Counter terrorism Essay Example | Topics and Well Written Essays - 750 words

Counter terrorism - Essay Example In the fast changing social paradigms of uncertainties, the preparedness of the various disaster management imperatives needs to be well defined. The Department of Homeland Security is the central agency that provides effective management resource within federal, state and local governments on security issues. Its primary responsibility as a security authority is to anticipate, preempt, detect and deter threats to the homeland and its people from terrorist attacks, natural disasters or any other emergency. Its goal is to coordinate different agencies and programs into a single agency for fast and efficient response to the crisis. Larry Ness states, ‘the Department of Homeland Security is still consolidating most of the more than 40 federal entities’ (Ness, 2006, p. 49). Its security responsibilities are varied and related to the governmental jurisdictions at federal, state, and local level and acts as a complementary system that connects all levels of government.The DHS primarily carries out its goals and objectives through five major agencies that coordinate and form linkages with various other state and federal agencies to protect the tangible and non tangible properties of its citizens. The agencies are as follows:It is an independent agency reporting to the President and tasked with responding to, planning for, recovering from and mitigating against disaster. Its role has become all the more important after 9/11 and works with a vision of ‘A Nation Prepared’. The National Urban Search and Rescue Response System

Summary of Section 754 Research Paper Example | Topics and Well Written Essays - 2000 words

Summary of Section 754 - Research Paper Example Hence, now the owners and managers who pay tax and their advisers now advance towards the transactions with the same concern, as those stated in the historic decrees of subchapter K that the partnerships concerned with tax have been asking for years: why incorporate The substantial increase in the use of partnerships has led to increasing frustration with the obsolete subchapter K regulations (most of which were spread in 1955). Among the most troublesome laws are those which govern the basis for adjustments on the sale or swap (exchange) of a partnership stake (Orbach, 2004). In fact, the laws --which allow the purchaser of a partnership stake to reflect the purchaser's acquiring cost in partnership resources, are among the most perplexed and highly defective aspects of partnership taxation. At the start of the year 1998, to address these problems, the Internal Revenue Service in collaboration with the Treasury issued proposed laws and policies u/s734(b) (basis adjustments on some distributions), section743(b) (basis adjustments on transfers of partnership interests),section 751(a) (the "collapsible partnership rule" requiring recognition of ordinary income on the disposition of certain partnership interests), andsection754 (Depreciation Adjustment). (Internal Revenue Code) The origin of partnership property is usually not affected when a partner sells or exchanges its interest in the business. As a result, if a person buys or ventures into a partnership stake or interest by sale or exchange for a sum that exceeds the transferee's allocation of the adjusted basis of partnership property, the purchase price in excess, is not reflected in the partnership's asset basis, i.e., the purchaser is not able to "push down" its purchase price to the partnership's assets When the business (partnership) makes a an election u/s754 within the stipulated time, however, a transferee partner's share of the partnership's adjusted basis in its assets ("inside basis") is stepped up or stepped down to reflect the partner's basis in the acquired business interest ("outside basis"). Bottom of Form We would proceed by considering an example, in relation to the partnership business, the various transactions that take place in the form of sale and exchange. More importantly, we would focus on the implications of Section 754 of the IRS, which has a major impact with respect to taxation in shaping up these transactions (Orbach, 2004). When an interested party, buys a stake or share of an existing partner's partnership interest, or the interest of a member of a limited liability corporation (LLC) taxed as a partnership, at a value which is said to be its fair value in the market the amount that the purchaser of the interest pays becomes the base for the purchaser's business interest (outside basis). In this transaction at fair market value, the buyer (new partner) assumes the seller's pro rata share of the business partnership's adjusted basis in its assets (inside basis). If the partnership's property or asset value has appreciated sufficiently, the variation between the new partne r's inside and outside basis can be