A future death benefit is an economic benefitone the company cant control, so it should not be recorded as an asset. When a third-party buys a partnership interest, the buyer generally assumes the selling partner's share of indebtedness of the partnership, and thus, is added on to the sale price. The company invites its shareholders to a rights issues of 1 share for every 5 shares for $10 per share. To date, however, the IRS has only acknowledged one scenario in which it concludes that such an actual surrender would be a meaningless gesture. There a corporation sold one of its numerous qualified businesses and sought to distribute the net sales proceeds (after taxes and expenseswhich it had committed, for safekeeping, to a segregated accountto its shareholders in a distribution that would qualify for partial liquidation status. Before uploading and sharing your knowledge on this site, please read the following pages: 1. Shares once forfeited become the property of the company and may be sold on such terms as directors think fit. 1. The power to forfeit shares must be expressly given in Articles of Association of the Company. In cases where the corporation has a more complex capital structure, the IRS will rule that an actual surrender of stock (which in the case of a widely-held corporation can be unduly expensive and cumbersome) is a meaningless gesture, and hence, unnecessary. A spinoff constitutes a transfer of assets that make up a business by one entity into a new legal spun-off entity, followed by a distribution of the shares of the new entity to its shareholders without those shareholders having to surrender any stock of the original entity. Stock options so granted should be considered as dilutive potential equity shares for the purpose of calculating Diluted Earnings Per Share Indeed, this is a highly desirable characterization of the distribution. 0. accounting treatment of surrender of shares. Example 1: An S corporation acquires a life insurance policy with cash value on a key person and pays premiums of $10,000 per year for five years. accounting treatment of surrender of sharesfastest supra tune code. The cash surrender value of a life insurance policy is an asset a company can control, so it should be recorded on its balance sheet. 71-250 and 76-279). Plan Participant Dies at End of Year One With $1,000,000 of Death Benefit Cash $902,385 Surrender of shares has no separate accounting treatment but it will be like that of forfeiture if shares. There is no cost involved with the issuance of the shares. What is group relief? An award is an equity award if the terms of the award call for its settlement in stock . This will give rise to a corporation tax charge of more than 50,000 (10,000 per flat), which needs to be funded by the tenants. Surrender is a short cut to forfeiture. Introduction to Forfeiture and Reissue of Shares 2. If the market value of each share at the exercise date is say 30.00 then the intrinsic Understanding the type of life insurance is critical. 302(b)(4)s redemption requirement. The publication is written on the assumption that (1) a parent has already established that consolidation of its subsidiary is appropriate under ASC 810-10 and (2) the equity interests of a subsidiary qualify for equity . who promise that if the existing shareholders do not buy the share offered to them, they will buy them. A mere refusal to take up newly issued shares, to which a shareholder is entitled to, is not a surrender of shares. (3) On forfeiture of shares which were issued at a discount and if the Discount on Shares Account had already been debited, such discount should be cancelled by crediting the Discount on Share Account. 7 Legal Tips You Need To Know. accounting treatment of surrender of shares. When the shares are forfeited, there are two options with the company, i.e., they can dispose of the shares, or the shares can be reissued. Mr. John holds 200 shares of $10 each. 10 each, fully called up on which a shareholder has failed to pay the First Call Money of Rs. Surrender of shares means the return of shares by the shareholder to the company for cancellation. 5 per share. 3 per share. 2 on application, Rs. a3 shop to let surrey. Ms. Komal Mahajan When a shareholder gives up his shares to the Company voluntarily and sacrifices all his rights, it is known as Surrender of Shares. Mr. Seth, the holder of 1,000 shares did not pay the amount due on call and his shares were forfeited by the Company. It is a short cut to the long procedure of forfeiture of shares. 3. 3 on allotment (including premium), Rs. accounting treatment of surrender of shares. When a shareholder fails to pay any call money which is due from him, the Company has two options: (i) To file a suit against the defaulting shareholder, or. In this article we will discuss about the accounting provisions relating to forfeiture of shares, explained with the help of suitable illustrations. Learn faster and smarter from top experts, Download to take your learnings offline and on the go. Best 10 different types e-commerce model in 2023. Free access to premium services like Tuneln, Mubi and more. Instant access to millions of ebooks, audiobooks, magazines, podcasts and more. If the company maintains a Calls in Arrears account, then that account will be credited with the unpaid portion of the amount instead of Share Allotment A/c or Share Call A/c. 5 accounting considerations for divestitures and carveouts. I think that the 66K should be shown in the company's P&L account as an exceptional item, after operating profit . 11.4.2 Accounting for leveraged ESOPs. Here you can publish your research papers, essays, letters, stories, poetries, biographies and allied information with a single vision to liberate knowledge. The amount received on surrender over and above the written down value The same entries (as are passed in case of forfeiture of Surrender of shares means the return of shares by the shareholder to the company for cancellation. In this case, the amount reported as ordinary income and capital gain is the same as in Example 2 for a disqualifying disposition, but there are some differences. The companies act does not provide for surrender of shares. To be sure, in contrast to the IRS refusal to rule that a genuine contraction has occurred absent a 20 percent reduction in the above business attributes, the size of the business (terminated) has been ruled to be irrelevant. Deed Of Surrender: A legal document transferring property ownership for a given time period, provided certain conditions are met. Uploader Agreement, Read Accounting Notes, Procedures, Problems and Solutions, Learn Accounting: Notes, Procedures, Problems and Solutions, Accounting Entries for Issue of Shares at Premium | India | Company, Accounting Treatment for Reissue of Forfeited Shares | Accounting, Provisions for Prohibition of Buy-Back of Shares | India | Accounting, Private and Public Company: Difference | India | Accounting. 2. Usually, however, you cannot sell or otherwise . Illustration 3 (Forfeiture of Shares Issued at Discount): A Company forfeits 100 shares of Rs. The court concluded that the proper tax treatment of this type of stock surrender turns on the choice between "unitary" and "fragmented" views of stock ownership. 10 each at a discount of 10%. Clipping is a handy way to collect important slides you want to go back to later. Equity Awards - A share-based payment arrangement is classified as equity if the written or substantive terms of the award call for settlement solely in company stock. Surrender of Shares means the surrender of the Company 's Common Stock that (a) either (i) have been owned by Purchaser for more than six (6) months and have been paid for within the meaning of SEC Rule 144; or (ii) were obtained by Participant in the open public market; and (b) are clear of all liens, claims, encumbrances or . Illustration 3 (Forfeiture of Shares Issued at Discount): A Company forfeits 100 shares of Rs. All these shares were forfeited. Image Guidelines 4. By accepting, you agree to the updated privacy policy. advantages of masking animation. surrender: [verb] to yield to the power, control, or possession of another upon compulsion or demand. 3 on allotment, Rs. Dissolution expenses cost 1,600. A person whose shares have been forfeited ceases to be a member in respect of the forfeited shares. The Directors may accept a surrender of shares only, Distinction between Forfeiture of Shares and Surrender of Shares. Thus, stock options and restricted stock are both equity awards. Tax Law Design and Drafting (volume 2; International Monetary Fund: 1998; Victor Thuronyi, ed.) (iii) Credit 'Unpaid Calls A/c' with the amount . (a) Preference Share Final Call A/c Dr To Preference Share Capital A/c . Thus, the requirements of Sec. Cost Method. 3 Tips for Beginner Players. Looks like youve clipped this slide to already. A surrender of shares will be void if it amounts to a purchase of shares by the company or if it is accepted for the purpose of relieving a member of his liabilities. Copyright 9. Share capital refers to all of the shares of an enterprise. Of course, this is true for shareholders other than the ones that are, themselves, C corporations. When shares issued at par are forfeited the accounting treatment will be as follows: (i) Debit Share Capital Account with amount called up (whether received or not) per share up to the time of forfeiture. green tea face mask for glowing skin. A repurchase agreement is a form of short-term financing where one party transfers a financial asset to another party in exchange for cash. Powered by and, The Benefits of Right Shares are listed below. The accounting treatment of the repurchase of shares involves recording treasury stock in the financial statements. In short, economically, the option holder was placed in the same position he or she would have occupied had there been an actual retirement of a portion of the shareholders shares. Statutory provisions of Buy Back: -Section 68 of the Companies Act, 2013 empowers a company to purchase its own shares or other securities in certain cases. 3. Generally, a Company adopts the second remedy. Topic 4 Efficient Supply chain Management (SCM), Topic 8 Challenges in Career Management: On Boarding, Trading Account Profit and loss Account Profit and loss Appropriation Account Balance Sheet, Training and Development CSJMU NEP BBA Notes, Trends and Future Directions of Enterprise Resource Planning, Types of Sales Organizations and their Structure, Understanding the Relationship between Content and Branding and Its Impact on Sales, Unit 1 Introduction {Book} The entrepreneur Definition, Unit 4 Natural and Technological Environment {Book} 1, Unit 5 International Environment {Book} 1, United Nations Conference on Trade and Development (UNCTAD), VIEW 3RD SEMESTER SUBJECT 1 MANAGEMENT OF INTERNATIONAL BUSINESS VIEW 2 INFORMATION SYSTEMS MANAGEMENT VIEW 3 ENTREPRENEURSHIP MANAGEMENT VIEW MARKETING 4 CONSUMER BEHAVIOUR VIEW 5 SAL, VIEW Brining stability and balanced regional development of industries, VIEW Characteristics of entrepreneur: Leadership; Risk taking ; Decision-making and business planning, VIEW Complimenting and supplementing economic growth, VIEW Entrepreneurial behavior and Psycho: Theories, VIEW External environmental analysis economic, VIEW Generation of employment opportunities, VIEW Legal requirements for establishment of a new unit And raising of funds, VIEW Role in export promotion and import substitution, VIEW Role of Government in organizing EDPs, VIEW Unit 2 Promotion of a Venture {Book} Opportunities analysis, VIEW Unit 3 {Book} Entrepreneurial Behaviour, VIEW Unit 4 Entrepreneurial Development Programmes (EDP): {Book} EDP, VIEW Unit 5 Role of Entrepreneur: {Book} Role of an entrepreneur in economic growth as an innovator, VIEW Venture capital sources and documentation required, VRS: Approaches to deal with the workforce Redundancy, Wealth Management BMS Mumbai University Notes, Web Design & Analytics Osmania University B.com Notes, World Trade in Goods and Services - Major Trades and Development. The Tribunal distinguished the decision of the Special Bench of the Mumbai Tribunal in the case of Bennett Coleman & Co. Ltd. Shares are said to be surrendered when they are voluntarily given up. A mere refusal to take up newly issued shares, to which a shareholder is entitled to, is not a surrender of shares. For example, ABC Co. has 100,000 issued shares with a nominal value of $10 per share and a market value of $15 per share. The Company does not refund such amount to defaulting shareholders. Enjoy access to millions of ebooks, audiobooks, magazines, and more from Scribd. But, fully paid shares can be surrendered without leave of the court provided the surrender does be surrendered without leave of the court provided the surrender does not involve the reduction of capital i.e., in exchange for other shares of the same nominal value. Illustration 1 (Forfeiture of Shares Issued at Par): A company forfeits 100 shares of Rs. Forfeiture of shares issued at Par When shares issued at par are forfeited the accounting treatment will be as follows: (i) Debit Share Capital Account with amount called up (whether received or not) per share up to the time of forfeiture. Report a Violation 10. (Accounting).cdr(N Topic 9pany_reconstruction_a141 Each one Teach One. A person loses whatever amount he had paid to the Company. The accounting treatment of surrender of shares is the same as that of forfeiture of shares. The Right shares are normally issued with 15 days notice and cannot be opened more than 60 days as per the SEBI guidelines. When a shareholder gives up his shares to the Company voluntarily and sacrifices all his rights, it is known as Surrender of Shares. Click here to review the details. 302(b)(4)s redemption requirement. Therefore, Share Capital Account should be debited at the rate at which it was credited. ), Greenly Company acquired $40,000 face amount bonds . the S corporation's method of accounting, i.e., cash or accrual, the date the life insurance proceeds were received, and the method of income allocation (per/share- per/day or closing of the books). When a shareholder fails to pay any call money which is due from him, the Company has two options: (i) To file a suit against the defaulting shareholder, or. The amount of the valuation increase is the excess of payments and interest income over the cost of the life insurance portion of the package (if any). Abandonment is the act of surrendering a claim to, or interest in, a particular asset. Terms of Service 7. Such voluntary return of shares to the company by the shareholder himself is called surrender of shares. The premium was payable on allotment. Forfeiture of shares is referred to as the situation when the allotted shares are cancelled by the issuing company due to non-payment of the subscription amount as requested by the issuing company from the shareholder. Issue of share at a discount. The first party agrees to repurchase the financial asset on a specific date and at a set price. The change in cash surrender or contract value during the period is an adjustment of premiums paid in determining the expense or income to be recognized under Accounting, Accounting Provisions, Foreiture, Forfeiture of Shares, India, Shares. Once the share buy-back is complete and the shares have been cancelled, the company will need to notify ASIC that this has occurred. The stock was sold for 84,000. Content Guidelines 2. All these shares were forfeited. The power to accept surrender of shares cannot be . A notice must be sent to shareholder, giving him at least 14 days time to pay the amount due. The name of such defaulted person will be struck off from the Register of Members. It is in thenature of a penaltyimposed by the company on a defaulting share.holder. For corporations that come under the safe harbor, size is seemingly irrelevant. (ii) When shares are surrendered as a short cut to forfeiture of shares when all the circumstances for forfeiture have arisen. Essentially, it implies that it is a negative equity balance. Plagiarism Prevention 5. Post author: Post published: July 1, 2022 Post category: malibu boats for sale by owner Post comments: the ugly duckling short story summary the ugly duckling short story summary 77-245. 10 each issued at Rs. Increases company goodwill and brand perception. (1) If the premium amount has already been received on the shares, it should remain intact; no entry is to be passed, on forfeiture, in respect of securities premium. Rul 77-376. Posted on June 11, 2022 by . What is Surrender of Share : Surrender of share is an alternative to capital reduction. 2 on application, Rs. 10 each payable as: Rs. Such a surrender shall be ultra-vires the company since it would amount to purchase by the company of its own shares. (Presumably the strike price of the options was lowered and the . Predicting the Premier League Top 4: Who are the Favorites? -Sections 70 of the Companies Act, 2013 imposes restriction on buy back of shares in certain . A member validly surrendering his shares to the company can nevertheless be held liable as a list B contributory in the event of winding up of the company within twelve months of his surrender of shares. Published by at February 16, 2022. sandy beach trailer park vernon, bc; evan fournier college; mortgage lien holder no longer in business; Blog Post Title February 26, 2018. 3 on allotment, Rs. (See Rev. Disclaimer 8. The existing shareholders have their right to subscribe to these shares unless some special rights reserve them for some other persons. The two main rules to account for stock warrants are that the issuer must recognize the fair value of the equity instruments issued or the fair value of the consideration received, whichever can be more reliably measured; and recognize the asset or expense related to the . 07/03/2022 . For one thing, the recipient shareholders are entitled to recover the basis of the shares surrendered. 50,000 trade creditors agree to give up or sacrifice or forego their claims by 50% each in exchange for equity shares to be issued from the surrendered shares to settle their remaining claims. Sometimes, a third-party acts as a custodian. accounting treatment of surrender of shares . TOS4. An actual surrender was ruled to be a meaningless gesture because, in conjunction with the distribution, the terms of the options were duly adjusted to eliminate the dilutive effect caused by distributing assets in a partial liquidation without an actual redemption of shares. Kay Ltd. with an authorized capital of Rs 30,00,000 offered to public 2,00,000 equity shares of Rs 10 This animation introduces the learner various procedures to be followed by a company, while issuing shares.This is a product of Mexus Education Pvt. If ten thousand shares of this preferred stock are each issued for $101 in cash ($1,010,000 in total), the company records the following journal entry. Stock Options should not be included in the shares outstanding till the employees have exercised their right to obtain shares or stock options, after fulfilling the requisite vesting conditions. to give up completely or agree to forgo especially in favor of another. A notice must be sent to shareholder, giving him at least 14 days time to pay the amount due. Company reconstruction accounting entries. In fact, the Internal Revenue Service will only rule that a genuine contraction has taken place when, (1) the distribution reduces the corporations gross revenues, net fair market value of assets, and employees by no less than 20 percent; or (2) under a safe harbor, found in Sec. One member of the group can surrender these losses to another member of the group, which can deduct the loss from its total profits, thus reducing the amount . Intrinsic Value. If they are partly paid, the following entries are passed to make them fully paid. Consequently, the history of international requirements for the accounting for share-based payments is relatively short compared with other areas of accounting. 2. There is no provision in Table A of the Companies Act regarding surrender of shares and a company cannot possibly accept the surrender of fully paid up shares as it amounts to purchase of its own shares which is prohibited under Section 77. Because no consideration is received for the shares, the surrendering share- The following conditions must be satisfied for the valid forfeiture of shares: 1. In the current economic climate, with both debt and equity markets in turmoil, global M&A activity has fallen off . To retire shares under the cost method, two sets of journal entries are conducted: Accounting for the Repurchase of Shares: Record the entire amount of the purchase in . Hunnic Language Words, Fmcna Adp Login, Love It Or List It Chris Construction Manager, Riverbend Detention Center Phase 3, Polite Society Bottomless Mimosas, Sims 4 Glass Floor Island Living, Mcgavock High School Website, John Money 1955 Gender, Gun License Interview Questions, Environmental science subject notes is there, update kro bhai update krlo """'Madhabi Puri Buch"" hai ab chairmen sebi ki. Krishna took over debtors worth 24,000 for 20,000. The talent shortage isnt abating. Allowing for the original acquisition cost of the freehold of each flat (1,000), ManCo will have realised a gain of 59,000 in respect of each flat - a total of 295,000 (less any other allowable costs). Plagiarism Prevention 5. That means the recipients need only report income (which will, invariably, be classified as capital gains) to the extent the amount distributed exceeds the basis of the shares surrendered. Content Guidelines 2. The freeholder wanted to develop the site and eventually agreed to pay my client's company 66K to surrender the lease. Emmis concluded that the preferred shares did not constitute a liability primarily because Emmis has no further obligation to transfer any consideration and can simply require surrender of the shares. The shares were called up to the 1st call stage. Illustration 4 (Forfeiture of Shares Originally Issued at Discount): X Ltd. issued 20,000 Equity shares of Rs. Cash Surrender Value (CSV) in the Insurance Contract Life Insurance CSV $107,615 Life Insurance Premium Expense $107,615 3. However, the share capital was reduced to . This Roadmap provides Deloitte's insights into and interpretations of the guidance on noncontrolling interests, primarily that in ASC 810-10 and ASC 480-10-S99-3A. Accounting record for surrender of shares is the same as that of forfeiture. Ruls. Now customize the name of a clipboard to store your clips. For example, if a share of Rs.100 each is issued at Rs.90, it is known as an issue of share at a discount. Solved Illustrations. Again, Securities Premium Account will be debited only if the amount of premium remained unpaid. The articles of a company may authorize the directors to accept surrender of shares. All the share money received except from Arun, holding 300 shares, who paid only application and except from Balram, holding 100 shares, who paid upto allotment. CFOs report on challenges in the economy, workforce complications, and tech strategies. Right shares are the shares that are issued by a company for its existing shareholders. The cash surrender value is the realizable amount of a life insurance contract at any given date. There are two methods of doing ESOP valuation Intrinsic value method and. Shares, which are liable to be forfeited on account of default in the payment of calls, may be surrendered by the holder if he so desires. What is Company According to Companies Act, 2013? Download Article. Method of Accounting Valuation of ESOP under IGAAP. Facing A Wrongful Conviction? Under the "fragmented view," "each share of stock is considered a separate investment," and gain or loss is computed separately on the sale or other disposition of each share. Surrender of Shares (a) Surrender and Acceptance by Company. Right shares can only be issued after two years of the formation of the country or after one year of the first issue of the shares whichever is earlier, as per the Section 81 of Indian Companies Act. 3 per share. Share Premium Under the Companies Law, where a Company issues Shares at a price higher than the par value of such Shares, a sum equal to the difference between the issue price and the par value must be transferred to an account called the share premium account. Assuming the corporation plans to reissue the shares in the future, the shares are held in treasury and reported as a reduction in stockholders' equity in the balance sheet. Enable registration in settings - general, Why GTA San Andreas is Still One of the Most Popular Games Today, Atomy Business Tips and Tricks: How to Succeed in Atomy E-commerce, Is Having A Friends With Benefits Relationship Actually Sustainable In Todays Time? The number of shares considered redeemed, the IRS said, is determined in accordance with the principles set forth in Rev. 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MJP Rohilkhand University, Bareilly BBA Notes. Section 66 of the Companies Act, 2013 read as under:-. Activate your 30 day free trialto unlock unlimited reading. Rul. Forfeiture essentially means cancellation. Shares, which are liable to be forfeited on account of default in the payment of calls, may be surrendered by the holder if A surrender of shares will be void if it amounts to a purchase of shares by the company or if it is accepted for the purpose of relieving a member of his liabilities. ENTRIES OF SHARE CAPITAL Construction Project Management 2023 Tips tools best practices to know, Understanding Art of Bluffing. 3 per share and the Second and Final Call Money of Rs. PublishYourArticles.net is home of thousands of articles published by users like YOU. Such voluntary surrender of shares can be accepted by the company provided it is authorized by the Articles of the company. (2) However, in some cases, when a call is made, Securities Premium Account is credited and when the call is not received in cash, then it is necessary to debit the Securities Premium Account. Restricted stock is a grant of company shares made directly to you. Examples of equity awards are stock options, ESPPs, and stock-settled stock appreciation rights (SARs), restricted shares/share units, and performance shares/share units. (c) Pay off any paid-up share capital, which is in excess of the wants of the company. (1) Subject to confirmation by the Tribunal on an application by the company, a company limited by shares or limited by guarantee and having a share capital may, by a special resolution, reduce the share capital in any manner and in, particular, may. Image Guidelines 4. The distribution, effected on a pro rata basis with respect to the corporations shareholders, was unaccompanied by an actual surrender of stock. By whitelisting SlideShare on your ad-blocker, you are supporting our community of content creators. (ii) the manner in which shares so held by the subsidiary are to be treated in - I) the subsidiary's entity financial statements is provided for in section 320(2) (which also contains provision restricting the profits available for distribution by reference to the accounting treatment of such shares there provided); and 3 All three companies have the same accounting reference date. Before such forfeiture is done a notice must be given to the shareholder. Topic 11 Liabilities of Banker and Dishonor of Negotiable Instruments like Hundis etc. Sometimes, Articles of Association empowers the Directors to accept Surrender of Shares. When a shareholder fails to pay calls, the company, if empowered by its articles, may forfeit the shares. 218. The major life insurance policy types which include a cash surrender value are .

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