Which of the following survived the crisis without declaring bankruptcy or being taken over by another financial institution?
A. Bear Stearns
B. Morgan Stanley
C. Lehman Brothers
D. Merrill Lynch
B
Morgan Stanley survived. Bear Stearns was taken over by JPMorgan and Merrill Lynch was taken over by Bank of America. Lehman Brothers of course declared bankruptcy.
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Indicate whether the statement is true or false
The Constitution requires that all juries be composed of twelve persons
a. True b. False Indicate whether the statement is true or false
Wanda bought 5 acres of land near Antler Mountain 13 years ago for $5,000. Recently, the U.S. Forest Service announced that a new ski area would be built on Antler Mountain next year. Wanda receives a telephone call from a representative of Omni Ski Corporation offering her $100,000 for the property. She rejected the offer saying she plans to hold onto the property for her grandchildren. What are the tax effects of these events? I.Wanda will not report the increased value of the property as income on her tax return for this year.II.Realization occurs when the offer is given to Wanda.III.Ability to pay occurred when the offer was extended to Wanda.IV.Recognition only occurs when a sale is completed because of the realization concept.?
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