The difference between terms "CFR" and "CIF" is that under "CIF" term of sale, the buyer must procure his own marine insurance coverage on the goods
Indicate whether the statement is true or false
False
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Howard is a partner in the Smithton Partnership with a basis of $20,000. During the current year, the partnership is liquidated, and the partnership distributes cash of $22,000 and property with a basis of $8,000 and a fair market value of $15,000 to each partner. What amount must Howard report as a gain from the liquidation?
A. $-0- B. $2,000 C. $10,000 D. $15,000 E. $17,000
Multiple-step income statements show
A) gross profit but not income from operations B) neither gross profit nor income from operations C) both gross profit and income from operations D) income from operations but not gross profit
Gwen applies for a homeowners' insurance policy on her house with Home & Life Insurance Company through Ivy, an agent who works for Home & Life. In this transaction, Ivy is
a. an agent for both parties. b. Gwen's agent, and not Home & Life's agent. c. Home & Life's agent, and not Gwen'sagent. d. not an agent for either party.
Singapore has emerged as an urban planner's ideal model and the leader and financial center of Southeast Asia.
Answer the following statement true (T) or false (F)