Friday Night Lights

[Bryce Bantam]

Had Bryce been only 6 or 7 bottles of wine into the night he may have noticed the ear piercing scream that had come from the Rodian who had just had his life juices sucked from him. Seeing he was well beyond that, the actions of [member="Darth Sin"] had gone unnoticed as to his amazement the huttball game had fething started with Bryce on the field of play.

Bolts, blaster fire and explosions erupted around him as the two teams went at each other. What would have been a really cool sight to watch from the safety of the stands had instead turned into, well a fight for ones ever loving life!

"Feth Joza, looks like folks think we are part of the..." Bryce didn't have a chance to finish as to his suprise a round orb, namely the huttball, landing in his lap after the previous owner had blocked a blaster bolt with his face.

"Hey not too keen on the rules of this game ya'll. What do I do this this again?" Bryce asked all the nice folks with weapon drawn and pointed at him.

[member="Joza Perl"]

 

[Nej Tane]

"I'd have about the same reaction to the floor too."

He looked her over- but paid no real mind to her scars, as most would. He had plenty of his own. He didn't have room to judge anyone on the basis of scars- though Nej's were more... internal than external. He smiled at her again, cocking his head. He followed her eyes to the man and the girl that past.

Did they even check IDs here?

He suddenly remembered where he was, and got his answer- especially when a Rodian got..... well, de-juiced. Nej made a face, but paid no real mind to it. Violent men met violent ends. He turned back to the woman at hand.

"I'm Nej. Nej Tane."

Professional idiot, at your service.

"C'mon, I'll buy you a drink, on account it's my fault for you falling onto the petri dish of a floor."

[member="Rian Taske"]

 

[Aeron Tosh]

As Aeron made his way up the opposing team's ramp the huttball was suddenly flung in front of a frog dog. Literally a single step back from his scoring line Aeron didn't bother trying to stop him, and instead decided to wait for the huttball to respawn so he could use the opportunity to stealthily grab it.

....

The idiot just stood there with the huttball in front of him asking people what he was suppose to be doing. Good lord, this guy's more dumb than Zac.

"HEY IDIO-" Wait, Aeron paused before finishing his sentence. A devilish smirk crept onto his face. The perfect plan.

"HEY! WHAT ARE YOU DOING? PASS IT OVER HERE!", Aeron shouted over to [member="Bryce Bantam"] who might've not of heard him over all the blaster fire raining down at him in the moment.

 

[Griet van Vliet]

"The game has begun!" the Talz CCA expert shouted as [member="Aeron Tosh"] and [member="Zak Amroth"] went at it on the pitch.

The RDTOH to be split in two is the lesser of 30-2/3% of the AII minus 100/38-2/3 NBFTCs, taxable income minus the same quantity, minus the amount eligible for the SBD, all of it times 30-2/3%, or Part I tax payable (the same as the current tax expense), that is, 197,615. But here it was obvious that the lesser of 203,580 or 96,000 was the way to go, knowing that either amount is to be multiplied by 30-2/3%, so the RDTOH balance is simply 96,000*30-2/3% = 29,440. As for the GRIP (since it was bought by a Talz clan), it was 72% of the same 203,580 that was part of the second RDTOH calculation, so 146,578. Clearly ~2.6 times 29,440 was lower than 146,578 so the entire RDTOH balance of 29,440 will be an ERDTOH, supporting an eligible dividend of 76,800. So the journal entry is Dr. Net income 670,905, Cr. Retained earnings 670,905. But then there is a reversing entry that needs to be made for the income tax payable: Dr. Income tax payable 22,980, Cr. Deferred tax liability 22,980.

"Now, on to the balance sheet!"

Farady Inc.​

Balance sheet​

As at...​

​

Assets

Current assets:
Cash 509,600
Accounts receivable 16,000
Rent receivable 8,000
Prepaid insurance 13,400
Inventory 222,500
Total current assets 769,500

Non-current assets:
Equipment 342,000 (net of 258,000 in accumulated depreciation)
Buildings 1,428,000 (net of 372,000 in accumulated depreciation)
Land 1,200,000
Total non-current assets 2,970,000

Total assets 3,739,500

Liabilities and shareholder's equity

Liabilities:

Current liabilities:
Wages payable 19,200
Unearned revenue 19,800
Interest payable 35,000
Utilities payable 10,000
Income tax payable 197,615
Total current liabilities 281,615

Non-current liabilities:
Deferred tax liability 22,980
Note payable 1,000,000
Total non-current liabilities 1,022,980

Total liabilities 1,304,595

Shareholder's equity:
Contributed capital 1,460,000
Retained earnings 974,905
Total shareholder's equity 2,434,905

Total liabilities and shareholder's equity 3,739,500

 

[Zak Amroth]

A continuous stream of las fire peppered the barricade, forcing Zak to cower up against the cold durasteel for fear any of his limbs might stick out. This wasn't ideal.

He was far afield of the rest of his team by now, most players on both sides were brawling nearby the stands where a dumbfounded fan had somehow come into possession of the huttball. That left him to contend with the autoblaster wielder himself, with nothing but a hand cannon and a lightsaber on his belt. The Kiffar had been in tougher scrapes than this, but he had always been fighting just to survive, not over something truly important like sports! He could feel the roiling emotions of the crowd all around him, the pressure to succeed.

"Here goes nothing," he grunted, not enthusiastic about leaving his chances up to the Force but out of options.

With a snap of his fingers, the laughing Rot Worm wheeled around, sending autoblaster arcing away from Zak's position and towards the source of the phantom sound the young Jedi had planted in his mind. It was a distraction that would only last for moments, but Deputy Amroth was already off his feet and sprinting for cover underneath the raised platforms. He fired his hand cannon in the middle of his sprint, wild unaimed shots flying wild until by the grace of his enhanced reflexes the fifth shot caught the heavy gunner in the shoulder, sending him hurtling back off the platform. Maybe not down for the count, but no longer a concern for now at least.

Zak didn't stop running though. He had caught sight of a Twi'lek waving his hands frantically at [member="Bryce Bantam"], and so the Kiffar adjusted his course, hoping to time a diving tackle for [member="Aeron Tosh"] with the still stupefied spectator's toss.

 

[Aeron Tosh]

While waving desperately at the unmistakably idiotic fan, Aeron was suddenly tackled by the Jedi he'd seen earlier trying to get the huttball - [member="Zak Amroth"] - who seemed to be able to deal away with his teammate Zac

Luckily the jedi wasn't as strong as he seemed, and Aeron frantically pulled himself out of his grasp. Aeron's first instinct was to shoot him, but he knew an opponent with the force on his side would be too skillful to go down with such an easy shot. He's fought Jedi before and they never go done that easy.

Aeron took his attention away from [member="Bryce Bantam"] and flipped on his stealth technology, in hopes of dealing with the pesky Jedi he's been forced to deal with unexpectedly.

All while this altercation went on, Zac began pulling himself out of the acid pit he fell in after he was shot in the shoulder. Aeron's other teammates started closing in on the fan with the huttball.

 

[Khallesh]

She hoped one if them would die out there.

A contest of strength at this scale should have at least one death. To see a lifeform give everything it has for the chance of glory and to still come up short was a glorious thing. Even failure could be brilliant. That would have almost reminded her of home. But she had never known her home.

Khallesh of no clan, rank, positions, title or honor wore spacer clothes. Not an ooglith shaped to look like their clothes, but actual human clothes bought with their credits. She watched in disappointment as apparently even an acid pit couldn't kill someone in this sport.

She shook her head and waved for another drink. It didn't bring any relief. Their alcohol didn't work on her. The reprieve was the noise and warmth of living creatures. It drowned out the constant drone of the infidel machines. It put a distance between herself and their empty, soulless metal corridors.

It had been five years since the last of Val fleet had been defeated. Many of those that had escaped the battle with their lives had immediately turned back and thrown themselves at the nearest hostile force to find death when the situation had become clear. For many of them that was preferable to the alternatives. To be shown charity by those of their kind that had settled down to make peace with the inhabitants of this galaxy. She hadn't forced her own death, but neither could she live like that.

She had thought that after rising through the ranks of the Yuuzhan Vong that it would be easy to forge her own path in their world. They did not know pain like she had endured, how could she struggle with the discipline and determination she carried?

Death in a futile charge sometimes seemed as if it would have been the better option. Her world had been order. Every individual knew their place. There was organisation, clear caste lines on culture and purpose. A shared language and religion. Their galaxy was chaos and disorder. As many languages and cultures as there were worlds and no universal rigid framework or hierarchy to bring order. Nothing beyond their credits.

She paid for the drink. Khallesh of no clan, rank, positions, title or honor had a bank account now.

“The one with the ball looks useless, perhaps he will summon the courage to die well,” she murmured.

 

[Bryce Bantam]

"Oh this is yours!" Bryce said to [member="Aeron Tosh"] as he held the ball aloft.

With that he was about to throw it to him when a massive explosion want off right next to him. Rainbow spark, normally a well tempered and steady mount had a moment of fright, her animal instinct taking over she bagan to flee at top spewd toward one if the goals.

"Feth, thing as a mind of her own, meet me in the middle will you my good twi'lek dude!"

 

[Zak Amroth]

Zak had the Twi'lek with in his sights, but when he closed to within three meters and tensed to pounce suddenly [member="Aeron Tosh"] was no longer there. It was too late for him to course correct, he was already practically midleap, so instead the half-Kiffar took a chance that the Rot Worm hadn't had time to move out of the way.

He chose poorly.

Sailing through the air, his hands reached out to grasp empty space where the Twi'lek had once been, his dive carrying him off the court and into the stands. Screaming fans broke his fall, and before he realized what was happening the deputy was tied up in a knot of humanoid bodies all struggling to untangle themselves from the collision he had caused. With the wind knocked out of him, Zak rose dizzily to his feet, struggling to make sense of his surroundings. The crowd around him started jeering, and his heart plummeted when it slowly dawned on him that he had made a bad play.

Catching the intent behind the gestures [member="Bryce Bantam"] was making, he hurled himself back out of the stands and into the arena, moving towards the center of the Pit. Before he could make it under the platforms however, a slender Rot Worm Rattataki cut him off, and he caught sight of a vicious grin on her face. She was wielding an electro-whip, and when Zak tried to drop her with a blast from his hand cannon she lashed out, plucking the las bolt out of thin air and sending it ricocheting off the force fields set up to deflect energy blasts from the crowd.

"You'll have to do better than that," the Rattataki teased, lashing out with her weapon to gouge his face.

Zak activated his lightsaber just in time, molten orange blade crackling with energy from its unstable core. Sparks showered all around him as the blade parried away the Rot Worm's electro whip.

"Not the face!" he yelped, waggling the lightsaber unmenacingly in an attempt to keep the woman at bay. The deputy wasn't sure he could hit a girl, but would it be sexist not to? Social awareness was stressful.

 

[Griet van Vliet]

At the stadium where the huttball game was taking place, where [member="Zak Amroth"] made an attempt to pounce on [member="Aeron Tosh"], but the latter instead dodged the move, there was a fan whose poster said "Will strip dividends for food". It looked so out of place that nobody in the audience would notice anything. That, even though Griet knew that corporations outside Talz-land (this is a practice which, in Talz-land, would be ineffective since only 50% can be written off for tax purposes) sometimes gave tickets to events such as huttball games as bonuses to employees, and often all-expenses-paid when such bonuses are given out. With expense claims and receipts. It led some of the neighboring attendees to question how does one even strip dividends? One or two of them even found the sign to be attention-catching enough to miss out on a few seconds of the huttball game unfolding before them. Also, that fan waved the sign at the nearest holocamera, not suspecting that dividend stripping will soon appear on camera. And become a tax evasion topic that briefly went into the public eye.

"You should take a look at this!" the Talz huttball expert noticed while the sign was briefly on air.

"The sign said Will strip dividends for food!" another accountant chuckled and laughed at the sign.

"Dividend stripping? Was he scalping tickets as an unincorporated business and he went broke trying to get articles of incorporation? Doesn't look like someone that has to worry about dividend stripping, or capital gains stripping for that matter, would be the kind of person to have to worry about necessities"

"I recognize that person: he volunteered for Tax Behind Bars, a charity that visited prisons on both Alzoc III and Orto Plutonia to help inmates both file tax returns and teach them about taxation. Most inmates wouldn't be able to file their tax returns, much less implement a tax evasion scheme with dividend or capital gains stripping" another Talz accountant commented, while handing Griet the dividend stripping file. "Speaking of which, here's one of the gangsters' dividend stripping case, also on remand for money laundering"

Chumzurk has operated Chumzurk's Self-Service Photocopies for the last 15 years, operating self-service photocopiers all across Talz space. His original investment when the company was established was 780,000, which is both Chumzurk's ACB amd PUC since he is the sole shareholder. (Talz tended to call "sole proprietorships" businesses with only one owner, even an incorporated business, even though sole proprietorships in other places typically exclude incorporated businesses, so Chumzurk's Self-Service Photocopies is, in the Talz sense, a sole proprietorship, even though it isn't one for most other jurisdictions) He thinks that an arm's-length, wholly legitimate party could buy it from him for 6.2 million. Although his acomplice, Phedon, never implemented such a strategy before, has heard of a procedure called Section 85, allowing Chumzurk to transfer his shares to a new shell corporation using an elected value that will allow him to create a capital gain of 600,000, since it's Chumzurk's remaning LGCD balance. Therefore he will elect 1.38 million as the transfer value. In return, he will receive a non-interest-bearing note for that sum, and Chumzurk Investments shares with a redemption value of 4.82 million. CSSP has no GRIP balance.

 

[Aeron Tosh]

Barely dodging the Jedi's tackle, Aeron quickly made his way back up the ramp. Completely ignoring the dog pile [member="Zak Amroth"] made in an attempt to take Aeron down.

Aeron looked across the wide open stadium. You almost never get a good top-down view because of all the constant fighting that goes on during the event.

Zac was standing near Aeron, looking as though he's recovered from the shot to his shoulder and ready to fight again with his heavy autoblaster already spun up.

Somehow, Aeron was even able to notice a very small poster that said "Will strip dividends for food".

What.

The.

Feth?

Shaking his head, Aeron brought his focus back to the game and looked over at [member="Bryce Bantam"] and started jumping up and down, hoping he'd notice him and pass him the ball. "Maybe this time nothing will interrupt me?", He thought to himself in his head.

[member="Griet van Vliet"]

 

[Rosa]

Larisa shrugged. Truth be told if she thought about it, then she’d probably always known. She’d always been faster, able to jump further, able to listen from greater differences. Plus that belly ache saved her from most dangers. “I guess so.” she replied between mouthfuls.

She liked the last of the burger relish from her fingers and hoisted herself onto a barstool, leaning over to eyeballs the different bottles. “Din’ think of it before, bu’ it makes sense tha’ I am. Not sure wha’ I’m supposed to do with tha’ though.”

She accepted the apple juice, turning to scan the crowd, legs swinging from the stool. She did her very best not to roll her eyes. ‘Slavers or nah’, Pffffft. If this was a place run by Hutts, then there would without a doubt be slavers. But whatever, let the grown up do what he though necessary. So long as she didn’t wind up back in their hands it was all good for her.

The request for the purse was met with a disdainful look. “Why? So you can ‘ave it? Or you gonna be a ‘good man’ and ‘and it in to the barkeep for the owner to find? He’ll pocke’it. Anyone who wears their purse on display is rich enough to lose it. Nah, it’s mine, and I’m keepin’ it. Ain’ you or anyone else gonna ‘ave it from me.”

The noise of the game increased along with her level of boredom. “So, wha’ you gonna do? Search the back alley’s while everyone is distracted, see if you can fin’ an auction?" It wasn't a terrible idea. "Be’ I could find one.” she added, meeting the red heads gaze with a challenging grin.

[member="Lyneon Typhe"]

 

[Griet van Vliet]

"There's dividend stripping and dividend stripping. Chumzurk engaged in both kinds of dividend stripping: its revenue from short-term investments is earned by engaging in short-term dividend stripping, which is the common meaning of the term outside Talz-land, in that he used short-term investments in equity to earn tons of dividends by buying them cum-dividend, while incurring capital losses on ex-dividend sale. Also, he is engaging in the sort of dividend stripping that is the whole point of ITA 84(1)"

Without the dividend stripping rules, this usage of Section 85 would net him 300,000 in taxable capital gains, which would eat up his LGCD balance. In the absence of any other legally earned income, that would render him liable for the alternative minimum tax, based on 180,000 in adjusted taxable income, and hence pay 21,000 at the federal level because of the 40,000 exemption for AMT. But with the dividend stripping rules, here's what would be happening to him:

Increase in legal stated capital of Chumzurk Investments 4,820,000
Less excess, if any, of:
PUC of CSSP shares (780,000)
Over non-share consideration 1,380,000 | Nil
PUC reduction 4,820,000

The deemed dividend is therefore

Total consideration 6,200,000
Less the sum of:
The greater of the PUC and ACB of CSSP shares (780,000)
PUC reduction under ITA 84.1(1)(a) (4,820,000) | (5,600,000)
ITA 84.1(1)( deemed dividend (ineligible) 600,000

Elected proceeds of disposition 1,380,000
ITA 84.1(1)( deemed dividend (600,000)
ITA 54 DPOD 780,000
ACB of CSSP shares (780,000)

Capital gain Nil

Now, for Chumzurk's tax return: 696,000 in dividend income (because 16% gross up), less 205,842 in the top bracket, so 490,158 times 33% = 161,752.14 plus 47,670 = 209,422.14 in base income tax payable at the federal level, less a paltry 1,810.35 in personal tax credits that aren't dividend-based. As for the dividend tax credit: it's 8/11 of 96,000 so 69,818.18, and the balance owing is 137,793.61, a far cry from 21,000 under the original plan. That ought to make Chumzurk reconsider this idea going into his moneylaundering trial.

 

[Rian Taske]

Short. In a crowd. Trying to not think too much about whatever was sticky on the floor. Rian completely missed the floor show with the Rodian as she was brushing herself off. It was just as well.

"Rian Taske," she replied, sticking her hand out to shake, then clearly thinking better of it. Instead fishing into a pocket and finding an antiseptic wipe. She glanced up, saw the look on his face- whether it was about that or the Rodian she missed, she didn't know, and interpreted it the only way she could.

"I'm- uh, I'm a medic. We tend to carry chit like this around, but I'm never sure how many I've stuck in various pockets till I go looking."

Tearing open the pack, she wiped her hands down. Rian wasn't particular a germophobe, but hell, here? You didn't need to be to have a concern.

"I'll take you up on that though-" she paused, glancing around. Way too much to ask for a trash can..... she'd have settled for a slow moving Gonk droid but that would have been rude. Instead she tucked it back into her pocket, hoping she wouldn't need it again.

"Come on, let's see if they have anything other than paint thinner here."

Heading over to the bar, needing to wait a second for someone to step out of the way. She ducked, narrowly missing getting clocked with an elbow of someone not paying attention. Hazards of the height. At least this time she didn't end up on her arse.

"Ale?" She asked the bartender, then glanced at Nej, eyebrow raising and waiting to see what he'd have.

[member="Nej Tane"]

 

[Jairus Starvald]

[member="Larisa Young"] | [member="Rian Taske"] | [member="Nej Tane"]

"Dunno, up to ya. I could teach ya some tricks if ya would like."

Lyn wasn't some kind of forcer mastermind. Which had already been established. The best he could do was make big ass leaps out of windows. Curve bullets just a bit. Fly better, know when he was being watched. Especially that last part though. It was a like a gorram heat spot on the back of his neck. Something that burned a hole into his skin. The eye roll wasn't missed. He gave her a light thwack over the ear. "Ye, ye, I know how it be. This be da real world tho. I know you like to just throw 'nades around and hope for the best, but that won't work forever."

Hell it had barely worked then.

"Fact that we still alive surprises me." He muttered to himself, before taking a sip from his drink and shaking his head. For now Lyn let the purse thing go. They'd have to have a serious discussion about that. Just... not... now.

It was already annoying him that he wanted to do it in the first place. What was he? Her father? No. All of this was confusing to him.

"You?" First incredulous. Then... thinking back at that gorram sewer. Yeah, okay, she probably could do that at that. Leaning in a bit, passing over a data stick into her hands. "Find ya way into da backroom behind the counter. Should be a terminal or some thing there, eh? Stick it in. Wait 'til its done, come straight back." Meeting her eye. "No risks, no stealing, do the job right and come back, dis matters more than some trinkets or purses."

Only then did he let go of the stick for her to take.

He turned back towards the counter. That way it would be easier to keep an eye on things. Sudden loud noises? Lyn to the rescue, apparently. That allowed him a clear view of Rian almost being dropped onto her arse again tho.

When Rian settled down- she'd be confronted by a wave and Lyn's chit-eating grin. Clearly he had seen everything.

 

[Griet van Vliet]

"There doesn't seem to be a whole lot to be happening in that game"

"Section 85... often used for tax deferral but using it for tax evasion will require the transferee holding it in perpetuity"

Speaking of Section 85, the T2057 form of one of these clients lists the following assets, with the following elected amounts becoming the POD to the transferor, and the cost to the transferee. The upper limit is the FMV, there is no going around that. The lower limit is the greater of two things: the non-share consideration received or the lesser of the FMV, ACB and UCC. The first asset: a plot of land, appraised at 100,000, and originally cost 30,000, for which they received 40,000 in cash and 60,000 in preferred shares. So the 40,000 in cash is the minimum amount the client can elect for the plot since it's higher than the ACB of 30,000. The seller is deemed to have received 40,000, and hence must declare a 5,000 capital gain. But, in a second T2057 form, it's about selecting the non-share consideration amount that will result in no tax consequence (i.e. a second use of S85), for a second plot of land whose FMV is 200,000 and ACB is 90,000. In that situation, the rule of thumb is the NSC should be equal to the other benchmark value. Here, 90,000 in NSC and 110,000 in share consideration in the 200k plot case, which is the perfect rollover from the transferor's standpoint. No tax consequences, maximum cash.

Now, for the ACB ordering: first apply the elected amount to the NSC, then apply it to the preferred shares if there's any sum remaining, up to the FMV to the P/S, and finally it goes tot he common shares. I the person later sold the P/S (and/or C/S) whose ACB is nil, then half of the POD becomes the TCG. The tax PUC of these new shares are then, since the P/S and C/S balance-sheet amounts are 80,000 and 30,000 respectively: LPUC minus an adjustment: (A-B )*C/A, with A being the increase in LPUC for all shares issued in this transaction, B being the elected amount minus the NSC (nil here) and C is the increase in LPUC for a specific class of shares. Therefore the TPUC is nil for both classes.