Avoiding Constructive Receipt: Paying Tuesday for a Hamburger Today

Wellington Wimpy, the gluttonous gourmand from the Popeye comics famously said, “I’d gladly pay you Tuesday for a hamburger today.” Although the payment was to be made at a later date (if at all), the agreement between Wimpy and the Rough House diner was made at the time the “sale” was consummated. Assuming Wimpy made good on his promise and paid for the hamburger on Tuesday, when did the diner receive its income? As even the most cursory glance at the burgeoning Internal Revenue Code will attest, this basic question of “When is income received?” is not as simple as …

Abandonment of Homestead Protection in Florida

Benjamin Franklin wrote in 1789 about the permanency of the newly-minted Constitution, “in this world nothing can be said to be certain, except death and taxes.”  Florida’s constitution is not so very permanent, insofar as Article XI, § 3 of the Florida Constitution provides that the people may revise the constitution by initiative (except for limiting the government’s ability to raise revenue).  There is, however, one element of the Florida Constitution that is nearly as inviolate as death and taxes: the Florida homestead. Homestead in Florida In general, a homestead is a primary personal residence situated on up to one-half …