The long delayed Panama-U.S. Free Trade Agreement (FTA) has hit another roadblock as Republicans boycotted a Senate Committee hearing on Thursday, July 1. The U.S. Senate Finance Committee was to have met to disucss proposed free trade agreements with Colombia, Panama and South Korea, but Republicans boycotted the meeting which could not take place without…

Panama and France have agreed on a treaty to avoid double taxation. Deputy foreign Minister Frank de Lima closed the deal last week during his visit to Paris. The treaty could be signed in September, when Vice President and Foreign Minister Juan Carlos Varela is expected to make a trip to the European country, he…

Panama’s free trade agreement with (FTA) with the world’s second largest country, is destined to be implemented in the fall with a sure fire parliamentary approval. The Canadian government announced Friday, June 17 that a bill to implement the agreement signed last year will be presented to Parliament. Canada’s Minister of International Trade, Ed Fast,…

As accountants know, for every debit there is a credit. The IRS found out about this axiom and the loophole it created. The “debit” is the basis in property when acquired by a related taxpayer under the basis rules of section 362. Effective June 24, 2011, they provide a new tax law on determining basis…

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