Answer:
A term used to describe the situation in which a public official or fiduciary who, contrary to the obligation and absolute duty to act for the benefit of the public or a designated individual, exploits the relationship for personal benefit, typically pecuniary.
In certain relationships, individuals or the general public place their trust and confidence in someone to act in their best interests. When an individual has the responsibility to represent another person—whether as administrator, attorney, executor, government official, or trustee—a clash between professional obligations and personal interests arises if the individual tries to perform that duty while at the same time trying to achieve personal gain. The appearance of a conflict of interest is present if there is a potential for the personal interests of an individual to clash with fiduciary duties, such as when a client has his or her attorney commence an action against a company in which the attorney is the majority stockholder.
Incompatibility of professional duties and personal interests has led Congress and many state legislatures to enact statutes defining conduct that constitutes a conflict of interest and specifying the sanctions for violations. A member of a profession who has been involved in a conflict of interest might be subject to disciplinary proceedings before the body that granted permission to practice that profession.
Answer:
Big Brothers Big Sisters of America
Big Brothers Big Sisters of AmericaBig Brothers Big Sisters of America (BBBSA) is a mentoring program that matches an adult volunteer, known as a Big Brother or Big Sister, to a child, known as a Little Brother or Little Sister, with the expectation that a caring and supportive relationship will develop.
non-profit organization
non-profit organizationBig Brothers Big Sisters of America is a 501(c)(3) non-profit organization whose mission is to "create and support one-to-one mentoring relationships that ignite the power and promise of youth".
Answer:
The amount of the distributive share of partnership net income that is taxable by California is the share of the partnership's net income of $10,000 that can be attributed to Ewan.
Assuming he holds a 50% interest in the partnership, he is expected to pay tax on his share of the $10,000 (which is equal to $5,000) in California, where the income is earned and not where he resides.
Explanation:
A partnership as an entity does not pay taxes. But individual partners must pay taxes on their shares of the partnership income, whether it is actually distributed or not. The partnership usually lists the partners' income on Schedule K-1, while individual partners fill the normal individual tax returns.
