Featherbedding, the illegal use of union funds for the personal benefit of union leaders, is outlawed by the Landrum- Griffin Act
a. True
b. False
Indicate whether the statement is true or false
False
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Intangible assets differ from property, plant and equipment assets in that they lack physical substance
Indicate whether the statement is true or false
Poorly provided service experiences tend to be _______ correctable than a defective, manufactured product.
a. neither more nor less b. more c. less d. far more
Deliberately tailgating a car very closely could justify a lawsuit for assault even if no accident occurs
Indicate whether the statement is true or false
A new partner, Gary, contributes cash and assumes a share of partnership liabilities. Diane's capital, profits, and loss interest in the partnership is reduced by 5% due to the admission of Gary. The Sec. 751 rules do not apply. Partnership liabilities at the time Gary is admitted are $200,000, and all of the liabilities are recourse debts for which the partners share the economic risk of loss in
the same way they share partnership profits. Diane's basis in the partnership interest prior to Gary's admission is $5,000. Due to the admission of Gary, partner Diane has A) no recognized gain or loss and a partnership interest basis of $10,000. B) no recognized gain or loss. C) a recognized gain of $5,000 and a partnership interest basis of zero. D) a recognized gain of $5,000 and a partnership interest basis of $5,000.