Appraisal rights require shareholders who object to the sale of the property of a company to forfeit their shares
Indicate whether the statement is true or false
FALSE
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Erica and Brett decide to form their new motorcycle business as an LLC. Each will receive an equal profits (loss) interest by contributing cash, property, or both. In addition to the members' contributions, their LLC will obtain a $50,000 nonrecourse loan from First Bank at the time it is formed. Brett contributes cash of $5,000 and a building he bought as a storefront for the motorcycles. The building has an FMV of $45,000 and an adjusted basis of $30,000 and is secured by a $35,000 nonrecourse mortgage that the LLC will assume. What is Brett's outside tax basis in his LLC interest?
A. $40,000. B. $42,500. C. $45,000. D. $37,500.
The Sarbanes-Oxley Act
A. prohibited corrupt foreign business practices, for example, bribing of foreign government officials. B. levelized import tariffs to prevent fraudulent behavior. C. established strict accounting and reporting rules to make senior managers more accountable and to improve and maintain investor confidence. D. removed barriers in the market among banking companies to prevent unethical insider trading. E. prohibited commercial banks from participating in the investment banking business to prevent unethical lending.
Business Enterprise Company agrees to sell a commercial office building and parking garage to City Investments, Inc, which assigns the rights to the realty to Downtown Properties, LLC. Downtown Properties does not yet exist, but once itis created and comes into existence, the contract on novation will most likely be
a. quasi. b. voidable. c. void. d. enforceable.
A later will revokes a prior will only if that revocation is clearly stated.
Answer the following statement true (T) or false (F)