website
Fuller makes the Fuller Web Site available to users at no charge. The features of the FULLER Web Site may include but are not limited to, access to email services (through FULLER or other email providers), search capabilities, account management tools, connections to certain exterior content, and certain diagnostic tools for troubleshooting relating to Fuller's Products. The FULLER Web Site is intended solely for your private and personal use on your computer and for attaining Fuller's Products for the purpose of professional training and continuing education. Any other use or any attempt to use the FULLER Web Site for commercial or other purposes is strictly prohibited.
Section 3 - Registered Users
You agree that the information you provide during the FULLER Web Site registration is accurate and that you are 18 years of age or older.
Section 4 - No Warranty
FULLER (AND ITS THIRD PARTY SUPPLIERS AND LICENSORS) PROVIDE THE FULLER WEB SITE ON AN "AS IS," AS AVAILABLE, BASIS, WITH ALL FAULTS, AND HEREBY DISCLAIM ALL OTHER WARRANTIES AND CONDITIONS, EITHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, ACCURACY, NON-INFRINGEMENT, NON-INTERFERENCE, COMPATIBILITY OF SOFTWARE PROGRAMS, INTEGRATION, OR THOSE WARRANTIES WHICH MAY ARISE BY COURSE OF DEALING, OR COURSE OF TRADE. ALSO, THERE IS NO WARRANTY OF LACK OF VIRUSES OR OTHER DISABLING CODE OR CONDITION, LACK OF NEGLIGENCE OR LACK OF WORKMANLIKE EFFORT. THE ENTIRE RISK ARISING OUT OF THE USE, QUALITY, ACCURACY, EFFORT, OR PERFORMANCE OF THE FULLER WEB SITE IS WITH YOU. IN ADDITION, FULLER DOES NOT WARRANT THE SECURITY OF THE FULLER WEB SITE OR, INFORMATION, SOFTWARE, CONTENT, AND FEATURES AVAILABLE THROUGH IT WILL BE UNINTERRUPTED, ERROR-FREE, PROVIDED PROPERLY OR COMPLETELY, OR BE AVAILABLE 24 HOURS PER DAY, 7 DAYS PER WEEK. FULLER IN ITS DISCRETION MAY PROVIDE SUPPORT FOR THE FULLER WEB SITE.
Section 5 - Limitation of Liability
IN NO EVENT WILL FULLER BE LIABLE TO ANY PARTY FOR (i) ANY SPECIAL, DIRECT, INDIRECT, PUNITIVE, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF BUSINESS PROFITS, BUSINESS INTERRUPTION, LOSS OF PROGRAMS OR INFORMATION, AND THE LIKE) OR ANY OTHER DAMAGES ARISING IN ANY WAY FROM OR IN CONNECTION WITH THE AVAILABILITY, USE, RELIANCE ON, PERFORMANCE OF THE FULLER WEB SITE, PROVISION OF OR FAILURE TO PROVIDE THE FULLER WEB SITE, LOSS OF DATA, YOUR ACCESS OR INABILITY TO ACCESS OR USE THE FULLER WEB SITE OR YOUR USE AND RELIANCE ON INFORMATION OR CONTENT AVAILABLE ON OR THROUGH THE FULLER WEB SITE, INCLUDING VIRUSES ALLEGED TO HAVE BEEN OBTAINED, OR INVASION OF PRIVACY FROM OR THROUGH THE FULLER WEB SITE, EVEN IF FULLER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT OR OTHERWISE; OR (ii) ANY CLAIM ATTRIBUTABLE TO ERRORS, OMISSIONS, OR OTHER DYSFUNCTION IN, OR DESTRUCTIVE PROPERTIES OF, ARISING OUT OF OR IN CONNECTION WITH THE USE OR PERFORMANCE OF THE FULLER WEB SITE. SOME STATES OR JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR THE LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES. IN SUCH STATES OR JURISDICTIONS, FULLER'S LIABILITY SHALL BE LIMITED TO THE MAXIMUM EXTENT PERMITTED BY LAW.
Section 6 - Right to Change, Modify or Terminate Fuller Website
Without prejudice to any other rights that Fuller may have, Fuller reserves the right and sole discretion to change, limit, terminate, modify at any time, temporarily or permanently cease to provide the Fuller Web Site or any part thereof to any user or group of users, without prior notice and for any reason or no reason. In the event you or Fuller terminate this Agreement, you must immediately stop using the Fuller Web Site.
Section 7 - Changes to Agreement
Section 8 - Intellectual Property Rights
All title and intellectual property rights (including without limitation, copyrights, patents, trademarks and trade secrets) in and to the Fuller Web Site (including but not limited to, related software and including but not limited to any images, photographs, animations, video, audio, music, text and "applets," incorporated into the software, and any copies of the software), are owned by Fuller Professional Training, LLC and/or Fuller, its affiliates or suppliers. All title and intellectual property rights in and to the information and content which may be accessed through use of the Fuller Web Site are the property of the respective content owner and may be protected by applicable copyright or other intellectual property laws and treaties. This Agreement does not grant you any rights to use such content, nor does it grant any rights to the Fuller Web Site other than the right to use the Fuller Web Site according to the terms of the Agreement.
Section 9 - Indemnification
You agree to defend, indemnify and hold harmless FULLER and its officers, directors, employees, agents and suppliers from and against all liabilities, costs and expenses, including reasonable attorney's fees, related to or arising from: (a) any violation of this Agreement by you (or any parties who use your computer, with or without your permission, to access the Fuller Web Site); (b) the use of the Fuller Web Site or the Internet or the placement or transmission of any message, information, software or other materials on the Internet by you (or any parties who use your computer to access the Fuller Web Site, with or without your permission); (c) negligent acts, errors, or omissions by you (or any parties who use your computer to access the Fuller Web Site, with or without your permission); (d) injuries to or death of any person and for damages to or loss of any property, which may in any way arise out of or result from or in connection with this Agreement, except to the extent that such liabilities arise from the gross negligence or willful misconduct of Fuller; or (e) claims for infringement of any intellectual property rights arising from the use of the Fuller Web Site or the Internet.
Section 10 - Management of Your Computer
You are solely responsible for obtaining, installing, and maintaining suitable equipment and software, including any necessary system or software upgrades, patches or other fixes, which are or may become necessary to access the Fuller Web Site. Minimum systems requirements may apply to the use of the Fuller Web Site and it is your responsibility to ensure your computer system complies with these requirements. You are responsible for management of your information, including but not limited to back-up and restoration of data, erasing data from disk space you control and changing data on your router. You are also responsible for development and maintenance of any security procedures you deem appropriate, such as logon security and encryption of data, user ID and password on your router and firewalls, to protect your information. Fuller is not responsible for back-up and restoration of your information or for any loss of or disablement of access to your information, including without limitation, email and address book information. In addition, you agree that information required by the Web Site software (including any personalization information) and other identifying information requested by Fuller or its portal supplier may be placed in our user directory.
Section 11 - Limitations on Use
a. Control - The Internet is an international computer network of both government and non-government inter-operable packet switched data networks. The Internet is not owned, operated or managed by, or in any way affiliated with Fuller, and Fuller is not responsible for and has no control over the information or materials accessible via the Internet through use of the Fuller Web Site.
c. You agree that the reliability, availability and performance of resources accessed through the Internet or other services connected or linked to the Fuller Web Site are beyond Fuller's control and are not in any way warranted or supported by Fuller. You agree that Fuller cannot and does not guarantee or warrant that files available for downloading through the Fuller Web Site will be free of viruses, worms, Trojan horses or other code that manifests contaminating or destructive properties. You agree that the Internet is not a secure network and that third parties may be able to intercept, access, use or corrupt the information you transmit over the Internet. Fuller is not responsible for invalid destinations, transmission errors, or corruption, interception or security of your data.
d. You understand and agree that Fuller does not warrant the Fuller Web Site to be uninterrupted or error-free. You further understand and agree that Fuller has no control over third party networks or web sites that you may access in the course of your use of the Fuller Web Site, and that delays and disruptions of other network transmissions are completely beyond the control of Fuller.
e. You agree that Fuller assumes no responsibility for the accuracy, integrity, quality completeness, usefulness or value of any content, data, documents, graphics, images, information, advice, or opinion contained in any emails, message boards, chat rooms or community services, or in any other public services, and does not endorse any advice or opinion contained therein. Fuller does not monitor or control such services, although we reserve the right to do so. Fuller may take any action we deem appropriate, in our sole discretion, to maintain the high quality of our Fuller Web Site and to protect others and ourselves.
Section 12 - Miscellaneous Provisions
a. If any part of this document is held invalid or unenforceable, that portion shall be construed in a manner consistent with applicable law to reflect, as nearly as possible, the original intentions of the parties, and the remaining portions shall remain in full force and effect.
b. By transmitting, uploading, posting or submitting any information or material using the Fuller Web Site, (excluding Personally Identifiable Information or financial information transmitted pursuant to the purchase of a Fuller Product), you (i) represent that such information is not confidential, secret or proprietary information belonging to someone else; and (ii) warrant that no other party has rights to the information and that your transmission, posting, uploading or submission of the information does not violate any copyright or other laws.
c. The Fuller Web Site contains third party links and it is provided by Fuller only as a convenience to its users. Any web sites linked to or from the Fuller Web Site are not necessarily reviewed, controlled, or examined by Fuller and Fuller is not responsible for the contents of any linked site or any link contained in a linked site. The inclusion of any linked sites or content from the Fuller Web Site does not imply endorsement of the linked site or content by Fuller. In no event shall Fuller be liable to anyone for any damage arising from or caused, directly or indirectly, by the creation or use of a third party's web site, or the information or material accessed through such web sites.
d. The terms of this Agreement apply only to your use of the Fuller Web Site and do not apply to your use of any other Fuller product or service. The terms and conditions applicable to such other Fuller products or services shall apply to and govern your rights and obligations (and ours) with respect to your use of such other products or services.
e. You and Fuller agree that the substantive laws of the state of Utah, without reference to its principles of conflicts of laws, will be applied to govern, construe and enforce all of the rights and duties of the parties arising from or relating in any way to the subject matter of this Agreement. YOU AND FULLER CONSENT TO THE EXCLUSIVE PERSONAL JURISDICTION OF AND VENUE IN A COURT LOCATED IN SALT LAKE COUNTY, UTAH, FOR ANY SUITS OR CAUSES OF ACTION CONNECTED IN ANY WAY, DIRECTLY OR INDIRECTLY, TO THE SUBJECT MATTER OF THIS AGREEMENT OR TO THE FULLER WEB SITE. Except as otherwise required by law, including Utah laws relating to consumer transactions, any cause of action or claim you may have with respect to the Fuller Web Site must be commenced within one (1) year after the claim or cause of action arises or such claim or cause of action is barred.
f. Use, duplication or disclosure by any Government entity is subject to restrictions set forth in subparagraphs (a) through (d) of the Commercial Computer-Restricted Rights clause at FAR 52.227-19 when applicable, or in subparagraph (c)(1)(ii) of the Rights in Technical Data and Computer Software clause of DFARS 252.227-7013, and in similar clauses in the NASA FAR Supplement. Contractor/manufacturer is Fuller Professional Education, PO Box 254, Farmington, UT 84025.
h. This Agreement, including all Attachments hereto, which are fully incorporated into this Agreement, and also including all policies and notices incorporated into this Agreement by reference, constitutes the entire agreement between you and Fuller with respect to the subject matter hereto and supersedes any and all prior or contemporaneous agreements whether written or oral. You agree not to assign or otherwise transfer this Agreement in whole or in part; any attempt to do so shall be void. This Agreement may be revised by Fuller as set forth in Section 6, "Changes to Agreement", above. Any terms varying from this Agreement in any written or electronic communication from you are void.
Acceptable Use Policy
1. This is Fuller's policy on the acceptable use of the Fuller Web Site (hereinafter referred to as "Service"). It is designed to help protect the Fuller Web Site and the Service, Fuller's customers and the Internet community, from irresponsible or illegal activities.
2. Fuller reserves the right to deny your use of the Service, or immediately to terminate your use of the Service for material breach, if your use of the Service or your use of an alias or the aliases of additional users on your account, whether explicitly or implicitly, and in the sole discretion of Fuller: (a) is obscene, indecent, pornographic, sadistic, cruel or racist in nature, or of a sexually explicit or graphic nature; (b) espouses, promotes or incites bigotry, hatred or racism; (c) might be legally actionable for any reason, (d) is objectionable for any reason, or (e) in any manner violates the terms of this Acceptable Use Policy.
3. You may NOT use the Service as follows: (a) for any unlawful, improper or illegal purpose or activity; (b) to post or transmit information or communications that, whether explicitly stated, implied, or suggested through use of symbols, are obscene, indecent, pornographic, sadistic, cruel, or racist in content, or of a sexually explicit or graphic nature; or which espouses, promotes or incites bigotry, hatred or racism; or which might be legally actionable for any reason; (c) to access or attempt to access the accounts of others, to spoof or attempt to spoof the URL or DNS or IP addresses of Fuller or any other entity, or to attempt to penetrate or penetrate security measures of Fuller or other entities' systems ("hacking") whether or not the intrusion results in corruption or loss of data; (d) to bombard individuals or newsgroups with uninvited communications, data or information, or other similar activities, including but not limited to "spamming", "flaming" or denial or distributed denial of service attacks; (e) to transmit unsolicited Fuller emails (for example, spamming) or to intercept, interfere with or redirect email intended for third parties using the Service; (f) to introduce viruses, worms, harmful code and/or Trojan horses on the Internet; (g) to post information on newsgroups which is not in the topic area or charter (e.g. off-topic posting) of the newsgroup; (h) to interfere with another person's usage or enjoyment of the Internet or this Service; (i) to post or transmit information or communications that are defamatory, fraudulent, obscene or deceptive, including but not limited to scams such as "make-money-fast" schemes or "pyramid/chain" letters; (j) to damage the name or reputation of Fuller, its parent, affiliates and subsidiaries, or any third parties; (k) to transmit confidential or proprietary information, except solely at your own risk; (l) to violate Fuller's or any third party's copyright, trademark, proprietary or other intellectual property rights, including trade secret rights; (m) to use more than one IP address obtained from Fuller; (n) to generate excessive amounts (as determined by Fuller in its sole discretion) of Internet traffic, or to disrupt net user groups or email use by others; (o) to engage in activities designed to or having the effect of degrading or denying Service to Fuller users or others (including activities that compromise a server, router, circuit, software or other Internet component ; (p) to use any name or mark of Fuller, its parent, affiliates or subsidiaries, as a hypertext link to any Web site or in any advertising publicity or other commercial manner; (q) to use the Service to operate a commercial server or to operate a non-commercial server in a manner that interferes with the network or other users' use of the Service; (r) to use the Service or the Internet in a manner intended to threaten, harass, intimidate; (s) to cause the screen to "scroll" faster than other subscribers or users are able to type to it, or any action that has a similar disruptive effect, on or through the Service; (t) to use the Service to disrupt the normal flow of online dialogue, (u) to use the Service to violate any operating rule, policy or guideline of any other online services provider or interactive service; (v) to attempt to subvert or to aid third parties to subvert, the security of any computer facility or system connected to the Internet; (w) to impersonate any Fuller employee or official or other person or use a false name while using the Service or implying an association with Fuller; (x) to install "auto-responders," "cancel-bots" or similar automated or manual routines which generate excessive amounts of net traffic, or disrupt net user groups or email use by others; (y) to make false or unverified complaints against any Fuller subscriber, or otherwise abusing any of Fuller's complaint response procedures; (z) to use software or any other device that would allow your account to stay logged on while you are not actively using the Service, unless you are a DSL customer; (aa) to export software or any information in violation of US export laws; (bb) to use the Service in contravention of the limitations of the pricing plan you have chosen; (cc) for DSL customers who use static IP address, to use an IP address other than the one assigned by Fuller; (dd) for customer who have been assigned a dynamic IP address to use such IP address to circumvent the changing of IP addresses assigned by the Service or (ee) to open connections to more than one Fuller Usenet news service at a time.
4. Copyright Infringement/Repeat Infringer Policy. Fuller respects the intellectual property rights of third parties, including those granted under the US copyright laws, and the interests of its subscribers and content providers on the Internet. You may not store material of any type or in any format on, or disseminate such material over, Fuller's systems or servers in any manner that constitutes an infringement of third party intellectual property rights, including rights granted under the US copyright laws. In accordance with the Digital Millennium Copyright Act (DMCA) and other applicable law, it is the policy of Fuller to terminate, in appropriate circumstances, the Service provided to any subscriber or account holder who is deemed to infringe third party intellectual property rights, including repeat infringers. Appropriate circumstances may exist where (i) a Subscriber or account holder has been found by a court of competent jurisdiction to have infringed the copyrights of a third party on two or more occasions, i.e., a repeat infringer, (ii) where a valid, effective and uncontested notice has been provided to Fuller alleging facts which are a violation by the Subscriber or account holder of Fuller's Copyright Policy prohibiting infringing activity involving Fuller systems or servers, or (iii) in other cases of repeated flagrant abuse of access to the Internet (e.g., willful commercial piracy or malicious attempts to destroy the value of copyrighted works). In addition, Fuller expressly reserves the right to terminate or suspend the Service of any Subscriber or account holder if Fuller, in its sole judgment, believes that circumstances relating to the infringement of third party intellectual property rights warrant such action. These policies are in addition to and do not affect or modify any other rights Fuller may have under law or contract. If you believe that copyrighted material has been used in violation of this policy or otherwise been made available on the Service in a manner that is not authorized by the copyright owner, its agent or the law, please contact Fuller's designated Copyright Agent by writing to Fuller Web Site Copyright Agent at Fuller Professional Education, Attn: Copyright Agent, PO Box 254, Farmington, UT 84025 or by submitting an e-mail via the "contact us" link on the Fuller Web Site with the subject line listed as "Fuller Copyright Agent Notice" and explaining in the body of the e-mail the violation.
5. You shall comply with all applicable local, state, national and international laws and regulations, including those related to data privacy, international communications, and exportation or technical or personal data. You represent that you are not a specifically designated individual or entity under any US embargo or otherwise the subject, either directly or indirectly (by affiliation, or any other connection with another party) to any order issued by any agency of the US Government limiting, barring, revoking or denying, in whole or in part your US export privileges. You agree to notify Fuller if you become subject to any such order.
6. You shall not delete any proprietary designations, legal notices or other identifiers belonging to third parties from any information obtained or sent using the Service and shall not impersonate any person or use a false name while using the Service. You agree to obtain all required permissions if you use the Service to receive, upload, download, display, distribute, or execute Software or perform other works protected by intellectual property laws including copyright, trademark, trade secret and patent laws. You agree to cooperate with Fuller and provide requested information in connection with all security and use matters. You agree to notify Fuller promptly if you suspect unauthorized use of the Service or of your UserID. You remain liable for unauthorized use until your notification to Fuller at its registered agent's address. You agree that your name, UserID, and other identifying information may be placed in our user directory.
7. Fuller reserves the right to cooperate with legal authorities and/or injured third parties in the investigation of any suspected crime or civil wrong. Such cooperation may include, but not be limited to, provision of account or user information or email as well as monitoring of the Fuller network.
8. Fuller may, but is not required to, monitor your compliance, or the compliance of other subscribers, with the terms, conditions or policies of this Agreement.
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Latest Tax Blog Posts
Wed, March 07 2018 Fri, February 16 2018
Basis is an important concept for determining how a shareholder calculates the tax implications of many different situations and events related to their ownership in an S Corporation. There are two kinds of basis that a shareholder can have in an S Corporation: stock basis and debt basis. A common question related to shareholder basis is this: does a shareholder...Read more...
Fri, March 31 2017
Many taxpayers are aware that it is possible to exclude gains earned on selling a home from their income tax return. However, a common question is how often and how many times a taxpayer can exclude such gains from their taxes? This article addresses these questions. The tax law that grants taxpayers the right to exclude gains on selling their...Read more...
Tue, March 28 2017
Both of IRS Forms 944 and 941 are used by employers to report employment taxes to the IRS. These taxes include social security tax, medicare tax, additional medicare tax and federal income tax withheld from employee paychecks when payroll is run. Form 944 is an annual report of employment taxes, while the Form 941 is a quarterly report of payroll...Read more...
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