A trust created in a will is
A) an inter vivos trust
B) a constructive trust.
C) a testamentary trust.
D) a probate trust.
C
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Randolph is a 30 percent partner in the RD Partnership. On January 1, RD distributes $15,000 cash, an investment with a fair value of $20,000 (inside basis of $10,000), and a parcel of land with a fair value of $10,000 (inside basis of $5,000) to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in his RD Partnership interest is $48,000. What is Randolph's basis in the distributed investment and land?
A. $22,000 investment, $11,000 land. B. $10,000 investment, $5,000 land. C. $20,000 investment, $13,000 land. D. $20,000 investment, $10,000 land.
The profit that a company generates when considering only the sales price and the cost of the product sold is called ________
a. operating profit b. gross profit c. income before taxes d. net income
The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 10,000 were subsequently reacquired. What is the number of shares outstanding?
A) 40,000 shares B) 70,000 shares C) 50,000 shares D) 60,000 shares
Which of the following parties has primary liability on a draft?
a. The drawee b. The maker c. The drawer d. The indorser