Yukino pays $500 toward the purchase of a boat from Tyler. Although their agreement for the sale of the boat for $2,200 is oral, courts agree that her part payment and its acceptance by Tyler make the contract enforceable
Indicate whether the statement is true or false
False
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A limited liability company can be taxed as a partnership.
Answer the following statement true (T) or false (F)
Regarding airfreight, which of the following statements is true?
A. There are usually more problems from theft and damage with airfreight. B. Low-value, high-weight goods are often shipped by air. C. Airfreight may increase the cost of unpacking and preparing goods for sale. D. Airfreight may reduce the total cost of distribution. E. Inventory costs usually increase, since only small quantities can be shipped at a time.
Bank managers look on reserve requirements as a
A) tax on deposits. B) subsidy on deposits. C) subsidy on loans. D) tax on loans.
Jen and Saachi are the owners of J&S Legal Services, P.C., an incorporated law firm treated as a C corporation for tax purposes. Jen and Saachi work full-time in the firm, performing all of the legal services. This year, J&S generates taxable income of $100,000 from the active business operations, and also reports investment interest income of $22,000 and losses of $28,000 from a passive
activity. As a result, J&S Legal Services, P.C. reports taxable income of A) $122,000. B) $100,000. C) $94,000. D) $97,000.