As a general rule, when a sale or exchange of property results in a gain or loss, the entire amount of the gain or loss, as the case may be, must be recognized for tax purposes. It is not uncommon that one entity will exchange its properties for the shares of stock in another corporation. As companies shift focus from the United States and Europe in search of faster-growing economies such as the Philippines, merger and acquisition deals in the country are expected to escalate soon.Īcquisitions generally occur when one entity takes ownership of another company’s shares of stock or equity interest. But a few weeks ago, in the teeth of the anti-Bush wave, Republicans Tim Pawlenty and Carol Molnau were elected as governor and lieutenant governor of liberal Minnesota.Mergers and acquisitions have become popular business strategies for companies looking to expand into new markets or territories, to achieve economies of scale, to attain increased synergy, or to gain a competitive edge. It was, for instance, the only one of the 50 states that Ronald Reagan could not carry in the 1984 presidential election. Minnesota, the state in question, has traditionally been a Democratic stronghold.
But the result of the brouhaha was a further deterioration in the image of Islam in the minds of ordinary Americans. Several women sarcastically demanded whether they would need to cover themselves before sitting in a taxi.Ĭonfronted with such protests, the Metropolitan Airports Commission withdrew its proposal. One American wrote in asking if the same cab drivers would refuse to take him because he was carrying a hamburger (pig meat being forbidden in Islam). This proved to be the last straw, and the Metropolitan Airports Commission was inundated with angry messages, asking why a secular body was giving the green signal (literally so!) to a Shariat ordinance. The Metropolitan Airports Commission offered what it thought would be a ‘pragmatic’ solution, special roof lights for Muslim taxi drivers. They tried to justify this by quoting the Koran, which bans the consumption of liquor.
A section of them started refusing to take passengers who were carrying alcohol (which, of course, is a staple of duty-free shops in every international airport). It turns out that many of the cab drivers at the airport are Muslim immigrants.
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