Backdating an employment contract start date
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The is important because so many time periods under the policy start with it: The suicide and contestable periods, due dates of renewal premiums, expiration date of grace periods, availability and amount of nonforfeiture values and the duration of any extended term insurance.
In the case mentioned above, the taxpayers had such a retroactive effective date.Before long, there would be no car insurance industry and we’d all be paying for damages and injuries out of pocket.Lawsuits would inevitably skyrocket, clogging our already over-burdened court system.Therefore, a transfer of an interest will result in changes to the shares of income (or loss) to be allocated to the involved members, effective as of the date of transfer.Oftentimes, the documentation for such a transfer does not get completed until after the date the transfer occurred.