Mr. Quick sold marketable securities with a $112,900 tax basis to his 100% owned corporation for $95,000 cash. Which of the following statements is true?
A. The corporation's tax basis in the securities is $112,900.
B. If Mr. Quick can offer evidence that the FMV of the securities is $95,000, he can recognize his $17,900 realized loss.
C. If Mr. Quick and his corporation negotiated the terms of the sale at arm's length, Mr. Quick can recognize his $17,900 realized loss.
D. None of the above is true.
Answer: D
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Which of the following statements correctly differentiates between commodity money and fiat money?
A. Commodity money is created by the government while fiat money is created in the private sector. B. Fiat money is created by the government while commodity money is created by the government. C. Commodity money can be used for transactions in the international market, while fiat money cannot be used for transactions in the international market. D. Fiat money has value decreed by the government, while commodity money is valued because of the material it is made of.
Walmart developed the Ol'Roy brand of dog food to sell only in its stores. Ol'Roy is an example of a ________
A) generic product B) national brand C) franchise D) copy-cat brand E) private label
If an authorized means of acceptance is expressly or impliedly present, any attempt by the offeree to accept by a nonauthorized means is not effective until the acceptance is actually received by the offeror.
Answer the following statement true (T) or false (F)
Communication is unethical when the sender has the intent to deceive
Indicate whether the statement is true or false