Which of the following was the result on appeal in Protect My Check, Inc. v Dilger and Steffan the case determining whether the ban on direct corporate contributions violated PMC's free speech rights?
A. The court that as long as the Kentucky laws at issue allow corporations to administer a state PAC and contribute to state candidates through that PAC, and as long as the ban on direct contributions applies equally to corporations, LLCs, and other similarly situated groups, such laws are closely drawn to combat the legitimate interest of preventing the reality or appearance of quid pro quo corruption and are therefore constitutional
B. The court ruled that free speech rights were for natural citizens only and therefore not an action that the courts or regulations protected for corporations.
C. The court held that the regulations complained of impermissibly regulated speech because nonprofit corporations were treated differently than corporations operated on a for profit basis and this made the law unconstitutional.
D. The court held that corporations could be treated differently than LLCs and unions because of their corporate structure.
E. The court ruled that the regulations complained of permissibly regulated speech because nonprofit corporations, unlike corporations operated on a for profit basis, lack constitutional protections in free speech cases.
Answer: A
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The accounts receivable clerk destroys all invoices for sales made to members of her family and does not record the sale in the accounts receivable subsidiary ledger. Which procedure will not detect this fraud?
a. prenumber and sequence check all invoices b. reconcile the accounts receivable control to the accounts receivable subsidiary ledger c. prepare monthly customer statements d. reconcile total sales on account to the debits in the accounts receivable subsidiary ledger
In which case will performance on the exact date specified in the contract most likely be deemed essential?
A)a sale of goods that fluctuate rapidly in value. B)a sale of goods that remain stable in value. C)a sale of real estate. D)a sale of goods where no harm results from a delay in performance.
Which of the following is the correct entry to establish a petty cash fund in the amount of $300?
A. Cash 300 Petty Cash Fund 300 B. Petty Cash Fund 300 Cash 300 C. Miscellaneous Expense 300 Petty Cash Fund 300 D. None of these, as no entry is necessary to record an exchange of cash.
Rust Corporation distributes property to its sole shareholder, Andre. The property has a fair market value of $350,000, an adjusted basis of $205,000, and is subject to a liability of $220,000 . Current E & P is $500,000 . With respect to the distribution, which of the following statements is correct?
a. Rust has a gain of $15,000 and Andre has dividend income of $350,000. b. Rust has a gain of $145,000 and Andre's basis in the distributed property is $130,000. c. Rust has a gain of $130,000 and Andre's basis in the distributed property is $350,000. d. Rust has a gain of $145,000 and Andre has dividend income of $130,000. e. None of the above.