...Facts: • An accrual basis taxpayer Charles Cho engages in a Section 351 transaction with the newly-formed Patten Corporation. • In the transaction, Cho transferred his gas station to Patten, in exchange for the stock of Patten and assumption of the contingent environmental liabilities. • The land underneath the gas station has potential environmental problems but Cho did not take any remediation to fix environmental problems before the exchange. • A year later, Patten pays a third party $100,000 for environmental clean-up costs to remediate the site. • The transaction does not have tax avoidance purpose. Issues The main issue encountered in this case is whether the contingent environmental liabilities assumed by Patten is a liability that would give rise to a deduction within the meaning of Internal Revenue Code (IRC) section 357 (c)(3) and whether Cho’s basis in the stock is determined by reference to Section358 (d)(1) or Section 358 (d)(2). The issue for Patten is how to determine the tax consequence based on the transaction. Applicable Laws The most pertinent Sections are directly cited form Code and listed as below: IRC Section 351(a): “No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock in such corporation and immediately after the exchange such person or persons are in control (as defined in section 368(c) of the corporation.” IRC Section 357(a): “Except as provided...
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...Anaerobic bioremediation of groundwater contaminated by chloroethenes Introduction Chloroethenes, such as tetrachloroethylene (PCE) and trichloroethylene (TCE) are one of the contaminants in soil and groundwater which is a significant problem domestically and internationally. Without extracting these contaminants from the ground, the in-situ treatment which directly degrades contaminants in soil or groundwater is now closely watched as an economical remediation technique. Especially, the in-situ bioremediation which degrades contaminants in-situ by activities of microbes is a safer and more economical technique than the physicochemical one and is being developed for practical application. This paper describes that anaerobic bioremediation which cleans up soil and groundwater contaminated by chloroethene such as TCE in-situ by anaerobic bacteria. 1. Degradative mechanism Anaerobic bioremediation is a remediation technique which injects organics, which become electron donors, together with nutrient salts such as nitrogen and phosphorus into groundwater and degrades contaminants by anaerobic bacteria. It is known that PCE and TCE are dechlorinated reductively by anaerobic bacteria and degraded into dichloroethylene (DCE), vinyl chloride (VC), ethylene and likewise, ethane (Fig. 1). Various types of anaerobic bacteria can degrade not only PCE and TCE but also cis-1,2-DCE. Its speed of degradation is relatively fast. On the other hand, by using cis-1,2- DCE and...
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...Marco Crespo Professor Joyce Martin En12 07 February, 2014 Phytoremediation: Seeing Through a Beneficial Solution An accident happened on April 26, 1986, when a unexpected surge of power during a system test destroyed unit 4 of the nuclear power station at Chernobyl in Ukraine, former Soviet Union. A devastating amount of radioactive material was released into the environment. 30 kilometres around the plant around the plant was closed after the accident. About one hundred fifteen thousand people were evacuated around 1986 and in the following years, about two hundred thousand more were also forced to vacate. Sadly, the problem did not end there. Three years after the incident, the International Atomic Energy Agency (IAEA) assessed the situation around the Chernobyl. Toxic metals and radioactive emission like iodine, cesium-137, plutonium and strontium were found in the plants, soil and even animals. Ever since 1991, the Canadian Nuclear Association also noted that there is a sudden increase in the rate of thyroid cancer. This is happened because cesium-137 or radioactive cesium, with a mass number of 137, has the capability to enter the food chain and can be delivered around an internal dosage of radiation before it can be metabolically eliminated. To prevent this from spreading, livestock were only fed plants that are uncontaminated or plants that cannot accumulate heavy metals. After that, a method was introduced to clean the soil from the toxins. This is called...
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...Mid-Michigan 3340 Ranger Road Lansing, MI 48906 Ph. 517-321-3331 Fax 517-323-7228 pme@pmenv.com Metro Detroit 22655 S. Chrysler Drive Hazel Park, MI 48030 Ph. 248-336-9988 Fax 248-336-9989 pmehazelpark@pmenv.com West Michigan 1441 Arboretum Dr. SE, Suite 200 Grand Rapids, MI 49546 Ph. 616-285-8857 Fax 616-285-8026 pmegr@pmenv.com ISO 9001 REGISTERED CATEGORY-N BASELINE ENVIRONMENTAL ASSESSMENT OF THE FORMER ACTIVE HOMES MANUFACTURING BUILDING LOCATED AT 7876 VAN DYKE, MARLETTE, LAPEER COUNTY, MICHIGAN June 2, 2006 May 19, 2006 District Supervisor Remediation and Redevelopment Division Lansing District Office Constitutional Hall North Tower, 4th Floor 525 W. Allegan Street Lansing, Michigan 48909 RE: Category-N Baseline Environmental Assessment of Former Active Homes Manufacturing Building Located at 7876 Van Dyke, Marlette, Lapeer County, Michigan PM Environmental, Inc., Project No. 22-692A Dear District Supervisor: Enclosed is one copy of the above-referenced document prepared in accordance with the March 11, 1999 “Instructions for Preparing and Disclosing Baseline Environmental Assessments by PM Environmental, Inc., on behalf of Outlook Properties LLC. An affidavit signed by Mr. Bob Gilling, for a Disclosure Baseline Environmental Assessment has been included. If you have any questions regarding the information in this report, please contact our office at (248) 336-9988. Sincerely, PM Environmental, Inc. Rachael...
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...followed by a prescribed date. The Company needs to determine if the contaminated soil and smoke filter requirement should be disclosed on the financial statements as an asset retirement obligation, loss contingency, or an environmental obligation. APPLICABLE AUTHORITATIVE LITERATURE FASB Accounting Standards Codification (ASC) 410 Asset Retirement and Environmental Obligations FASB Accounting Standards Codification (ASC) 450 Contingencies DISCUSSION OF ALTERNATIVES The following section will address the alternative treatments accounting for both the remedial action and smoke filtration system under US GAAP. Recording both issues as a loss contingency will be discussed first, followed by soil contamination as environmental remediation, then applying the asset retirement obligation treatment for pollution from normal operations. Alternative 1: Contaminated Soil and Smoke Filter Disclose both environmental issues as a loss contingency using a footnote. Soil contamination and smoke filters both meet the definition of contingent loss. ASC 450-20-20 states: “An existing condition, situation, or set of circumstances involving uncertainty as to possible loss to an entity that will ultimately be resolved when one or more future events occur or fail to occur…” Cleanup costs, extent of the pollution,...
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...Introduction There has been an emergence of interest in the use of biological systems and bioremediation to degrade, modify, move, transform or sequester environmental contaminants. Traditional methods of remediation include chemical and physical processing and are often plagued with problems such as the creation of toxic bi-products and environmental damage. Bioremediation of a site offers the advantages of lower costs, environmental soundness, insitu or exsitu solutions, higher aesthetics, and increased public acceptance. The following will focus on how microorganisms can be used and manipulated to remediate various sites of environmental contaminants. Bioremediation Definition Bioremediation is the use of microbes, fungi or plants to remove toxic contaminants from a site. This can be accomplished in situ or ex situ. In situ bioremediation involves remediating the contaminant at the site of contamination. In situ remediation requires extensive monitoring to ensure the success of the remediation effort and to control environmental impacts. Ex situ remediation involves removing the contaminants from the site and treating them at a processing location in a bioreactor. While this method may be more financially and environmentally costly, it allows more control over the remediation process. This includes setting growth conditions in the reactor and choosing foreign or engineered microbes that may be more efficient at remediating than native organisms. Advantages Interest...
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...particular country. In addition, Energy has a widely published environmental policy in which it undertakes clean up all contamination that it causes. Energy is currently involved in environmental obligations, such as clean up the lands. ACCOUNTING QUESTIONS 1. Does Energy recognizes and accrues the liability of clean up costs in this year? What is the accounting treatment? 2. Is Energy has the obligations to undertake soil remediation in Dirty country? What is the accounting treatment for this operation in Dirty country? 3. What is the accounting treatment for new income tax? What is the accounting treatment for training employees? 4. Does Energy have obligations to install smoke filters this year? What is the accounting treatment for installing smoke filters in Energy’s factories next year? SUMMARY CONCLUSION ON ACCOUNTING QUESTIONS 1. Energy should recognize and accrue the liability of clean up lands in this year. Energy should charge clean up costs to expenses. 2. Energy has no obligations to undertake the soil remediation in Dirty country. 3. Energy should recognize the retraining costs to compensation expenses. 4. Energy should recognize install smoke filters to expense. AUTHORITATIVE AND INTERPRETIVE GUIDANCE CONSIDERED Refer to ASC 410-20-25-1 (Background for...
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...Cycle 7 SOIL POLLUTION 7 Main Causes of Soil Pollution: 7 Main Effects of Soil Pollution: 7 SOIL BIOREMEDIATION 8 EX SITU REMEDIATION TECHNIQUES 8 EX SITU NON-BIOLOGICAL REMEDIATION TECHNIQUES 9 1) Ex situ thermal processes 9 2) Ex situ chemical/physical remediation ( Soil scrubbing ) 9 EX SITU BIOLOGICAL REMEDIATION TECHNIQUES 9 1) Composting 10 2) Land farming 11 3)Biopiling ( Heap technique) 12 4) Bioslurry reactor 13 IN SITU REMEDIATION TECHNIQUES 13 IN SITU BIOLOGICAL REMEDIATION TECHNIQUES 14 1) Bioventing 14 2) Biosparging 15 3) Bioaugmentation: 15 4)Biostimulation 15 4) Bioslurping : 16 5) Phytoremediation 16 IN SITU NON-BIOLOGICAL REMEDIATION TECHNIQUES 16 1) In situ thermal processes 16 2) In situ chemical/physical process: Pump and treat processes 16 INFLUENCING FACTORS 16 CONCLUSION 17 Table of figures: Figure 1. Soil microorganisms pie chart 3 Figure 2. Acquisition of phosphate by Mycorrhizal roots………………………………...3 Figure 3. Mycorrhizal roots……………………………………………………………….4 Figure 4. Carbon Cycle 5 Figure 5. Nitrogen Cycle 6 Figure 6. Sulfur Cycle 7 Figure 7: Rotary Kiln 8 Figure 8: Biological remediation techniques 10 Figure 9: Compost 10 Figure 10: Land Farming 11 Figure 11: Heap technique 12 Figure 12: Biolsurry Reactor 13 Figure 13 : Bioslurry remediation technique 13 Figure 14: Bioventing technique 14 Figure 15 : Biosparging Technique 15 INTRODUCTION Overviewing contaminated soil...
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...surfaces with commercial products, soap and water, or a bleach solution of no more than 1 cup of bleach in 1 gallon of water. Discard any fabric or papers with mold infection. When treating mold growth areas,wear appropriate protective equipments to avoid inhalation of mold or spores. Recommended protective devices are1-95 mask,goggles,and gloves. For larger area of mold growth,seek professional assistance. Useful Resources http://www.epa.gov/mold/moldguide.html: This site is about mold basics,prevention tips,health risks,guidance in mold clean up and protective equipments information. If mold growth covers more than 10 square feet,consult EPA's .This site gives directions for investigation,evaluation,and remediation for moisture and mold problems. Mold Remediation in Schools and Commercial Buildings. If you are hiring a contractor for mold treatment,ask him to follow EPA guidelines. web address:http://www.epa.gov/mold/mold_remediation.html Mailing Address: EPA,1200 Pennsylvania Avenue, N.W. Washington, DC 20460. http://www.fema.gov/removing-mold-your-home:This web site...
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...In a seller’s market, buyers must adopt new tools and strategies to compete effectively on a new playing field. Consolidating supplier markets, rising energy prices and the growing demand for raw materials in emerging markets have fundamentally changed the purchasing framework. Suppliers are more powerful than ever, which means buyers must adjust quickly to a new playing field. A.T. Kearney developed The Purchasing Chessboard—a compilation of insights and experience from thousands of purchasing projects performed worldwide—to help procurement professionals master the tools of their trade. The Purchasing ChessboardTM Buying in a seller’s market Since the 1980s, most procurement professionals have operated in a buyer’s market. Using relatively simple tools—RFIs and RFPs, bundled products and services, and multi-year contracts—companies could negotiate from 1 to 3 percent annual price reductions from suppliers. But this “golden age” of purchasing appears to be over. The ongoing consolidation of the supplier market, rising energy prices and the increasing demand for raw materials from emerging markets means more companies are in a seller’s market. And buyers must adopt new tools and strategies to compete effectively on a new playing field (see sidebar: A New Playing Field on the next page). New Strategies in a Seller’s Market In a seller’s market, old purchasing strategies such as pitting suppliers against one another, or simply requesting...
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... in recent years it is evident that the strategy of these two companies has tilted in favor of the Greenfield investments. There are various factors responsible for both Aldi & Lidl in choosing Greenfield investment as a primary market entry strategy. Some of these factors are as mentioned below: Degree of freedom: Greenfield investment involves setting up business in the manner as perceived by the investors. They are free to choose their own suppliers, channel of distribution and so this freedom allowed the two companies to change required strategy whenever required in order to adapt to different market conditions in different countries. This strategy involves few rules, regulations, licensing issues that allowed the company to cash in on the brand name, which means ability to attract new customers with relatively low costs. Resource & efficiency: Since Germany had already been exploited, the companies¶ seeked for ways of acquiring resources at much lower rates. So by choosing this stategy , , would help them to compete in the markets with major supermarkets and hypermarkets as they could drive down the costs of products that would lead to attracting more cunsumers loyalty . This could enable them to maximize their market share. Other Factors: Political developments: the end of communism 1990¶s allowed for privatization and expanding their business in international fields had become much easier as a result,. Technological aspects: Developments...
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...Developing a Rural Market e-hub The case study of e-Choupal experience of ITC B. Bowonder, Vinay Gupta and Amit Singh Abstract ICT has potential to make significant inroads in a traditional agrarian economy like India. Indian agro-sector has been exploiting the benefits to ICT. Innovative ICT application platforms are being created by private sector players in conjunction with local farmers. One such private initiative has been by ITC Ltd in the state of Madhya Pradesh. It has helped the farmers in many ways, such as developing of local leadership, shared ownership of the assets created in this initiative, access to the latest knowledge for the agro-sector, sustainable income levels and skill development for productivity improvement. This initiative from ITC[1] has become a benchmark today in the ICT initiatives in agro-sector. Several best practices can be learned from this initiative, namely: § ease of replicability and scalability § customization to meet the specific local needs and § organizational commitment. The success of e-choupal has heralded a new era in the Indian agro-sector. The work needs to be carried forward and replicated in the other untapped areas. Creating business channels that can create a win-win situation both business and farming community has enormous economies of scope. Once a channel is created it could be used for many products and services as shown in this case study. The main reasons for the success of the platform have been the involvement of...
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...which individuals and groups obtain what they need and want by creating and exchanging items of value. 2. [pic]A distributive system: Marketing is viewed as a process whereby in a democratic society, operating within a free market or mixed economy, there evolves a system of distribution that facilitates transactions resulting in exchange and consumption. 3. [pic]A functional area of management: Marketing is seen as a functional area of management, usually based in a particular location within the organisation, which uses a collection of techniques, for example, advertising, public relations, sales promotion and packaging to achieve specific objectives. 4. [pic]An overall business philosophy: Many firms see marketing as the keystone of their business. Marketing is viewed not as a separate function, but rather as a profit-orientated approach to business that permeates not just the marketing department but the entire business. The central mission of the organisation is seen as the satisfaction of customer requirements at a profit (or, in not-for-profit sectors, at a maximum level of efficiency or minimum level of cost). This is achieved by focusing the attention of the entire organisation on the importance of the customer and the needs of the market-place. 5. [pic]A targeting or allocation system: Marketing is perceived as the way any organisation or...
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... Competitive Strategies: Energizer vs. Duracell By LaShonda Griffin BUS 508- Contemporary Business Dr. Laura Jones November 5, 2012 Abstract The U.S. offers a free market where businesses are able to have free enterprise to open and operate an ideal to provide a product or service to the public. There are many businesses that offer similar products and create competition. Consumers are able to have the options in the marketplace. Energizer and Duracell are two companies that offer similar products to consumers. Energizer has been around since 1986 and has grown into a mutli- billion dollar company within the last decade. Duracell first got started in the 1920’s from two scientists, and finally become a brand in 1964. This paper will discuss the two companies’ background, the competition between the two, and how they will thrive to compete in the market place in future. Energizer Energizer is formerly known as Eveready Battery Company and changes its name in the late 1980’s. By the 1990, Energizer has established their brand and had over 30 percent of the domestic market. They were trailing Duracell by 10 percent, who at that time had 40 percent of the domestic market. Energizer is the manufacturer of dry cell batteries and flashlights, with a full line production of in three major categories: alkaline, carbon zinc, miniature and rechargeable batteries. They produce more than...
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...Session 6 Article Summary—From Scotch Whisky to Chinese Sneakers: International Commodity Flows and New Trade Networks in Oshikango, Namibia by Gregor Dobler Development of new trade networks feeding consumption have developed, influencing the way Africa integrates into the global economy. Dobler analyses different trade networks that link Oshikango, Nambibia to the world through four case studies on Scotch whisky, Brazilian furniture, Japanese used cars and Chinese sneakers commodities. Through the case studies, he exemplifies how there has been a shift from old colonial domination of trade to new manufacturing countries or trade routes, as well as the essential role of migrant entrepreneurs in these routes. The similarity underlying the different trade networks is that while the people involved in them are of different ethnicity or country of origin, they share the same profit-seeking motive and the opportunities in the international system shape them to become successful examples as facilitators of global trade. Another key concept from the article is that of global integration via consumption. As trade booms in the town of Namibia, it invariably fuels consumption in the town and Africa as a whole. Consumption choices are a means of self-expression in relation to the world and more Africans aspire towards commodities that reflect social standing and a ‘better life’. This thus creates new dependencies on the trade networks to fulfill these desires. Scotch Whisky Trade ...
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