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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