Allowed: Following the letter of a law or regulation. The safest of mistakes for the uneducated and/or timid.
Allowable: Stretching the law or regulations, based on known case law and common practice. Most often a better approach, but requires an extensive knowledge of the subject.
Not-Allowed: Breaking the law or regulation. It matters not your intent, ignorance is no excuse.
I've included not-allowed only because it is so easy for some to pass from "Allowable" to "Not-Allowed" through foolishness, ignorance, stupidly, or larcenous intent.
Ambiguity: A total lack or statutory or moral guidance.
I wish to discuss dealing with the grey areas between strict compliancy with the "Allowed" and using the "Allowable" and beyond both in dealing with "Ambiguity!"
With out going into a long dissortation of my own let me quote an old tormentor, William Shakespeare.
When in doubt: "To Thine Own Self Be True..." In other words, do what you believe is right, so long as you avoid the "Not-Allowed" Whether going from "Allowed" to "Allowable" or in the face of "Ambiguity" always do what you think is right! "And it must follow, as the night the day, Thou can not then be false to any man."
"Boldness be my friend." But, "Mind your speech a little lest you should mar your fortunes."
"Be not afraid of greatness: some are born great, some achieve greatness, and some have greatness thrust upon them."
"No legacy is so rich as honesty."
If I some time appear harsh please remember: "...oftentimes excusing of a fault doth make the fault the worse by the excuse."
"If it be a sin to covet honor, I am the most offending soul."
Bill
William J Archambault Jr
The Real Estate Investment Institute
With a little help from William Shakespeare
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