A _____ is an order to a broker to buy a specific stock only if its price is below a certain level, or to sell a specific stock only if its price is above a certain level.
A. mid-price peg
B. limit order
C. market order
D. tick-sensitive order
Answer: B
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Indicate whether the statement is true or false
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Indicate whether the statement is true or false
Johnson Inc. and C&K Company entered into an exchange of real property. Here is the information for the properties to be exchanged. Johnson C&K FMV$900,000 $675,000 Adjusted tax basis 593,000 462,000 Mortgage 200,000 -0- Pursuant to the exchange, C&K paid $25,000 cash to Johnson and assumed the mortgage on the Johnson property. Compute C&K's gain recognized on the exchange and its tax basis in the property received from Johnson.
A. No gain recognized; $487,000 basis in Johnson property. B. No gain recognized; $462,000 basis in Johnson property. C. $200,000 gain recognized; $662,000 basis in Johnson property. D. None of the choices are correct.
In a Chapter 11 business reorganization form of bankruptcy, appointment by the bankruptcy court of a bankruptcy trustee ________.
A. is mandatory B. is determined by the creditor committee C. may be ordered upon a showing of fraud, dishonesty, incompetence, or gross mismanagement by the business' current management D. is not permitted by the Bankruptcy Code