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Find any unique best stock trader in the world. Write an essay of not less than 600 and not more than 650 words of:

a- why you chose the trader,

b- what you like about him,

c-what are the trading strategies he/she used in stock trading that made him successful.

d- what trading strategies do you want him to have differently?

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Jarrod Robel
Jarrod RobelLv2
4 Apr 2019
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Read or listen to Morals in Business: Walter Pavlo Share your thoughts and opinions regarding this real life situation. Be sure to include your ideas about what businesses can do to avoid similar problems.

https://spotlightenglish.com/listen/morals-in-business-walter-pavlo

Transcript Voice 1 Hello. I’m Marina Santee. Voice 2 And I’m Ruby Jones. Welcome to Spotlight. This programme uses a special English method of broadcasting. It is easier for people to understand, no matter where in the world they live. Voice 1 Would you consider stealing six million [6,000,000] dollars from a company, if you had the chance? Most people would immediately answer “no” to this question. The majority of people consider themselves to be good, honest citizens. Walter Pavlo used to describe himself like this. Walter was a young, successful business man. He studied hard. And he worked hard. In time, he got a good job at an international communications company called MCI. MCI managed billions of dollars each year. Walter’s office was a highly pressured working environment. Walter worked hard to meet targets and goals. If someone had asked him back then - would he steal six million dollars from the company? He would have answered, “No way!” Yet only a few years later, Walter went to prison for stealing money from MCI. What made this good man turn to crime? Here is his story. Voice 2 Walter Pavlo was born into a good family. His parents taught him Christian values. He said; Voice 3 “I was taught, ‘do not steal’; ‘do not cheat’; ‘be honest’; ‘be truthful in everything that you do.” Voice 2 Walter held these values for a long time. However, slowly, other values in the business world began to influence him. At the age of thirty-two, Walter was a senior manager at MCI. He managed millions of dollars. His job was very pressured - and difficult. Then, for the first time in his life, it looked like Walter would not meet his targets. He had to do something. He asked a co-worker for advice. His friend told Walter to cheat a little. He told him that everyone else was doing it. It was normal. Voice 1 Pavlo looked around him. It seemed that his friend was right. The world of business was full of successful cheats. Maybe a little dishonesty was not so bad. In his mind, Walter rationalised cheating. He made it seem reasonable. Voice 2 Pavlo learned how to hide customers’ debts. He made small changes in the company’s financial books to make them look better. This meant that Walter kept his good record of achievement. And it meant that the company’s records looked good to investors. Voice 1 However, this led Walter to a bigger temptation. Why not use the same method of dishonesty to enrich himself? Again, Walter rationalised his plan. He said later; Voice 3 “To me it looked like everyone was cheating. And I joined in. It did not seem that bad. Customers were getting richer. And I wanted my share.” Voice 2 Something else was happening inside Walter. He was becoming hostile in his heart. All around him were lies and cheats. He saw that people only cared about themselves. He saw the company and customers making themselves richer. He said, Voice 3 “I hated the customers. I hated the company. And then, I hated myself. Then, nothing mattered anymore.” Voice 1 And so, Walter set up a secret bank account in the Cayman Islands. Customers with debts paid money directly into this bank account. Then, Walter made their debt disappear on MCI’s records. Over a six month period, Walter and a co-worker took six million dollars! Voice 2 However, as time passed, Walter became afraid. He lived in fear of getting caught and arrested. The lies and secrets created much pressure. Walter said he became emotionally unbalanced. He came to believe that he would surely be caught - it was only a question of when. Voice 1 After a few months, MCI noticed a series of payments going into a Cayman bank account. They questioned Walter about it. Walter remembers; Voice 3 “I just said I did not want to talk about it. In a way I could not avoid uncovering my secret, because I was no longer able to hide what I was doing.” Voice 1 Walter resigned from MCI. He hoped that the investigations would stop. But they did not. MCI called in the police. Voice 2 Pavlo admitted his crime. His punishment was a prison sentence of three years and five months. He would also have to sacrifice some of his future earnings - over the next twenty-seven [27] years. Voice 1 In prison, Pavlo learned a lot about himself. He looked at the process that resulted in such severe crime. He said; Voice 3 “I do not think of myself as a bad person. For me to do something bad, or illegal, I have to make myself believe it is not bad. I rationalised, reasoned, what I was doing. I did this so much that I became far removed from reality. I told myself things like - everyone else is doing it, I need to get by, my family deserves this - and so on. This is what happens to a lot of people. They will rationalise in order to do something wrong.” Voice 2 Walter finished serving his difficult sentence in 2003. Life outside of prison was not to be easy either. His wife had divorced him. His friends had disappeared. No one wanted to employ the man who had stolen millions. However, people did want to hear about it. Voice 1 Many businesses saw the power of telling such a story. It could prevent their employees making the same mistake. Business schools and universities wanted their students to hear Walter’s story. Voice 2 And so Walter decided on a new kind of work. Today, he goes into business schools, companies and universities. He tells his story. He warns people of the easy path that leads to crime. He gives this message to business students: Voice 3 “The chance of you facing a difficult moral decision at some time in your business life is one hundred percent. It will happen. There is no way round it...” “You will never know what your values are worth until the test. The things that your parents have taught you, the things that you learned in school. What about them? When you are tested, what will you do?” Voice 1 Walter Pavlo’s values had not survived this test. However he hopes that his weaknesses may strengthen others. He hopes that his story will strengthen people’s values. And then, when they are tested they will not fall. Voice 2 The writer and producer of today’s programme was Marina Santee. All quotes were adapted for the programme. The voices you heard were from the United Kingdom and the United States. Computer users can hear our programmes, read our scripts and see our word list on our website at http://www.radio.english.net. This programme is called, ‘Morals in Business: Walter Pavlo’ Voice 1 You are welcome to comment or ask about today’s programme. You can e-mail us at radio @ english . net. Thank you for joining us today. Until next time. Goodbye.

Income

11. A receipt can be seen as‘income’ in one of two ways. What are they?

12. What is ‘ordinaryincome’?

What is ‘statutory income’?

What is the relationship between assessable income, ordinaryincome and statutory income?

What is the role of Div. 10?

What is the effect of s 15-2?

What is the effect of s 15-15?

What is meant by ‘income must be derived’?

When is income ‘derived’?

Define a ‘windfall gain’.

Briefly explain what ‘mutual payments’ are and how they aretaxed.

A sporting club receives income from membership subscriptions,hire of its facilities and bar takings in its clubhouse. To whatextent are these receipts taxable?

Briefly explain when gambling winnings will be taxable.

Briefly explain when gifts will be taxable.

A plays club football in the North Queensland League. Last yearhe was named as the League’s Best and Fairest player and received a$5,000 prize donated by a local television station. Explain whetherhe is taxable on his prize.

In what circumstances will a compensation payment be regarded astaxable income?

B received $1,000,000 for heroin he had illegally imported intoAustralia. The heroin had cost him $200,000. To what extent, if atall, is he liable for tax on his ‘profit’?

If B is taxable on that profit can he claim the bribes he paidvarious overseas customs officials as deductions?

As part of her salary package, C receives the use of a companycar. She estimates that the value to her of the company car is$5,000 per year. To what extent, if at all, is she assessable onthat value?

To what extent, if at all, is her employer assessable to taxbecause it provides her with the car?

How are loan premiums and discounts treated for income taxpurposes?

How are premiums that tenants pay their landlords assessed inthe landlord’s hands under the income provisions of the Income TaxAssessment Acts?

A farmer subdivides his farm into housing blocks and sells themat a substantial profit. To what extent, if at all, are theproceeds of those sales assessable income in his hands? Why?

Trading Stock

How are purchases and sales of trading stock treated fortaxation purposes?

What impact does a change in trading stock levels between thestart and end of an income year have on your taxable income?

What are your options in valuing closing stock for taxationpurposes?

Can you change your valuation mechanism for closing stock fromyear to year?

What is the relationship between opening stockin tax year 1 and opening stock in tax year 2?

What is the relationship between closing stockin tax year 1 and opening stock in tax year 2?

General Deductibility

The ITAA 97 contains two principal provisions governingdeductibility. What are they?

What are the two (2) positive limbs of s.8-1?

What is the difference between the situations in which the firstpositive limb applies and the situations in which the secondpositive limb applies?

What are the four (4) negative limbs of s.8-1?

Explain when each of the four negative limbs will operate todeny deductibility?

If you are looking for a provision denying deductibility to anoutgoing (under the 4th negative limb) where would youlook for it?

In general terms it can be said that there are three (3)‘classes’ of provision in the ITAA that deal with the question ofdeductibility. What are they?

What is the role of Div 12?

Briefly explain the ‘essential character test’ forclassification of outgoings.

What other tests are used to classify losses and outgoings aseither deductible or not deductible? How do those testsoperate?

A competition body builder is placed on a high protein andcarbohydrate diet by his coach. To what extent, if at all, are thecosts of his dietary requirements deductible against his income asa professional bodybuilder?

Deductibility of Specific Expenses

To what extent, if at all, are the following expenses deductibleagainst assessable income:

(a) travel expensesbetween home and work;

(b) travel expenses between twoplaces of employment;

(c) the costs of leavingone’s children in child care while one is at work;

(d) self educationexpenses;

(e) home officeexpenses;

(f) work relatedclothing;

(g) fines and penalties;

(h) prepaid expenses.

To what extent, if at all, is HECS deductible?

What is the practical effect of s 82A of the ITAA1936?

G spends $200 entertaining potential clients at dinner. To whatextent, if at all, is this amount deductible?

Mr. Smith owns 100% of Parent Company (PC). Mr. Smith has been an entrepreneur all his life and as a result owns four businesses through PC which include Holdco Ltd. (Holdco), a holding company. Mr. Smith plans to sell his businesses one by one over the next few years. He is considering selling Holdco this year. Holdco owns 100% of Swiss Sub Ltd. (SS). Swiss Sub is a food franchise that sells freshly toasted sandwiches made to customers’specifications.

Swiss Sub has three stores located in Thunder Bay and is run by Mr. Smith’s brother Gary. Gary and Mr. Smith have had a rocky relationship over the years, however, Mr. Smith indicates that they were able to put aside their differences five years ago and Gary is now the manager of Swiss Sub.

You, were just recently employed by Mr. Smith as a junior controller of PC. Mr. Smith has requested that you provide him with a report which contains an analysis of Swiss Sub’s operations and any changes you think would improve the operations. Mr. Smith has indicated that it is important to ensure that Swiss Sub is running smoothly before it is put up for sale. He reminds you not to let Gary know of the possible sale as he would just worry about his job which is unfounded as he intends to have Gary help him manage some of his personal real estate investments.

Mr. Smith also notes that most of the accounting functions such as payroll, inventory purchases, payables etc. for Swiss Sub are also conducted at PC. Your meeting with Gary is summarized in Exhibit I.

EXHIBIT I
Notes from Meeting with Gary

-Gary manages the busiest Swiss Sub store; the other two stores are run by store managers who report directly to Gary.

-You spend some of your time chatting with employees. You overhear a cashier named Dan reminding Gary that he has to leave early today to perform his community service duties due to a minor incident at the mall 5 months ago. Gary tells Dan to have fun. Gary later tells you that Dan is his newest employee who he hired 4 months ago. Gary indicates that Dan closes the store at Midnight as he leaves Swiss Sub at 8:00PM.

-Gary tells you that he feels that he is not recognized for all the hours he dedicates to the three stores. He tells you that he gives himself a $1,000 bonus each year for his efforts since he got hired from petty cash. Gary also tells you that he has informed Mr. Smith of this in passing. You remember that PC does not reconcile Swiss Sub’s pretty cash since it is deemed to be insignificant. It is also your understanding that Gary’s salary of $50,000 is equivalent to fair market value.

-You speak to the janitor, Mr. Rogers, who tells you that he is fed up with Dan’s friends always coming into the store before closing as they have no respect for anyone and eat like they have never seen food.’

-Gary tells you that his new drive-through window is working out wonderfully. He indicates that currently his store is the only store of the three Swiss Sub locations that have a drive-through, as it is the busiest. He indicates that Sherry has been really efficient taking orders, preparing orders for the customer and processing their payments. Gary explains that the customer s love Sherry’s sunny personality and she has regular customers that go through the drive-thru every day.

-You ask Gary how profits have been. He comments that is has been business as usual however over the last few months he has noticed that his inventory appears to be lower than the amount of sales that he is generating. Gary indicates that he is looking into the problem but is baffled. Gary also indicates that he is not sure what calculations he should do that will help him quantify inventory discrepancies compared to sales levels which will alert him to an inventory problem in the future. He adds that to date his inventory and sales analysis is limited to comparing current inventory and sales levels to the prior year.

-Gary is upbeat that the operation is running smoothly. Although he indicates that Jenny who has been a cashier for a year and a half is rather clumsy as she always seems to be voiding transactions because of punching incorrect orders into the cash register. Gerry has also noticed that as Jenny prepares a customer’s order she takes her time.

-Gary indicates that he has tried to create a pleasant work atmosphere by allowing employees to receive free meals. He explains that employees are giving $5.00 worth of food for lunch and dinner for their meals. The meal receipts are located in a drawer by the cash register. Employees fill out the vouchers and give them to whoever is on cash.

-Gary explains that Sherry is extremely helpful as she aids him in opening the store and deposits all of the cash for from the day before in the bank each morning. Gary also explains that Sherry compares the cash register tapes to the deposits.

-Gary informs you that in order to increase employee moral he has recently implemented an employee of the month recognition program whereby an employee is selected each month and given $50. According to Gary he selects the employee of the month based on the number of hours they are working and whether they show up on time to work. You notice Jenny has been employee of the month two months in a row.

REQUIRED

1. Using Weakness/Implication/Recommendation (WIR), what are the audit issues for Inventory management controls?

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