Dr . Lowery of the College of Liberal Arts and Sciences who specializes in Criminal Justice Studies spoke to our LAW241 students on the current state of Criminal Justice in the United States.
Month: October 2016
FutureAir Inc.: Indoor Air Reimagined
The management of FutureAir spoke to potential investors, academics, attorneys, engineers and other professionals, and telephonically to AU students today about their company and its future prospects. The company is developing the next generation of smart, clean-tech products that will bring awareness and solutions to the serious problem of indoor air pollution and the pressing need to reduce energy consumption and CO2 emissions. FutureAir’s first product is an indoor air quality (IAQ) device with an embedded sensing platform to measure and improve indoor air quality and thermal comfort.
FutureAir’s sensing platform identifies the presence of toxins and dust causing indoor air pollution, and connects with other devices to improve the indoor air environment and reduce energy consumption. FutureAir’s second product is a revolutionary ceiling fan, designed by Ross Lovegrove, who is well known for his Biomimicry (nature-inspired) inspired designs. Embedded with the same sensing platform, FutureAir’s ceiling fan will improve indoor air quality with a custom filter and by connecting wirelessly with air conditioning and other indoor air devices to improve thermal comfort and energy efficiency.
FutureAir’s products employ low cost sensors paired with algorithms and expert smart Internet of Things (IoT) software engineering.
Features include:
- Lovegrove-design;
- an app to measure and monitor health, quality and comfort of indoor air;
- machine-learning and IoT-enabled connectivity to collect data and improve energy efficiency;
- air quality sensors: PM (particulate matter) 0.1-2.5 micrometers, VOC, CO2;
- thermal comfort sensors: smart aggregation of temperature and humidity; and,
- Cradle-to-Cradle assembly with healthy reusable materials.
FutureAir’s proprietary sensing platform has been actively collecting data at multiple partner pilot locations in NYC with a functioning dashboard and app.
The company is raising seed capital from impact investors, with funds to be used for manufacturing of sensing platform (printed circuit board), IAQ device and ceiling fan prototypes, fluid dynamic studies, completion of mobile app, HR, IP, legal services, operations, marketing and pre-sales.
FutureAir is also exploring early revenue through third-party sales of its sensing platform to luxury design brands such as Italian manufacturer Boffi. Design and development of a fully functional mobile app is underway. The IAQ device is prototyped and in the next stage of development for manufacturing; small-scale 3D printed version of the ceiling fan is ready to prototype full-scale.
FutureAir’s B2B market includes Architects, Interior Designers, Purchasing agents, Property developers on new and retrofit projects, homes, hotels, hospitals, offices and universities, as well as certified LEED, Well, Green, Net Zero Building and Smart cities.
Learning More About Taxes Through a Celebrity Divorce
There has been recent news on the divorce of Brad Pitt and Angelina Jolie. They are famous for their movie roles together and were seen as “the” power couple, but their divorce brings an extra dimension to their roles in that I now have more of an insight into how taxes work, especially from their celebrity lives.
Angelina Jolie has filed for divorce from Brad Pitt for irreconcilable differences, which basically means neither was at fault for ending their marriage.
Now, let’s get into tax!
You need to carefully use the correct filing status when filing for your income tax return. In Jolie’s and Pitt’s case, even though they were legally married for two years, they are considered unmarried under IRC §7703 which provides:
“. . .the taxpayer is unmarried or considered unmarried for the entire year. . . if by the last day of their tax year: (1) they are legally separated under a divorce or separate maintenance decree. . .[or] (2) they are divorced.”
Filing as unmarried taxpayers may be more tax advantageous to the couple than filing separately as a married couple.
Yay for Jolie, she gets to keep her engagement ring which was worth $250,000. Why? Because under most state laws the ring belongs to the bride if there was a successful wedding, which Jolie and Pitt did have. She also takes the original cost basis of her rind under IRC §1041, so if she sells her ring the first $250,000 is tax free, with any excess taxed at a favorable Long Term Capital Gain tax rate under IRC §1(h).
Jolie does not ask for alimony (i.e., spousal support) from Pitt; alimony is taxable as ordinary income under IRC §71. And while the former couple also have a prenuptial agreement dividing their marital property, such property divisions are generally tax free if they meet the requirements of IRC §1041 or §2516.
And finally, Jolie has asked for full custody of their six children and will probably also ask for child support. Generally, child custody will allow her to claim her children as dependents under IRC §152 (a), and child support payments received are not taxable to Jolie under IRC §71. Moreover, having custody of their children generally makes Jolie eligible for a filing status of Head of Household under IRC §2(b).
In the end, it doesn’t matter who you are, divorce triggers important tax and legal issues that should be addressed timely. It is good to have a tax attorney to help guide and give you advice when going through a divorce. Remember that the tax code does grant tax benefits that can reduce some stress through the divorce process.
By Phatryna Suon, Alfred University, B.S. Accounting 2017