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Cash equivalents are stored-worth goods which include reward certificates and gift playing cards. The IRS exclusively defines these devices as cash equivalents and states that their worth is taken into account taxable money to the receiver, no matter dollar price.
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Nationwide Cash Sign-up Business, an organization, sued M. Morris with a promissory Observe and to foreclose the lien of a chattel property finance loan on a few cash registers. Defendant answered by a standard denial and specifically pleaded a payment of $100, also claimed an agreed credit history of $200, and an offset of $one hundred, as a result of defects in among the list of cash registers for which the note was provided. The situation was dismissed for want of prosecution February 28, 1930, but the following working day, on verbal motion of plaintiff (no penned movement is present in the history), the court put aside the judgment and reinstated the lead to. On April 26, 1930, the lead to was tried during the absence of defendant, and resulted in judgment in opposition to him in favor of plaintiff for $473.sixty three, with foreclosure on the property finance loan lien around the cash registers. Over the same expression of courtroom defendant filed a sworn motion to vacate the judgment, through which he alleged, as an justification for being absent the working day of demo, that neither he nor his attorney had information or recognize from the movement to put aside the purchase of dismissal or that the situation were reinstated and subsequently tried, right up until May possibly 21, 1930, if the sheriff confronted him with an purchase of sale and execution issued around the judgment; also, that he had meritorious defenses on the match, to wit, the defensive matters put in place in Specific pleas in his first response. Nothing at all from the record signifies that defendant's movement was contested by plaintiff, or that any evidence, besides the sworn allegations in the movement, was heard or viewed as through the court. The movement was overruled; defendant excepted and website perfected attraction. Defendant contends that his movement to vacate the judgment contained all important requisites entitling him into the aid sought, that is definitely, an excuse for being absent through the trial of the case, also meritorious defenses to plaintiff's reason for motion, and further more contended that plaintiff would not be materially prejudiced by granting the motion. We think defendant's movement was adequate. Getting revealed that neither he nor his legal professional had real notice in the reinstatement of the situation, nor of its subsequent demo as well as the rendition of judgment, the dilemma remains, was defendant visited with statutory detect of these proceedings?
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