Compensation of Executor/Administrator as Self-Employment Income « Jostock & Jostock, P.C.

NET EARNINGS FROM SELF-EMPLOYMENT.–The term “net earnings from self-employment” means the gross income derived by an individual from any trade or business carried on by such individual, less the deductions allowed by this subtitle [subtitle A] which are attributable to such trade or business, * * *.

Types of Restrictive Covenants in Employment Contracts

Generally, there are three types of restrictive covenants that are used in employment contracts, namely, noncompete, nonsolicitation and nondisclosure provisions.

Electing out of the Application of the 2010 Federal Estate Tax

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, P.L. 111-312 passed on December 16, 2010 and enacted into law on December 17, 2010 retroactively reinstated the federal Estate tax for ..

Worker Adjustment and Retraining Notification Act

The Federal Worker Adjustment and Retraining Notification Act (“WARN Act”) (29 U.S.C. §2101 et seq.) and the Illinois Worker Adjustment and Retraining Notification Act (820 ILCS 65/ et seq.) govern permanent layoffs caused by plant closings and reductions in the workforce.

IRS Private Letter Ruling – Electing to treat all interests in rental real estate as single rental real estate activity

In IRS Private Letter Ruling No. 201117011 released April 29, 2011 (not to be used or cited as precedent under IRC section 6110(k)(3)), the Commissioner granted a taxpayer a 120 day extension to make an election under section 469(c)(7)(a) of the IRC to treat all of his rental real estate..

FDIC as Receiver for Ravenswood Bank v. Republic Title – implied waiver and laches

On April 20, 2011, The United States District Court for the Northern District of Illinois stated in Federal Deposit Insurance Corporation, as Receiver for Ravenswood Bank v. Republic Title Company (2011 WL 1526817) as follows:

Illinois Consignments under UCC

Under 810 ILCS 5/9 et seq., goods sent from one party (consignor; often manufacturer) to another party (consignee; a merchant) will only qualify as a consignment under and be governed by Article 9 of the Uniform..

Illinois Power of Attorney Act Amendments

On July 1, 2011, the new Illinois Power of Attorney Act (755 ILCS 45/et seq.) (hereinafter “Act”) signed into law by Governor Pat Quinn in July of 2010 went into effect throughout Illinois providing principals more protection from abuse and fraud by agents.