Nominal damages normally establish that the defendant acted wrongly.
Answer the following statement true (T) or false (F)
True
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The adjustment for corporate income tax should be reversed
Indicate whether the statement is true or false
Directors and officers are not prohibited from entering into transactions with the corporation.
Answer the following statement true (T) or false (F)
A greater focus on underlying customer needs than on existing customer wants leads to marketing myopia
Indicate whether the statement is true or false
During 2017, Track Corporation distributes property to Cindy as part of a complete liquidation. Property included in the distribution is $30,000 in cash, land with a $40,000 adjusted basis and a $60,000 FMV, and a copyright without an ascertainable FMV and having a zero basis. The first payment to Cindy of $8,000 for use of the copyrighted property occurs in 2018. Cindy has a basis in the Track
stock of $95,000 immediately preceding the liquidation. The minimum amount of gain that Cindy must recognize is a A) $3,000 gain in 2018. B) $0 gain in 2017. C) $3,000 gain in 2017, which is reported on an amended current-year tax return that is filed in 2018. D) none of the above