All of the following are considered related parties for purposes of Sec. 1239 recapture with the exception of
A. an individual and a partnership where the individual owns more than 50% of the capital of the partnership.
B. an individual and a partnership where the individual has a one-fourth interest in the partnership.
C. an individual and a corporation where the individual owns more than 50% of the value of the outstanding stock of the corporation.
D. an individual and a corporation where the individual's spouse owns more than 50% of the value of the outstanding stock of the corporation.
Answer: B
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Fall Corp uses plant assets that are subject to rapid decreases in value due to obsolescence and physical deterioration. Which of the following depreciation methods is most appropriate to measure the decline in the usefulness of the company's assets?
a. Double-declining-balance b. Revenue expenditure method c. Straight-line d. Units-of-production
Which of the following businesses can use the cash method? I.Hateris Group is a partnership with three equal partners, of which one is Hillard Corporation. Average revenues for Hateris Group, a financial planning firm, over the last three years are $4,000,000.II.Glidder Corporation, a clothing retailer, whose average annual sales over the last three years are $35,000,000?
A. Only statement I is correct. B. Only statement II is correct. C. Both statements are correct. D. Neither statement is correct.
Which of the following is most characteristic of multinational corporations?
a. strategic alliances and joint ventures b. licensing and franchising c. direct investment d. importing/exporting
The financial loss that each stockholder in a corporation can incur is usually limited to the amount invested by the stockholder
Indicate whether the statement is true or false