Good column. I agree with your answers to the questions. However, a portion of your answer to the second question quoted the obsolete 541 regulation:
"Regarding the second question, once an exempt employee has exhausted his/her paid leave bank, the employer may not make deductions for absences in increments of less than a full day. See 29 C.F.R._§ 541.118(a)(2). "
In the current regulation, the salary basis requirement is discussed at 541.600 - 541.606. The current regulation may be accessed at http://www.dol.gov/esa/regs/compliance/whd/fairpay/regulations.pdf
Wage and Hour Consultant
He's right. The cite should have been to 541.602(b)(2) (same provision, but recodified after the 2004 amendments).