The Commercial Court in London:

a. deals only with simple national business cases
b. deals with complex cases arising out of business disputes, both national and international c. deals only with criminal cases
d. deals with complex divorce cases, usually involving royalty e. was formed as part of the European Union


b

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Fill in the blank(s) with the appropriate word(s).

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The use of a tagging system for inventory taking is designed to prevent double counting of goods.

Answer the following statement true (T) or false (F)

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Jones and Smith formed a partnership with each partner contributing the following items:  JonesSmithCash$80,000 $40,000 Building- Cost to Jones 300,000     - Fair Value 400,000    Inventory- Cost to Smith    200,000  - Fair Value    280,000 Mortgage Payable 120,000    Accounts Payable    60,000 Assume that for tax purposes Jones and Smith agree to share equally in the liabilities assumed by the Jones and Smith partnership.Refer to the above information. What is each partner's tax basis in the Jones and Smith partnership? JonesSmithA)$350,000 $270,000 B)$260,000 $180,000 C)$360,000 $260,000 D)$500,000 $300,000 

A. Option A B. Option B C. Option C D. Option D

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