Overall, directors get paid very little for the amount of work they perform
a. True
b. False
Indicate whether the statement is true or false
False
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A new partner may be admitted to a partnership by
a. inheriting a partnership interest b. contributing assets to the partnership c. purchasing a specific quantity of assets from the partnership d. a written approval under the federal law
On May 1, Fred agreed to sell and deliver 1,000 bushels of wheat to a baker for $7 per bushel. After the market price of wheat rose to $8 per bushel, Fred breached the contract by refusing to sell a bushel of wheat at $7. He demanded that the baker pay $8.50 per bushel of wheat. If the baker can get substitute wheat at the current market price, can he get specific performance? If not, what options are available to him if he seeks damages for breach of contract from Fred? What will he recover under each option?
What will be an ideal response?
B&P Inc., a calendar year corporation, purchased only one operating asset during 2019: $599,900 of used computer equipment (5-year recovery property) placed in service on March 18. Assuming that B&P makes a Section 179 election, compute B&P's adjusted tax basis in the property at the end of 2019.
A. $0 B. $79,920 C. $99,900 D. $71,920
Public opinion is both an elusive and fragile commodity
Indicate whether the statement is true or false