Tuesday, January 3, 2012

Is it fair that some one won a?

Fairness would have nothing to with a petition in bankruptcy. The ets from the lottery winning would be difficult to exclude from the bankruptcy estate. Bankruptcy is legal proceeding. Fairness is more of a moral or ethical test. Is it fair, for example, that a family receives a one year child exemption for a baby born on December 31, of the tax year. Not relevant under tax law. Child exemption is allowed for the tax year.

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