128 Sentences With "prepayments" | Random Sentence Generator

It explicitly forbade prepayments of state and local income taxes but was silent on prepayments for state and local property taxes.

Intensifying price competition for mortgages hurt margins and borrower prepayments cut into servicing fees.

Prepayments and payments 95 to 134 days after delivery were included as options in the offer.

"A bank could go back to the loan documentation to trigger prepayments based on illegality clauses," he said.

"There was a rush on the part of the state and local governments to get prepayments," he said.

Competition between Trafigura and its rivals has intensified with particular focus on lucrative prepayments, mainly with state oil firms.

French retail banking revenue has suffered from high housing loan prepayments and rate renegotiations over the last three years.

The governor's order allows towns to issue their tax warrants and accept 2018 property tax prepayments through Dec. 31.

Higher U.S. market interest rates, disciplined liability pricing and several discrete security prepayments drove the increase in net interest revenue.

Repayment for the $1.7 trillion in mortgages held by the Fed is more difficult to predict since there are prepayments.

No surprise that refinances, also referred to as prepayments, have jumped in the past few months as rates began their swoon.

The report included $12 million in payments to Mr. Bloomberg's company, Bloomberg LP, that were listed as prepayments for campaign expenses.

Income from receivable prepayments felt the pinch of the central bank's drive to slash borrowing costs in Latin America's largest economy.

The debt prepayments and amendments at FCA US formally removed the ring-fencing around its cash and improved the group's financial structure.

Oil prepayments have become a key method for traders like Vitol to combat razor-thin margins and to secure long-term supplies.

Government officials believe reducing the timeframe for receivable prepayments would help companies mitigate the impact of Brazil's harshest recession in eight decades.

These prepayments were added to property taxes due and paid in 236 in order to bulk up on non-capped 22019 deductions.

It also asks for information on the number of people who claimed itemized deductions for property tax prepayments and where they reside.

Data released on Wednesday showed MBS prepayments sped up in July from a pickup in refinancing due to falling mortgage rates, analysts said.

In addition, the waves of prepayments and rate renegotiations in the housing loan market resulted in banks losing money on the related hedges.

The most recent estimate published by Rosneft was 2.216 trillion rubles ($13 billion) excluding prepayments to foreign firms as of June 30, 2017.

Cuomo's order specifically authorized municipalities to accept partial prepayments, which the subsequent IRS guidance said wouldn't be deductible on 2017 federal income taxes.

For investors in mortgage-backed bonds, refinances, or so-called prepayments, mean they get their money back, but that's not necessarily a good thing.

Depending on their deal with Sunrun — which offers service plans, loans, prepayments and cash purchases — customers may also pay monthly charges to the company.

"For those that have a high balance, clearly their payment will increase, and it will cause some prepayments" said Sam Khater, an economist with CoreLogic.

A report by a UN Panel of Experts raised concerns that oil firms were making large prepayments for oil that is yet to be produced.

A derivative reserve account will be established to set aside voluntary prepayments made by borrowers to ensure sufficient income is available to cover future swap payments.

Higher-than-expected housing loan renegotiations and prepayments led the bank to book one-off negative revenue of EUR88 million related to its interest-rate hedges.

But prepayments are a major hazard only when interest rates are falling, and most experts think rates will continue to climb slowly, keeping this risk low.

Rosneft's most recently published estimate for its net debt was 2.216 trillion roubles, excluding prepayments of foreign firms, as of the end of June last year.

Russia and its own energy titan Rosneft have already provided more than $10 billion in loans, crude oil prepayments and other financial assistance to Venezuela, RBC notes.

"What we're telling residents is that we'll accept these prepayments but they should check with a financial advisor first," said Charles Strome, city manager for New Rochelle.

But it stopped short of endorsing bipartisan legislation that would dramatically scale back the prepayments, saying that doing so would place too much of a burden on taxpayers.

Even Chris Christie, the Republican governor of New Jersey and an early supporter of Mr. Trump's, on Wednesday signed an executive order instructing local officials to accept prepayments.

Prepayments on 30-year mortgage-backed securities backed by Fannie Mae on average rose 5% in August, cooling from a 29% jump in July, J.P. Morgan analysts said.

Roskam wrote a letter to the Treasury Department seeking clarification that the IRS advisory did not pertain to prepayments of 2017 property taxes, and the Treasury Department agreed.

Its net working capital (that only considers trade and bills receivables and payables, inventories, prepayments and customer deposits) rose to CNY59 billion, from CNY38 billion between 2014 and 1H16.

The agency continues to struggle under the weight of ongoing pension obligations and will not make a scheduled $6.9 billion in benefits prepayments, the subject of ongoing political debate.

Faster-than-expected prepayments hurt the value of mortgage-backed securities as investors are repaid more quickly than they previously planned and redeploy their money into lower-yielding MBS.

Business owners and freelancers should only purchase items that fit their businesses&apos needs and complete equipment purchases and estimated tax prepayments before December 31 to reduce tax liability.

Itau said it will continue to offer prepayments requiring clients to have checking accounts in the bank, as it obtained an injunction earlier this month allowing it to do so.

After adjusting for operating leases, customer prepayments and 85% of trade payables, Fitch expects payables-adjusted FFO net leverage to fall to 8.1x by end-2016, from 9.1x at end-2015.

Income from receivable prepayments also felt the pinch of the central bank's drive to slash borrowing costs in Latin America's largest economy, pushing profit to the lowest level in five quarters.

According to the Aton brokerage, Rosneft's net debt, excluding prepayments for oil supplies, was 2340 trillion rubles at the end of the second quarter, equivalent to 210 times net debt/EBITDA.

In some places, such as Iowa, taxpayers should be able to deduct their prepayments of 2017 property taxes because they've already received bills that are due early next year, Kaeding said.

"Those individuals now are not getting the benefits of those prepayments," Nicole Kaeding, an economist at the Tax Foundation, said of people who paid taxes that had not yet been assessed.

"As previously announced, billings were impacted by increasing seasonality in the business and the focus on annual payment durations from multiyear prepayments, beginning this fiscal year," Box said in its quarterly report.

If the extended tranche is rated Ba3/BB- or higher or the company makes prepayments of at least US$275m on the secured debt, the coupon will drop to 825bp over Libor.

SAO PAULO, May 2 (Reuters) - Cielo SA, Brazil's largest payment solutions firm, beat first-quarter profit estimates on Tuesday as declining financial expenses helped offset falling revenue and income from receivable prepayments.

For instance, it provides insurers with preventive solutions, applying big behavioral data and machine learning to generate the best predictions on default, bad debt, prepayments and customer churn resulting in individualized risk assessment.

So far in 2016, it announced acquisitions of CNY3.6bn of sites in China and the US, with cash outlay of around CNY20163bn after considering returned land deposits and prepayments for certain land parcels.

A jump in prepayments to Taiwan's TSMC, which makes chips for Canaan, also suggests the company is predicting a strong recovery in the second half, analyst Arun George of Global Equity Research reckons.

This changed the way premium amortization on its bond portfolio was calculated from one based on estimated principal prepayments assumptions to one based on a constant effective yield adjusted for actual prepayment experience.

Peter Buell, who runs tax services for the real estate practice of the accounting firm Marcum, said the lack of prepayments indicated Mr. Kushner most likely didn't owe income taxes in those years.

The interest rate increase could be beneficial to the valuation of mortgage servicing rights (MSRs), as prepayments typically slow when rates increase, although much depends on bank-specific assumptions used and any hedging related activity.

They knew that come January, the federal deduction for their local and state taxes would be capped at $2102,2000, and so, many people made prepayments in an effort to benefit under the old tax law.

After adjusting for operating leases, customer prepayments and 2286% of trade payables, Fitch expects payables adjusted FFO net leverage to fall to below 29935x by the end of 2016, compared with our previous forecast of 6.9x.

Xinyuan has announced acquisitions of CNY3.6bn in China and the US so far in 2016, after not making any acquisitions in 2015, with a cash outlay of CNY2.6bn after accounting for returned land deposits and prepayments.

It said on Monday in 2017 it had transferred $2.1 billion to the Iraqi Kurdistan government as prepayments for future oil supplies, and $1 billion to Venezuela's PDVSA last April as part of an oil supply deal.

Nonetheless, the longer-term trend supports Russia's pivot east and there are high-profile examples, such as the recent $15 billion fundraising by sanctioned Russian state oil giant Rosneft, purportedly from prepayments by China National Petroleum Corporation.

The Fed is letting its mortgage-backed securities portfolio run off through maturities and prepayments, not selling any of the $1.8 trillion it still owns, and the same for its $2.4 trillion of long-term Treasury debt.

However, the agency expects adverse market conditions and the development of the large ZIL project to result in large working capital outflows in 2016-2017 on the back of a lower-than-normal level of prepayments from customers.

The mail service reported $1.3 billion in controllable income — that's income that covers the service's operational expenses but not large prepayments into a retiree health benefit fund — and $307 million in net income for the stretch spanning from Oct.

The mail service reported $1.3 billion in controllable income -- that's income that covers the service's operational expenses but not large prepayments into a retiree health benefit fund -- and $85033 million in net income for the stretch spanning from Oct.

"These prepayments are high-quality paper, which large mutual funds, (exchange-traded funds) ETFs, and (Collateralized Loan Obligations) CLOs to a lesser extent will need to replace," said Ryan Kohan, a leveraged loan portfolio manager at Western Asset Management.

In these cases, MBS holders are seeing their mortgages get paid off early, leaving them with a difficult decision … buy more mortgages with still lower yields as prepayments continue to accelerate, or move money into Treasurys until mortgage rates become attractive.

Under Fitch's driving scenario of high prepayments and base interest rate assumptions, the increase in the gap between the WAL of the assets and of that of the liabilities (to four years) is offset by the excess interest generated for the programme.

Asked about speculation that the Temer administration wants to cut the timetable for Cielo and other card payment processors to settle receivable prepayments with retailers to only two days from 28 days currently, executives said they will wait until a formal proposal is made public.

"One of the challenges posed by prepayments is typically borrowers prepay when interest rates drop, then investors end up with a whole lot of cash in a lower-interest rate environment," said Parrott, who also points out a tricky problem involving accounting rules at Freddie Mac.

People who have mortgages with Bank of America and Chase and may feel they are in the clear because of a lack of conflicting tax forms, even if their local taxing authority has not been precise on whether prepayments fall in line with the guidance that the I.R.S. issued this week.

People who have mortgages with Bank of America, Chase and Quicken Loans may feel they are in the clear because of a lack of conflicting tax forms, even if their local taxing authority has not been precise on whether prepayments fall in line with the guidance that the I.R.S. issued this week.

Accelerated Waterfall Triggered Given the lack of excess spread, caused by a sudden influx of defaults in February 2017 and a lower portfolio yield, as a result of prepayments, the three-months compartment solvency margin trigger in Domos A led to a switch to an accelerated priority of payments in March 2017.

Dell has more than $103 billion of legacy senior notes due in the first half of fiscal 2019 and, in conjunction with term loan amortization and prepayments with FCF or net proceeds from incremental asset sales, core leverage (total debt/operating EBITDA, excluding debt and profitability related to Dell Financial Services) should approach 4x exiting fiscal 2018 and 3.5x exiting fiscal 2019.

The acquisition of Earnest also provides NAVI more direct control over the marketing/underwriting/origination process than it currently has in the student loan refinance segment through its partnership with a third party, while also providing the company greater ability to defend its existing loan portfolio which has experienced a sharper increase in prepayments in recent quarters, from third-party lenders.

With Cuomo assist, homeowners rush to soften tax bill's impact How New Yorkers would lose under the Republican tax bill Among the tax bill's biggest losers: High-income, blue state taxpayers "Those individuals now are not getting the benefits of those prepayments," Nicole Kaeding, an economist at the Tax Foundation, said of people who paid taxes that had not yet been assessed.

Contact: Primary Analyst Cathy Chao Associate Director +5003 2263 9967 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Yee Man Chin Director +852 2263 9696 Committee Chairperson Kalai Pillay Senior Director +65 6796 0003 Summary of Financial Statement Adjustments: Payables adjusted net leverage; Fitch subtracts customer prepayments and 85% of trade payables from cash and cash equivalents.

Contact: Primary Analyst Cathy Chao Associate Director +852 2263 9967 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Yee Man Chin Director +852 5003 9696 Committee Chairperson Kalai Pillay Senior Director +65 6796 7221 Summary of Financial Statement Adjustments - Leases: Fitch has adjusted the debt by adding 8x annual fixed operating lease expenses (2015: fixed rental expense of CNY32 million) - Payables Adjusted Net Leverage: Fitch subtracts customer prepayments and 85% of trade payables from readily available cash.

S. CONSUMER HEALTH IS GENERALLY GOOD' B OF A CFO SAYS NON PERFORMING LOAN INCREASE DRIVEN BY 1 METALS AND MINING CLIENT AND 1 IN ENERGY B OF A CFO SAYS HIGHER CLIENT ACTIVITY DROVE TRADING IMPROVEMENT IN 3Q B OF A CEO PREDICTS COMMERCIAL LENDING WILL IMPROVE ONCE POLITICAL UNCERTAINTY EASES B OF A EXECS SAY CARD BALANCES GROWING BUT INCOME DOWN VS 2015 DUE TO REWARDS TARGETING WEALTHIER CLIENTS B OF A CFO SAYS $280M BENEFIT FROM MORTGAGE SERVICING RIGHTS DUE TO SLOWER PREPAYMENTS (Reporting by Dan Freed)

KEY ASSUMPTIONS Fitch's Key Assumptions Within Our Rating Case for the Issuer Include - 10%-15% cut of prepayments received by the company from the normal rate - 5%-10% drop of prices in building materials and real estate - Average annual capex of RUB2.2bn in 2016-2019 - Average cost of new borrowings of 15% vs current 0003% - Dividend pay-out at 80% of net profit RATING SENSITIVITIES Future Developments That Could Lead to Positive Rating Action Include - Improved visibility on the short-term direction of the Russian real estate market environment over the next 12 months.

In accordance with Fitch's policies, the issuer appealed and provided additional information to Fitch that resulted in a rating action which is different than the original rating committee outcome Contact: Primary Analyst Cathy Chao Associate Director +852 2263 5003 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Yee Man Chin Director +852 2263 9696 Committee Chairperson Kalai Pillay Senior Director +65 6796 7221 Summary of Financial Statement Adjustments - Leases: Fitch has adjusted the debt by adding 8x annual fixed operating lease expenses (0003: fixed rental expense of CNY1.1bn) - Payables Adjusted Net Leverage: Fitch subtracts customer prepayments and 85% of trade payables from cash and cash equivalents.

Because the prepayments were not necessary and ordinary business expenses for the year in which they were paid, the prepayments were not deductible.

NAS bonds are designed to protect investors from volatility and negative convexity resulting from prepayments. NAS tranches of bonds are fully protected from prepayments for a specified period, after which time prepayments are allocated to the tranche using a specified step down formula. For example, an NAS bond might be protected from prepayments for five years, and then would receive 10% of the prepayments for the first month, then 20%, and so on. Recently, issuers have added features to accelerate the proportion of prepayments flowing to the NAS class of bond in order to create shorter bonds and reduce extension risk.

If mortgage prepayments increase, or the market's expectations of future prepayments increases (i.e. higher expected PSA speed), the expected aggregate dollar amount of interest payments [and therefore the market price of the IO tranche] would generally be expected to decrease. By contrast, if mortgage prepayments decrease, or the market's expectations of future prepayments decreases (i.e. lower expected PSA speed), the expected dollar amount of interest payments [and therefore the market price of the IO tranche] would generally be expected to increase.

In the first case, membership to the community is registered onto a taxation document (Lohnsteuerkarte). The member's employer must then withhold church tax prepayments from the income of the employee in addition to the prepayments on the annual income tax. In connection with the final annual income tax assessment, the state revenue authorities also finally assess the church tax owed. In case of self-employed persons or other tax payers not employed, state revenue authorities collect prepayments on the church tax together with prepayments on the income tax.

Users may opt to have prepayments automatically deposited when their account is low, or they may submit prepayments manually, either by phone or a toll authority's web portal, depending on the agency. For commercial accounts, some agencies allow postpaid plans with a security deposit (which effectively renders them prepaid accounts, with a different replenishment policy).

Mortgage-backed securities (pass- through mortgage principal prepayments) with US-style 15- or 30-year fixed rate mortgages as collateral are examples of callable bonds.

Very accurately defined maturity (VADM) bonds are similar to PAC bonds in that they protect against both extension and contraction risk, but their payments are supported in a different way. Instead of a support bond, they are supported by accretion of a Z bond. Because of this, a VADM tranche will receive the scheduled prepayments even if no prepayments are made on the underlying.

Applying the test above, the Grynberg court concluded that the prepayments satisfied the first prong. The prepayments were not mere deposits but irretrievable payments. However, the court found no valid business reason for making the payments in December rather than the following February or March when the payments were actually due. Because taxpayers failed the second prong of the test, the court did not apply the third requirement to the facts of the case.

Taxpayers contended that their prepayments were deductible business expenses under § 162 of the Internal Revenue Code. Section 162 allows taxpayers to deduct ordinary and necessary expenses "paid or incurred" in carrying on a trade or business. In return, the IRS argued that taxpayers violated IRC § 446(b), which requires that a taxpayer's method of accounting must "clearly reflect income." In addition, the IRS argued that the prepayments were voluntary, nondeductible advance deposits, and that they do not qualify as ordinary and necessary business expenses.

For example, when the accounting periods are monthly, an 11/12 portion of an annually paid insurance cost is added to prepaid expenses, which are decreased by 1/12 of the cost in each subsequent period when the same fraction is recognized as an expense, rather than all in the month in which such cost is billed. The not-yet-recognized portion of such costs remains as prepayments (assets) to prevent such cost from turning into a fictitious loss in the monthly period it is billed, and into a fictitious profit in any other monthly period. Similarly, cash paid out for (the cost of) goods and services not received by the end of the accounting period is added to the prepayments to prevent it from turning into a fictitious loss in the period cash was paid out, and into a fictitious profit in the period of their reception. Such cost is not recognized in the income statement (profit and loss or P&L;) as the expense incurred in the period of payment, but in the period of their reception when such costs are recognized as expenses in P&L; and deducted from prepayments (assets) on balance sheets.

In mortgages, refinancing burnout is the tendency for prepayments to drop after rates fall, rise, and fall again. In other words, when interest rates keep on dropping, those who can benefit by taking advantages of refinancing will have done so already when rates declined in previous periods and this prepayment behavior is called refinancing burnout.

Super sinkers are usually home- financing bonds that repay bondholders their principal quickly if homeowners prepay their mortgages. In other words, mortgage prepayments are used to retire a specified maturity. Super sinkers are likely to be paid off in a relatively short time. As a result, the bondholders may receive higher long- term yields after only a short period.

Artnell Company v. Commissioner, 400 F.2d 981 (7th Cir. 1968) is a decision by the 7th Circuit Court of Appeals, in which the court, distinguishing from the holding in Schlude v. Commissioner, held that accrual method taxpayers are not required to include prepayments in gross income when there is certainty as to when performance would occur.

Many systems refer to taxes paid indirectly, such as taxes withheld by payers of income, as credits rather than prepayments. In such cases, the tax credit is invariably refundable. The most common forms of such amounts are payroll withholding of income tax or PAYE, withholding of tax at source on payments to nonresidents, and input credits for value added tax.

Re- performance 6\. Analytical procedures 7\. Recalculation, it means to check the mathematical accuracy of the figures in the book, for e.g; Reculation of Accruals and Prepayments This involves analysis of significant accounting ratios and trend performance including investigations of fluctuations that occur between the current financial performance with the previous one and check whether other information is consistent with such relationship.

This court can cite no justification for treating prepaid insurance in a different manner than treating other prepayments. To permit the taxpayer to take a full deduction in the year of payment would distort his income. Moreover, prepaid insurance may be easily allocable. The insurance premium represents the protection of the property for the entire period, and the taxpayer may surrender the insurance policy at any time.

This prepayment risk cannot be removed, but can be reallocated between CMO tranches so that some tranches have some protection against this risk, whereas other tranches will absorb more of this risk. To facilitate this allocation of prepayment risk, CMOs are structured such that prepayments are allocated between bonds using a fixed set of rules. The most common schemes for prepayment tranching are described below.

Therefore, IO securities are annuity-like securities but the amount and timing of payments is uncertain as payments are based on the total interest payments paid on all the underlying mortgages in the collateral pool. Generally speaking, mortgage prepayments tend to slow down as general interest rates increase. Therefore, IOs prices generally increase as interest rates increase and decrease as interest rates decrease (i.e. negative duration).

For federal requirements, see . Computation of the amount of tax to withhold is performed by the employer based on representations by the employee regarding his/her tax status on IRS Form W-4. Amounts of income tax so withheld must be paid to the taxing jurisdiction, and are available as refundable tax credits to the employees. Income taxes withheld from payroll are not final taxes, merely prepayments.

To determine if the prepayments were deductible, the Tax Court applied a three- prong test. The test applies whenever the issue is the deductibility of prepaid items under §§ 162 and 446(b). Each prong is independent and must be satisfied for a prepayment to be deductible: First, there must be an "actual payment of the item in question." A mere refundable deposit will not support a deduction.

For Federal requirements, see 26 USC 3401-3405. Computation of the amount of tax to withhold is performed by the employer based on representations by the employee regarding his/her tax status on IRS Form W-4. Amounts of income tax so withheld must be paid to the taxing jurisdiction, and are available as refundable tax credits to the employees. Income taxes withheld from payroll are not final taxes, merely prepayments.

In case of own collection, collecting communities may demand the tax authorities to reveal taxation data of their members, in order to be able to calculate the contributions and prepayments owed. In particular, smaller communities (e.g. the Jewish Community of Berlin) chose to collect taxes by themselves in order to save the collection fee. Collection of church tax may be used to found institutions and foundations or to pay ministers.

The investor in a pass-through transaction acquire the receivables subject to all their fluctuation, prepayments etc. the material risks and rewards in the asset portfolio, such as the risk of interest rate variations, risk of prepayment etc., transferred to the investor. In short, the term "pass-through" means the issuing company, such as Ginnie Mae has received money from the homeowner and passed it to the investor.

Income taxes in the United States are self-assessed by taxpayers; IRS [ Publication ]. by filing required tax returns.. Taxpayers, as well as certain non-tax-paying entities, like partnerships, must file annual tax returns at the federal and applicable state levels. These returns disclose a complete computation of taxable income under tax principles. Taxpayers compute all income, deductions, and credits themselves, and determine the amount of tax due after applying required prepayments and taxes withheld.

The Novalnet payment platform allows companies to accept credit cards, debit cards, online bank transfers, prepayments, invoices, local payment methods and mobile payments, such as PayPal, Apple Pay, Google Pay. As a Federal Financial Supervisory Authority (BaFin) accredited payment institute, Novalnet holds mandatory payment licenses and certifications for processing payments worldwide. The platform is designed to automate merchants' business processes across the e-commerce value chain, from checkout to debt collection. Competitors are for example Adyen and Stripe.

Within the IAG, each member agency has its own billing and customer service center, and each establishes its own fee and discount structures. The agencies also set their own customer account policies. Areas of variation include the refundable deposit or nonrefundable charge for a tag, periodic maintenance fees, paper statement fees, the low account threshold, and replenishment amounts. E‑ZPass is usually offered as a debit account: tolls are deducted from prepayments made by the users.

Grynberg v. Commissioner, 83 T.C. 255 (1984) was a case in which the United States Tax Court held that one taxpayer's prepaid business expenses were not ordinary and necessary expenses of the years in which they were made, and therefore the prepayments were not tax deductible. Taxpayers in the United States often seek to maximize their income and decrease their tax liability by prepaying deductible expenses and taking a deduction earlier rather than in a later tax year.

Adjusting entries for prepayments are necessary to account for cash that has been received prior to delivery of goods or completion of services. When this cash is paid, it is first recorded in a prepaid expense asset account; the account is to be expensed either with the passage of time (e.g. rent, insurance) or through use and consumption (e.g. supplies). A company receiving the cash for benefits yet to be delivered will have to record the amount in an unearned revenue liability account.

Nor > is rescission ab initio a precondition for recovery.Fibrosa (1943) AC, at pp > 49, 53, 57, 60, 70, 73, 83 Unconditionally accrued rights, including accrued > rights to sue for damages for prior breach of the contract, are not affected > by the discharge. Prepayments can, in general, be recovered, but the > position of deposits or earnests is not entirely clear, the better view > being that they are not recoverable if paid to provide a sanction against > withdrawal.Mayson v Clouet [1924] AC 980 24\.

During 1990, Orien Dickerson, then Vice-President of the company, was penalised by the United States Department of Transportation because he withdrew funds from escrow accounts for charter flights that still had to be carried out. In the charter airline business, it is common practice that prepayments from customers (e.g. travel agencies) to airlines are put on an escrow account until the flight is operated. This reduces the risk for the travel agency that the flight cannot be carried out due to insufficient funds.

Liq gap report2 Measuring liquidity position via liquidity gap analysis is still one of the most common tool used and represents the foundation for scenario analysis and stress-testing. 271x271px To do so, ALM team is projecting future funding needs by tracking through maturity and cash-flow mismatches gap risk exposure (or matching schedule). In that situation, the risk depends not only on the maturity of asset-liabilities but also on the maturity of each intermediate cash-flow, including prepayments of loans or unforeseen usage of credit lines.

From 1983, the car was produced as the FSO 125p 1500/1300. In the late 1980s the 125p received its last upgrade in form of power train from the FSO Polonez and a new instrument cluster featuring round gauges in place of the classic Fiat speedometer. The car was produced until 26 June 1991 (to fulfill factory preproduction sales obligation – the communist prepayments system, system przedpłat); in total, 1,445,689 were manufactured. By that time the design was 24 years old and used mechanicals which were essentially 30 years old, with only minor improvements.

M. Koostachin & Sons (1976), a locally owned store The cost of living in Attawapiskat is quite high, because of the expense of shipping goods to the community. Local stores include the Northern Store and M. Koostachin & Sons (1976). Prior to January 2013, more than a third of the residents occasionally placed orders for perishables and other goods (except alcohol) which were shipped in via aircraft from Timmins, and for which the residents made prepayments with money orders. When their orders arrived, the residents had to pick them up at the local airport.

Communication, however, became extremely difficult and finally impossible during the war years. With church assistance, the six members of the Billeter family were able to become passengers on one of the first ships to sail from France after the Armistice of Compiègne was signed on November 11, 1918, and return to their home in Utah. Not long thereafter, the descendants of numerous earlier Mormon immigrants from Switzerland realized that as a result of Billeter’s return they were no longer enabled to obtain genealogy records. Numerous people offered Billeter substantial prepayments if he would consider going back to Europe.

An executive for Eskom said that paying companies in advance has been done before and that Eskom was not diverting coal from the Hendrina power plant to the Arnot power plant. Nazeem Howa described allegations as "sublime and ridiculous" and that prepayments were a standard practice of Eskom. On 8 September 2016, Nazeem Howa told Bloomberg that Oakbay Investments had signed a contract to export power-plant coal at a premium to the highest price it gets from Eskom of R150 ($11) per ton. He declined to comment on whether its export allocation was being sold.

Unprofitable deals, such as steam yacht Neva built in Turku in 1904 and four submarine hulls built in Okhta and handed over in 1905 caused massive losses to W:m Crichton & C:o. The failed combustion engines caused delays and warranty costs. Moreover, operations had relied on prepayments of new orders and therefore decline of order intake in 1906 led quickly to cash shortage. Ship order intake dropped drastically in 1906 leading to dismissal of hundreds of employees at the Turku yard.Knorring: Höyrykoneita Turusta 1906–59. pp. 61–64. By spring 1907 the company was in a serious crisis.

In buying a bond, one is buying a set of cash flows, which are discounted according to the buyer's perception of how interest and exchange rates will move over its life. Supply and demand affect prices, especially in the case of market participants who are constrained in the investments they make. Insurance companies and pension funds usually have long term liabilities that they wish to hedge, which requires low risk, predictable cash flows, such as long dated government bonds. Some fixed-income securities, such as mortgage- backed securities, have unique characteristics, such as prepayments, which impact their pricing.

The value recognized for servicing rights is based on the net present value of the expected cash flows received from servicing less the amount that would be required to adequately compensate a servicer (this incorporates an expected cost of servicing plus a profit margin required by market participants). The value of servicing assets or liabilities is highly interest-rate sensitive due to the relationship between interest rates and expected prepayments (i.e., loan refinancing). This is because when a loan is refinanced the servicing fees and other benefits of servicing cease, making the value of these assets extremely volatile.

An accrual basis taxpayer generally can claim a deduction "in the taxable year in which all the events have occurred that establish the fact of the liability, the amount of the liability can be determined with reasonable accuracy, and economic performance has occurred with respect to the liability".Treas. Reg., 26 C.F.R. § 1.461-1(a)(2)(i) Similar definition of accrual basis accounting is true for financial accounting purposes, except that revenue can't be recognized until it is earned, even if a cash payment has already been received by the tax authorities. :See also Artnell Company v. Commissioner, US tax ruling on treatment of prepayments.

Interest-only securities are sometimes generated artificially from structured securities, particularly CMOs. A pool of securities (typically mortgages) is created, and divided into tranches; the cash received from the underlying debts are spread through the tranches according to predefined rules. An Interest-only (IO) security is one type of tranche that can be created, it is generally created in tandem with a principal-only (PO) tranche. These tranches will cater to two particular types of investors, depending on whether the investors are trying to increase their current yield (which they can get from an IO), or trying to reduce their exposure to prepayments of the loans (which they can get from a PO).

Generally, accrual method taxpayers include income in taxable year it is earned, rather than when it is received. However, the Supreme Court trilogy ending with Schlude required inclusion of prepayments in gross income because of the uncertainties as to when, or if, performance would occur. The court distinguished the facts of Artnell from this holding and found that the uncertainties present in previous cases that required the inclusion of advance payments in the year of receipt were not present. The Court found that the deferred income was attributable to games that were intended to be played on a fixed schedule and that notwithstanding rain delays there was certainty about when services would be performed.

A fixed rate CMO tranche can be further restructured into an Interest Only (IO) tranche and a discount coupon fixed rate tranche. An IO pays a coupon only based on a notional principal, it receives no principal payments from amortization or prepayments. Notional principal does not have any cash flows but shadows the principal changes of the original tranche, and it is this principal off which the coupon is calculated. For example, a $100mm PAC tranche off 6% collateral with a 6% coupon ('6 off 6' or '6-squared') can be cut into a $100mm PAC tranche with a 5% coupon (and hence a lower dollar price) called a '5 off 6', and a PAC IO tranche with a notional principal of $16.666667mm and paying a 6% coupon.

TFO was established after critical reports from the UK Office of Fair Trading regarding the furniture industry – a 1986 discussion paper, The Protection of Consumer Prepayments, and, in 1990, Furniture and Carpets - A report by the Director General of Fair Trading. This recommended industry reforms relating to: labelling, consumer buying advice, deposits, quality, delivery damage, and compliance with codes of practice. The report was also critical of the furniture industry stating: As a consequence, in 1992 several trade associations, in conjunction with manufacturers and retailers, formed the 'Furniture and Carpet Action Group' which became a company (limited by guarantee) and ultimately became 'Qualitas Furnishing Standards Ltd'. Contrary to representations made by the organisation it was not created by or in conjunction with the OFT; the OFT was merely a passive observer.

This created big problems to Finnish engineering companies, including Kone ja Silta, as they were very dependent on Russian market. Russian customers had typically given prepayments which had helped at maintaining cash reserves. The Imperial Russian Council of Ministers cancelled the order at the end of 1902 after deciding to seek for softer way to tie Finland into Russia. Subsequently, Kone ja Silta got a 4-million-mark order for 200 000 shrapnels.Haavikko: 1834–1907; chapter 8. p. 15. Kone ja Silta made its best result until then been during the Russo-Japanese War in 1904–1905. The situation changed in 1907, when the Council of Ministers again re-introduced prohibition of governmental orders from engineering companies of the Finnish Grand Duchy.Haavikko: 1907–1917; chapter 1. pp. 20–21.

The restrictive monetary policy by Hjalmar Schacht at the Reichsbank helped to stabilize the currency, as did steps taken by Luther to close the budget deficit. On the revenue side, he pushed through three emergency tax hikes, brought forward due dates for taxes, increased prepayments of assessed taxes, raised the sales tax, taxed inflation gains and reorganized the financial burden sharing between Reich and Länder. On the spending side, Luther managed a drastic cut in personnel costs - by reducing the number of Reich employees by almost 25% over four months, a freeze on promotions and fixing public salaries at a level lower than that of 1913. Having successfully stabilized the currency, Luther then was a member of the German delegation at the in July and August 1924, where he was in charge of trade policy and financial policy issues.

Exceptions are made in the case of household duties or works of necessity or charity, and in the case of members of religious societies who observe some other than the first day of the week. Statutes concerning the payment of wages of employees may be considered in two groups: (i) those which relate to the employment contract, such as laws fixing the maximum period of wage payments, prohibiting the payment of wages in scrip or other evidences of indebtedness in lieu of lawful money, prohibiting wage deductions on account of fines, breakage of machinery, discounts for prepayments, medical attendance, relief funds or other purposes, requiring the giving of notice of reduction of wages, &c.; (2) legislation granting certain privileges or affording special protection to working people with respect to their wages, such as laws exempting wages from attachment, preferring wage claims in assignments, and granting workmen liens upon buildings and other constructions on which they have been employed. Employers' liability laws have been passed to enable an employee to recover damages from his employer under certain conditions when he has been injured through accident occurring in the works of the employer.

It explicitly forbade prepayments of state and local income taxes but was silent on prepayments for state and local property taxes. from Politico
Intensifying price competition for mortgages hurt margins and borrower prepayments cut into servicing fees. from Reuters
Prepayments and payments 95 to 134 days after delivery were included as options in the offer. from Reuters
"A bank could go back to the loan documentation to trigger prepayments based on illegality clauses," he said. from Reuters
"There was a rush on the part of the state and local governments to get prepayments," he said. from The Hill
Competition between Trafigura and its rivals has intensified with particular focus on lucrative prepayments, mainly with state oil firms. from Reuters
French retail banking revenue has suffered from high housing loan prepayments and rate renegotiations over the last three years. from Reuters
The governor's order allows towns to issue their tax warrants and accept 2018 property tax prepayments through Dec. 31. from The New York Times
Higher U.S. market interest rates, disciplined liability pricing and several discrete security prepayments drove the increase in net interest revenue. from Reuters
Repayment for the $1.7 trillion in mortgages held by the Fed is more difficult to predict since there are prepayments. from CNBC
No surprise that refinances, also referred to as prepayments, have jumped in the past few months as rates began their swoon. from CNBC
The report included $12 million in payments to Mr. Bloomberg's company, Bloomberg LP, that were listed as prepayments for campaign expenses. from The New York Times
Income from receivable prepayments felt the pinch of the central bank's drive to slash borrowing costs in Latin America's largest economy. from Reuters
The debt prepayments and amendments at FCA US formally removed the ring-fencing around its cash and improved the group's financial structure. from Reuters
Oil prepayments have become a key method for traders like Vitol to combat razor-thin margins and to secure long-term supplies. from Reuters
Government officials believe reducing the timeframe for receivable prepayments would help companies mitigate the impact of Brazil's harshest recession in eight decades. from Reuters
These prepayments were added to property taxes due and paid in 236 in order to bulk up on non-capped 22019 deductions. from Reuters
It also asks for information on the number of people who claimed itemized deductions for property tax prepayments and where they reside. from The Hill
Data released on Wednesday showed MBS prepayments sped up in July from a pickup in refinancing due to falling mortgage rates, analysts said. from Reuters
In addition, the waves of prepayments and rate renegotiations in the housing loan market resulted in banks losing money on the related hedges. from Reuters
The most recent estimate published by Rosneft was 2.216 trillion rubles ($13 billion) excluding prepayments to foreign firms as of June 30, 2017. from Reuters
Cuomo's order specifically authorized municipalities to accept partial prepayments, which the subsequent IRS guidance said wouldn't be deductible on 2017 federal income taxes. from Politico
For investors in mortgage-backed bonds, refinances, or so-called prepayments, mean they get their money back, but that's not necessarily a good thing. from CNBC
Depending on their deal with Sunrun — which offers service plans, loans, prepayments and cash purchases — customers may also pay monthly charges to the company. from CNBC
"For those that have a high balance, clearly their payment will increase, and it will cause some prepayments" said Sam Khater, an economist with CoreLogic. from CNBC
A report by a UN Panel of Experts raised concerns that oil firms were making large prepayments for oil that is yet to be produced. from Economist
A derivative reserve account will be established to set aside voluntary prepayments made by borrowers to ensure sufficient income is available to cover future swap payments. from Reuters
Higher-than-expected housing loan renegotiations and prepayments led the bank to book one-off negative revenue of EUR88 million related to its interest-rate hedges. from Reuters
But prepayments are a major hazard only when interest rates are falling, and most experts think rates will continue to climb slowly, keeping this risk low. from CNBC
Rosneft's most recently published estimate for its net debt was 2.216 trillion roubles, excluding prepayments of foreign firms, as of the end of June last year. from Reuters
Russia and its own energy titan Rosneft have already provided more than $10 billion in loans, crude oil prepayments and other financial assistance to Venezuela, RBC notes. from CNBC
"What we're telling residents is that we'll accept these prepayments but they should check with a financial advisor first," said Charles Strome, city manager for New Rochelle. from CNBC
But it stopped short of endorsing bipartisan legislation that would dramatically scale back the prepayments, saying that doing so would place too much of a burden on taxpayers. from The Hill
Even Chris Christie, the Republican governor of New Jersey and an early supporter of Mr. Trump's, on Wednesday signed an executive order instructing local officials to accept prepayments. from CNBC
Even Chris Christie, the Republican governor of New Jersey and an early supporter of Mr. Trump's, on Wednesday signed an executive order instructing local officials to accept prepayments. from The New York Times
Prepayments on 30-year mortgage-backed securities backed by Fannie Mae on average rose 5% in August, cooling from a 29% jump in July, J.P. Morgan analysts said. from Reuters
Roskam wrote a letter to the Treasury Department seeking clarification that the IRS advisory did not pertain to prepayments of 2017 property taxes, and the Treasury Department agreed. from The Hill
Its net working capital (that only considers trade and bills receivables and payables, inventories, prepayments and customer deposits) rose to CNY59 billion, from CNY38 billion between 2014 and 1H16. from Reuters
The agency continues to struggle under the weight of ongoing pension obligations and will not make a scheduled $6.9 billion in benefits prepayments, the subject of ongoing political debate. from CNN
Faster-than-expected prepayments hurt the value of mortgage-backed securities as investors are repaid more quickly than they previously planned and redeploy their money into lower-yielding MBS. from Reuters
Business owners and freelancers should only purchase items that fit their businesses&apos needs and complete equipment purchases and estimated tax prepayments before December 31 to reduce tax liability. from Business Insider
Itau said it will continue to offer prepayments requiring clients to have checking accounts in the bank, as it obtained an injunction earlier this month allowing it to do so. from Reuters
Itau said it will continue to offer prepayments requiring clients to have checking accounts in the bank, as it obtained an injunction earlier this month allowing it to do so. from Reuters
After adjusting for operating leases, customer prepayments and 85% of trade payables, Fitch expects payables-adjusted FFO net leverage to fall to 8.1x by end-2016, from 9.1x at end-2015. from Reuters
Income from receivable prepayments also felt the pinch of the central bank's drive to slash borrowing costs in Latin America's largest economy, pushing profit to the lowest level in five quarters. from Reuters
According to the Aton brokerage, Rosneft's net debt, excluding prepayments for oil supplies, was 2340 trillion rubles at the end of the second quarter, equivalent to 210 times net debt/EBITDA. from Reuters
In some places, such as Iowa, taxpayers should be able to deduct their prepayments of 2017 property taxes because they've already received bills that are due early next year, Kaeding said. from Politico
"Those individuals now are not getting the benefits of those prepayments," Nicole Kaeding, an economist at the Tax Foundation, said of people who paid taxes that had not yet been assessed. from The New York Times
"As previously announced, billings were impacted by increasing seasonality in the business and the focus on annual payment durations from multiyear prepayments, beginning this fiscal year," Box said in its quarterly report. from CNBC
If the extended tranche is rated Ba3/BB- or higher or the company makes prepayments of at least US$275m on the secured debt, the coupon will drop to 825bp over Libor. from Reuters
SAO PAULO, May 2 (Reuters) - Cielo SA, Brazil's largest payment solutions firm, beat first-quarter profit estimates on Tuesday as declining financial expenses helped offset falling revenue and income from receivable prepayments. from Reuters
For instance, it provides insurers with preventive solutions, applying big behavioral data and machine learning to generate the best predictions on default, bad debt, prepayments and customer churn resulting in individualized risk assessment. from TechCrunch
So far in 2016, it announced acquisitions of CNY3.6bn of sites in China and the US, with cash outlay of around CNY20163bn after considering returned land deposits and prepayments for certain land parcels. from Reuters
A jump in prepayments to Taiwan's TSMC, which makes chips for Canaan, also suggests the company is predicting a strong recovery in the second half, analyst Arun George of Global Equity Research reckons. from Reuters
This changed the way premium amortization on its bond portfolio was calculated from one based on estimated principal prepayments assumptions to one based on a constant effective yield adjusted for actual prepayment experience. from Reuters
Peter Buell, who runs tax services for the real estate practice of the accounting firm Marcum, said the lack of prepayments indicated Mr. Kushner most likely didn't owe income taxes in those years. from The New York Times
The interest rate increase could be beneficial to the valuation of mortgage servicing rights (MSRs), as prepayments typically slow when rates increase, although much depends on bank-specific assumptions used and any hedging related activity. from Reuters
They knew that come January, the federal deduction for their local and state taxes would be capped at $2102,2000, and so, many people made prepayments in an effort to benefit under the old tax law. from CNN
After adjusting for operating leases, customer prepayments and 2286% of trade payables, Fitch expects payables adjusted FFO net leverage to fall to below 29935x by the end of 2016, compared with our previous forecast of 6.9x. from Reuters
Xinyuan has announced acquisitions of CNY3.6bn in China and the US so far in 2016, after not making any acquisitions in 2015, with a cash outlay of CNY2.6bn after accounting for returned land deposits and prepayments. from Reuters
It said on Monday in 2017 it had transferred $2.1 billion to the Iraqi Kurdistan government as prepayments for future oil supplies, and $1 billion to Venezuela's PDVSA last April as part of an oil supply deal. from Reuters
Nonetheless, the longer-term trend supports Russia's pivot east and there are high-profile examples, such as the recent $15 billion fundraising by sanctioned Russian state oil giant Rosneft, purportedly from prepayments by China National Petroleum Corporation. from CNBC
The Fed is letting its mortgage-backed securities portfolio run off through maturities and prepayments, not selling any of the $1.8 trillion it still owns, and the same for its $2.4 trillion of long-term Treasury debt. from The Hill
However, the agency expects adverse market conditions and the development of the large ZIL project to result in large working capital outflows in 2016-2017 on the back of a lower-than-normal level of prepayments from customers. from Reuters
The mail service reported $1.3 billion in controllable income — that's income that covers the service's operational expenses but not large prepayments into a retiree health benefit fund — and $307 million in net income for the stretch spanning from Oct. from The Hill
The mail service reported $1.3 billion in controllable income -- that's income that covers the service's operational expenses but not large prepayments into a retiree health benefit fund -- and $85033 million in net income for the stretch spanning from Oct. from The Hill
"These prepayments are high-quality paper, which large mutual funds, (exchange-traded funds) ETFs, and (Collateralized Loan Obligations) CLOs to a lesser extent will need to replace," said Ryan Kohan, a leveraged loan portfolio manager at Western Asset Management. from Reuters
In these cases, MBS holders are seeing their mortgages get paid off early, leaving them with a difficult decision … buy more mortgages with still lower yields as prepayments continue to accelerate, or move money into Treasurys until mortgage rates become attractive. from CNBC
Under Fitch's driving scenario of high prepayments and base interest rate assumptions, the increase in the gap between the WAL of the assets and of that of the liabilities (to four years) is offset by the excess interest generated for the programme. from Reuters
Asked about speculation that the Temer administration wants to cut the timetable for Cielo and other card payment processors to settle receivable prepayments with retailers to only two days from 28 days currently, executives said they will wait until a formal proposal is made public. from Reuters
"One of the challenges posed by prepayments is typically borrowers prepay when interest rates drop, then investors end up with a whole lot of cash in a lower-interest rate environment," said Parrott, who also points out a tricky problem involving accounting rules at Freddie Mac. from CNBC
People who have mortgages with Bank of America and Chase and may feel they are in the clear because of a lack of conflicting tax forms, even if their local taxing authority has not been precise on whether prepayments fall in line with the guidance that the I.R.S. issued this week. from The New York Times
People who have mortgages with Bank of America, Chase and Quicken Loans may feel they are in the clear because of a lack of conflicting tax forms, even if their local taxing authority has not been precise on whether prepayments fall in line with the guidance that the I.R.S. issued this week. from CNBC
Accelerated Waterfall Triggered Given the lack of excess spread, caused by a sudden influx of defaults in February 2017 and a lower portfolio yield, as a result of prepayments, the three-months compartment solvency margin trigger in Domos A led to a switch to an accelerated priority of payments in March 2017. from Reuters
Dell has more than $103 billion of legacy senior notes due in the first half of fiscal 2019 and, in conjunction with term loan amortization and prepayments with FCF or net proceeds from incremental asset sales, core leverage (total debt/operating EBITDA, excluding debt and profitability related to Dell Financial Services) should approach 4x exiting fiscal 2018 and 3.5x exiting fiscal 2019. from Reuters
The acquisition of Earnest also provides NAVI more direct control over the marketing/underwriting/origination process than it currently has in the student loan refinance segment through its partnership with a third party, while also providing the company greater ability to defend its existing loan portfolio which has experienced a sharper increase in prepayments in recent quarters, from third-party lenders. from Reuters
With Cuomo assist, homeowners rush to soften tax bill's impact How New Yorkers would lose under the Republican tax bill Among the tax bill's biggest losers: High-income, blue state taxpayers "Those individuals now are not getting the benefits of those prepayments," Nicole Kaeding, an economist at the Tax Foundation, said of people who paid taxes that had not yet been assessed. from CNBC
Contact: Primary Analyst Cathy Chao Associate Director +5003 2263 9967 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Yee Man Chin Director +852 2263 9696 Committee Chairperson Kalai Pillay Senior Director +65 6796 0003 Summary of Financial Statement Adjustments: Payables adjusted net leverage; Fitch subtracts customer prepayments and 85% of trade payables from cash and cash equivalents. from Reuters
Contact: Primary Analyst Cathy Chao Associate Director +852 2263 9967 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Yee Man Chin Director +852 5003 9696 Committee Chairperson Kalai Pillay Senior Director +65 6796 7221 Summary of Financial Statement Adjustments - Leases: Fitch has adjusted the debt by adding 8x annual fixed operating lease expenses (2015: fixed rental expense of CNY32 million) - Payables Adjusted Net Leverage: Fitch subtracts customer prepayments and 85% of trade payables from readily available cash. from Reuters
S. CONSUMER HEALTH IS GENERALLY GOOD' B OF A CFO SAYS NON PERFORMING LOAN INCREASE DRIVEN BY 1 METALS AND MINING CLIENT AND 1 IN ENERGY B OF A CFO SAYS HIGHER CLIENT ACTIVITY DROVE TRADING IMPROVEMENT IN 3Q B OF A CEO PREDICTS COMMERCIAL LENDING WILL IMPROVE ONCE POLITICAL UNCERTAINTY EASES B OF A EXECS SAY CARD BALANCES GROWING BUT INCOME DOWN VS 2015 DUE TO REWARDS TARGETING WEALTHIER CLIENTS B OF A CFO SAYS $280M BENEFIT FROM MORTGAGE SERVICING RIGHTS DUE TO SLOWER PREPAYMENTS (Reporting by Dan Freed) from Reuters
KEY ASSUMPTIONS Fitch's Key Assumptions Within Our Rating Case for the Issuer Include - 10%-15% cut of prepayments received by the company from the normal rate - 5%-10% drop of prices in building materials and real estate - Average annual capex of RUB2.2bn in 2016-2019 - Average cost of new borrowings of 15% vs current 0003% - Dividend pay-out at 80% of net profit RATING SENSITIVITIES Future Developments That Could Lead to Positive Rating Action Include - Improved visibility on the short-term direction of the Russian real estate market environment over the next 12 months. from Reuters
In accordance with Fitch's policies, the issuer appealed and provided additional information to Fitch that resulted in a rating action which is different than the original rating committee outcome Contact: Primary Analyst Cathy Chao Associate Director +852 2263 5003 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Yee Man Chin Director +852 2263 9696 Committee Chairperson Kalai Pillay Senior Director +65 6796 7221 Summary of Financial Statement Adjustments - Leases: Fitch has adjusted the debt by adding 8x annual fixed operating lease expenses (0003: fixed rental expense of CNY1.1bn) - Payables Adjusted Net Leverage: Fitch subtracts customer prepayments and 85% of trade payables from cash and cash equivalents. from Reuters
Because the prepayments were not necessary and ordinary business expenses for the year in which they were paid, the prepayments were not deductible.
NAS bonds are designed to protect investors from volatility and negative convexity resulting from prepayments. NAS tranches of bonds are fully protected from prepayments for a specified period, after which time prepayments are allocated to the tranche using a specified step down formula. For example, an NAS bond might be protected from prepayments for five years, and then would receive 10% of the prepayments for the first month, then 20%, and so on. Recently, issuers have added features to accelerate the proportion of prepayments flowing to the NAS class of bond in order to create shorter bonds and reduce extension risk.
If mortgage prepayments increase, or the market's expectations of future prepayments increases (i.e. higher expected PSA speed), the expected aggregate dollar amount of interest payments [and therefore the market price of the IO tranche] would generally be expected to decrease. By contrast, if mortgage prepayments decrease, or the market's expectations of future prepayments decreases (i.e. lower expected PSA speed), the expected dollar amount of interest payments [and therefore the market price of the IO tranche] would generally be expected to increase.
In the first case, membership to the community is registered onto a taxation document (Lohnsteuerkarte). The member's employer must then withhold church tax prepayments from the income of the employee in addition to the prepayments on the annual income tax. In connection with the final annual income tax assessment, the state revenue authorities also finally assess the church tax owed. In case of self-employed persons or other tax payers not employed, state revenue authorities collect prepayments on the church tax together with prepayments on the income tax.
Users may opt to have prepayments automatically deposited when their account is low, or they may submit prepayments manually, either by phone or a toll authority's web portal, depending on the agency. For commercial accounts, some agencies allow postpaid plans with a security deposit (which effectively renders them prepaid accounts, with a different replenishment policy).
Mortgage-backed securities (pass- through mortgage principal prepayments) with US-style 15- or 30-year fixed rate mortgages as collateral are examples of callable bonds.
Very accurately defined maturity (VADM) bonds are similar to PAC bonds in that they protect against both extension and contraction risk, but their payments are supported in a different way. Instead of a support bond, they are supported by accretion of a Z bond. Because of this, a VADM tranche will receive the scheduled prepayments even if no prepayments are made on the underlying.
Applying the test above, the Grynberg court concluded that the prepayments satisfied the first prong. The prepayments were not mere deposits but irretrievable payments. However, the court found no valid business reason for making the payments in December rather than the following February or March when the payments were actually due. Because taxpayers failed the second prong of the test, the court did not apply the third requirement to the facts of the case.
Taxpayers contended that their prepayments were deductible business expenses under § 162 of the Internal Revenue Code. Section 162 allows taxpayers to deduct ordinary and necessary expenses "paid or incurred" in carrying on a trade or business. In return, the IRS argued that taxpayers violated IRC § 446(b), which requires that a taxpayer's method of accounting must "clearly reflect income." In addition, the IRS argued that the prepayments were voluntary, nondeductible advance deposits, and that they do not qualify as ordinary and necessary business expenses.
For example, when the accounting periods are monthly, an 11/12 portion of an annually paid insurance cost is added to prepaid expenses, which are decreased by 1/12 of the cost in each subsequent period when the same fraction is recognized as an expense, rather than all in the month in which such cost is billed. The not-yet-recognized portion of such costs remains as prepayments (assets) to prevent such cost from turning into a fictitious loss in the monthly period it is billed, and into a fictitious profit in any other monthly period. Similarly, cash paid out for (the cost of) goods and services not received by the end of the accounting period is added to the prepayments to prevent it from turning into a fictitious loss in the period cash was paid out, and into a fictitious profit in the period of their reception. Such cost is not recognized in the income statement (profit and loss or P&L;) as the expense incurred in the period of payment, but in the period of their reception when such costs are recognized as expenses in P&L; and deducted from prepayments (assets) on balance sheets.
In mortgages, refinancing burnout is the tendency for prepayments to drop after rates fall, rise, and fall again. In other words, when interest rates keep on dropping, those who can benefit by taking advantages of refinancing will have done so already when rates declined in previous periods and this prepayment behavior is called refinancing burnout.
Super sinkers are usually home- financing bonds that repay bondholders their principal quickly if homeowners prepay their mortgages. In other words, mortgage prepayments are used to retire a specified maturity. Super sinkers are likely to be paid off in a relatively short time. As a result, the bondholders may receive higher long- term yields after only a short period.
Artnell Company v. Commissioner, 400 F.2d 981 (7th Cir. 1968) is a decision by the 7th Circuit Court of Appeals, in which the court, distinguishing from the holding in Schlude v. Commissioner, held that accrual method taxpayers are not required to include prepayments in gross income when there is certainty as to when performance would occur.
Many systems refer to taxes paid indirectly, such as taxes withheld by payers of income, as credits rather than prepayments. In such cases, the tax credit is invariably refundable. The most common forms of such amounts are payroll withholding of income tax or PAYE, withholding of tax at source on payments to nonresidents, and input credits for value added tax.
Re- performance 6\. Analytical procedures 7\. Recalculation, it means to check the mathematical accuracy of the figures in the book, for e.g; Reculation of Accruals and Prepayments This involves analysis of significant accounting ratios and trend performance including investigations of fluctuations that occur between the current financial performance with the previous one and check whether other information is consistent with such relationship.
This court can cite no justification for treating prepaid insurance in a different manner than treating other prepayments. To permit the taxpayer to take a full deduction in the year of payment would distort his income. Moreover, prepaid insurance may be easily allocable. The insurance premium represents the protection of the property for the entire period, and the taxpayer may surrender the insurance policy at any time.
This prepayment risk cannot be removed, but can be reallocated between CMO tranches so that some tranches have some protection against this risk, whereas other tranches will absorb more of this risk. To facilitate this allocation of prepayment risk, CMOs are structured such that prepayments are allocated between bonds using a fixed set of rules. The most common schemes for prepayment tranching are described below.
Therefore, IO securities are annuity-like securities but the amount and timing of payments is uncertain as payments are based on the total interest payments paid on all the underlying mortgages in the collateral pool. Generally speaking, mortgage prepayments tend to slow down as general interest rates increase. Therefore, IOs prices generally increase as interest rates increase and decrease as interest rates decrease (i.e. negative duration).
For federal requirements, see . Computation of the amount of tax to withhold is performed by the employer based on representations by the employee regarding his/her tax status on IRS Form W-4. Amounts of income tax so withheld must be paid to the taxing jurisdiction, and are available as refundable tax credits to the employees. Income taxes withheld from payroll are not final taxes, merely prepayments.
To determine if the prepayments were deductible, the Tax Court applied a three- prong test. The test applies whenever the issue is the deductibility of prepaid items under §§ 162 and 446(b). Each prong is independent and must be satisfied for a prepayment to be deductible: First, there must be an "actual payment of the item in question." A mere refundable deposit will not support a deduction.
For Federal requirements, see 26 USC 3401-3405. Computation of the amount of tax to withhold is performed by the employer based on representations by the employee regarding his/her tax status on IRS Form W-4. Amounts of income tax so withheld must be paid to the taxing jurisdiction, and are available as refundable tax credits to the employees. Income taxes withheld from payroll are not final taxes, merely prepayments.
In case of own collection, collecting communities may demand the tax authorities to reveal taxation data of their members, in order to be able to calculate the contributions and prepayments owed. In particular, smaller communities (e.g. the Jewish Community of Berlin) chose to collect taxes by themselves in order to save the collection fee. Collection of church tax may be used to found institutions and foundations or to pay ministers.
The investor in a pass-through transaction acquire the receivables subject to all their fluctuation, prepayments etc. the material risks and rewards in the asset portfolio, such as the risk of interest rate variations, risk of prepayment etc., transferred to the investor. In short, the term "pass-through" means the issuing company, such as Ginnie Mae has received money from the homeowner and passed it to the investor.
Income taxes in the United States are self-assessed by taxpayers; IRS [ Publication ]. by filing required tax returns.. Taxpayers, as well as certain non-tax-paying entities, like partnerships, must file annual tax returns at the federal and applicable state levels. These returns disclose a complete computation of taxable income under tax principles. Taxpayers compute all income, deductions, and credits themselves, and determine the amount of tax due after applying required prepayments and taxes withheld.
The Novalnet payment platform allows companies to accept credit cards, debit cards, online bank transfers, prepayments, invoices, local payment methods and mobile payments, such as PayPal, Apple Pay, Google Pay. As a Federal Financial Supervisory Authority (BaFin) accredited payment institute, Novalnet holds mandatory payment licenses and certifications for processing payments worldwide. The platform is designed to automate merchants' business processes across the e-commerce value chain, from checkout to debt collection. Competitors are for example Adyen and Stripe.
Within the IAG, each member agency has its own billing and customer service center, and each establishes its own fee and discount structures. The agencies also set their own customer account policies. Areas of variation include the refundable deposit or nonrefundable charge for a tag, periodic maintenance fees, paper statement fees, the low account threshold, and replenishment amounts. E‑ZPass is usually offered as a debit account: tolls are deducted from prepayments made by the users.
Grynberg v. Commissioner, 83 T.C. 255 (1984) was a case in which the United States Tax Court held that one taxpayer's prepaid business expenses were not ordinary and necessary expenses of the years in which they were made, and therefore the prepayments were not tax deductible. Taxpayers in the United States often seek to maximize their income and decrease their tax liability by prepaying deductible expenses and taking a deduction earlier rather than in a later tax year.
Adjusting entries for prepayments are necessary to account for cash that has been received prior to delivery of goods or completion of services. When this cash is paid, it is first recorded in a prepaid expense asset account; the account is to be expensed either with the passage of time (e.g. rent, insurance) or through use and consumption (e.g. supplies). A company receiving the cash for benefits yet to be delivered will have to record the amount in an unearned revenue liability account.
Nor > is rescission ab initio a precondition for recovery.Fibrosa (1943) AC, at pp > 49, 53, 57, 60, 70, 73, 83 Unconditionally accrued rights, including accrued > rights to sue for damages for prior breach of the contract, are not affected > by the discharge. Prepayments can, in general, be recovered, but the > position of deposits or earnests is not entirely clear, the better view > being that they are not recoverable if paid to provide a sanction against > withdrawal.Mayson v Clouet [1924] AC 980 24\.
During 1990, Orien Dickerson, then Vice-President of the company, was penalised by the United States Department of Transportation because he withdrew funds from escrow accounts for charter flights that still had to be carried out. In the charter airline business, it is common practice that prepayments from customers (e.g. travel agencies) to airlines are put on an escrow account until the flight is operated. This reduces the risk for the travel agency that the flight cannot be carried out due to insufficient funds.
Liq gap report2 Measuring liquidity position via liquidity gap analysis is still one of the most common tool used and represents the foundation for scenario analysis and stress-testing. 271x271px To do so, ALM team is projecting future funding needs by tracking through maturity and cash-flow mismatches gap risk exposure (or matching schedule). In that situation, the risk depends not only on the maturity of asset-liabilities but also on the maturity of each intermediate cash-flow, including prepayments of loans or unforeseen usage of credit lines.
From 1983, the car was produced as the FSO 125p 1500/1300. In the late 1980s the 125p received its last upgrade in form of power train from the FSO Polonez and a new instrument cluster featuring round gauges in place of the classic Fiat speedometer. The car was produced until 26 June 1991 (to fulfill factory preproduction sales obligation – the communist prepayments system, system przedpłat); in total, 1,445,689 were manufactured. By that time the design was 24 years old and used mechanicals which were essentially 30 years old, with only minor improvements.
M. Koostachin & Sons (1976), a locally owned store The cost of living in Attawapiskat is quite high, because of the expense of shipping goods to the community. Local stores include the Northern Store and M. Koostachin & Sons (1976). Prior to January 2013, more than a third of the residents occasionally placed orders for perishables and other goods (except alcohol) which were shipped in via aircraft from Timmins, and for which the residents made prepayments with money orders. When their orders arrived, the residents had to pick them up at the local airport.
Communication, however, became extremely difficult and finally impossible during the war years. With church assistance, the six members of the Billeter family were able to become passengers on one of the first ships to sail from France after the Armistice of Compiègne was signed on November 11, 1918, and return to their home in Utah. Not long thereafter, the descendants of numerous earlier Mormon immigrants from Switzerland realized that as a result of Billeter’s return they were no longer enabled to obtain genealogy records. Numerous people offered Billeter substantial prepayments if he would consider going back to Europe.
An executive for Eskom said that paying companies in advance has been done before and that Eskom was not diverting coal from the Hendrina power plant to the Arnot power plant. Nazeem Howa described allegations as "sublime and ridiculous" and that prepayments were a standard practice of Eskom. On 8 September 2016, Nazeem Howa told Bloomberg that Oakbay Investments had signed a contract to export power-plant coal at a premium to the highest price it gets from Eskom of R150 ($11) per ton. He declined to comment on whether its export allocation was being sold.
Unprofitable deals, such as steam yacht Neva built in Turku in 1904 and four submarine hulls built in Okhta and handed over in 1905 caused massive losses to W:m Crichton & C:o. The failed combustion engines caused delays and warranty costs. Moreover, operations had relied on prepayments of new orders and therefore decline of order intake in 1906 led quickly to cash shortage. Ship order intake dropped drastically in 1906 leading to dismissal of hundreds of employees at the Turku yard.Knorring: Höyrykoneita Turusta 1906–59. pp. 61–64. By spring 1907 the company was in a serious crisis.
In buying a bond, one is buying a set of cash flows, which are discounted according to the buyer's perception of how interest and exchange rates will move over its life. Supply and demand affect prices, especially in the case of market participants who are constrained in the investments they make. Insurance companies and pension funds usually have long term liabilities that they wish to hedge, which requires low risk, predictable cash flows, such as long dated government bonds. Some fixed-income securities, such as mortgage- backed securities, have unique characteristics, such as prepayments, which impact their pricing.
The value recognized for servicing rights is based on the net present value of the expected cash flows received from servicing less the amount that would be required to adequately compensate a servicer (this incorporates an expected cost of servicing plus a profit margin required by market participants). The value of servicing assets or liabilities is highly interest-rate sensitive due to the relationship between interest rates and expected prepayments (i.e., loan refinancing). This is because when a loan is refinanced the servicing fees and other benefits of servicing cease, making the value of these assets extremely volatile.
An accrual basis taxpayer generally can claim a deduction "in the taxable year in which all the events have occurred that establish the fact of the liability, the amount of the liability can be determined with reasonable accuracy, and economic performance has occurred with respect to the liability".Treas. Reg., 26 C.F.R. § 1.461-1(a)(2)(i) Similar definition of accrual basis accounting is true for financial accounting purposes, except that revenue can't be recognized until it is earned, even if a cash payment has already been received by the tax authorities. :See also Artnell Company v. Commissioner, US tax ruling on treatment of prepayments.
Interest-only securities are sometimes generated artificially from structured securities, particularly CMOs. A pool of securities (typically mortgages) is created, and divided into tranches; the cash received from the underlying debts are spread through the tranches according to predefined rules. An Interest-only (IO) security is one type of tranche that can be created, it is generally created in tandem with a principal-only (PO) tranche. These tranches will cater to two particular types of investors, depending on whether the investors are trying to increase their current yield (which they can get from an IO), or trying to reduce their exposure to prepayments of the loans (which they can get from a PO).
Generally, accrual method taxpayers include income in taxable year it is earned, rather than when it is received. However, the Supreme Court trilogy ending with Schlude required inclusion of prepayments in gross income because of the uncertainties as to when, or if, performance would occur. The court distinguished the facts of Artnell from this holding and found that the uncertainties present in previous cases that required the inclusion of advance payments in the year of receipt were not present. The Court found that the deferred income was attributable to games that were intended to be played on a fixed schedule and that notwithstanding rain delays there was certainty about when services would be performed.
A fixed rate CMO tranche can be further restructured into an Interest Only (IO) tranche and a discount coupon fixed rate tranche. An IO pays a coupon only based on a notional principal, it receives no principal payments from amortization or prepayments. Notional principal does not have any cash flows but shadows the principal changes of the original tranche, and it is this principal off which the coupon is calculated. For example, a $100mm PAC tranche off 6% collateral with a 6% coupon ('6 off 6' or '6-squared') can be cut into a $100mm PAC tranche with a 5% coupon (and hence a lower dollar price) called a '5 off 6', and a PAC IO tranche with a notional principal of $16.666667mm and paying a 6% coupon.
TFO was established after critical reports from the UK Office of Fair Trading regarding the furniture industry – a 1986 discussion paper, The Protection of Consumer Prepayments, and, in 1990, Furniture and Carpets - A report by the Director General of Fair Trading. This recommended industry reforms relating to: labelling, consumer buying advice, deposits, quality, delivery damage, and compliance with codes of practice. The report was also critical of the furniture industry stating: As a consequence, in 1992 several trade associations, in conjunction with manufacturers and retailers, formed the 'Furniture and Carpet Action Group' which became a company (limited by guarantee) and ultimately became 'Qualitas Furnishing Standards Ltd'. Contrary to representations made by the organisation it was not created by or in conjunction with the OFT; the OFT was merely a passive observer.
This created big problems to Finnish engineering companies, including Kone ja Silta, as they were very dependent on Russian market. Russian customers had typically given prepayments which had helped at maintaining cash reserves. The Imperial Russian Council of Ministers cancelled the order at the end of 1902 after deciding to seek for softer way to tie Finland into Russia. Subsequently, Kone ja Silta got a 4-million-mark order for 200 000 shrapnels.Haavikko: 1834–1907; chapter 8. p. 15. Kone ja Silta made its best result until then been during the Russo-Japanese War in 1904–1905. The situation changed in 1907, when the Council of Ministers again re-introduced prohibition of governmental orders from engineering companies of the Finnish Grand Duchy.Haavikko: 1907–1917; chapter 1. pp. 20–21.
The restrictive monetary policy by Hjalmar Schacht at the Reichsbank helped to stabilize the currency, as did steps taken by Luther to close the budget deficit. On the revenue side, he pushed through three emergency tax hikes, brought forward due dates for taxes, increased prepayments of assessed taxes, raised the sales tax, taxed inflation gains and reorganized the financial burden sharing between Reich and Länder. On the spending side, Luther managed a drastic cut in personnel costs - by reducing the number of Reich employees by almost 25% over four months, a freeze on promotions and fixing public salaries at a level lower than that of 1913. Having successfully stabilized the currency, Luther then was a member of the German delegation at the in July and August 1924, where he was in charge of trade policy and financial policy issues.
Exceptions are made in the case of household duties or works of necessity or charity, and in the case of members of religious societies who observe some other than the first day of the week. Statutes concerning the payment of wages of employees may be considered in two groups: (i) those which relate to the employment contract, such as laws fixing the maximum period of wage payments, prohibiting the payment of wages in scrip or other evidences of indebtedness in lieu of lawful money, prohibiting wage deductions on account of fines, breakage of machinery, discounts for prepayments, medical attendance, relief funds or other purposes, requiring the giving of notice of reduction of wages, &c.; (2) legislation granting certain privileges or affording special protection to working people with respect to their wages, such as laws exempting wages from attachment, preferring wage claims in assignments, and granting workmen liens upon buildings and other constructions on which they have been employed. Employers' liability laws have been passed to enable an employee to recover damages from his employer under certain conditions when he has been injured through accident occurring in the works of the employer.