Moral based question:

[JoeRedskin]

Daseal - so what's your question?
Is it legal? - that's easy enough to determine: check the rules. If it's not prohibited, then it's "legal". Legal, however, doesn't necessarily equate with ethical simply because no law/rule/policy can anticipate every possible permutation of facts. For example, in your corporate question, given the facts you state, sure the act is legal - that's why they are called "loopholes". You cannot be punished if you don't break the rules. People find and take advantage of loopholes all the time - some in an ethical way, and some in an unethical way.

Is it ethical? - only if you're approaching the question honestly. You seem to imply that it's the Profs job to clarify all the fudgy areas. I would disagree - see the "can't anticipate all possible problems" statement above. If you have something that causes you to question the "legality" of a particular act and you intentionally seek ignorance in hopes that it will benefit you, that, to me, is dishonest and unethical - regardless of its legality.